The times. [volume] (Richmond, Va.) 1890-1903, 1900-11-20
THE PRICES TOOK
ADOIllllIl' ARD turn
Selling Pressure Proved More Than.
Market Could Bear,
MAINLY TO TECHNICAL CAUSES
Cali Money Hardened slightly, bu.
Eascd on Again in the Late Deal
inss-volnme of Business Was
Considerably Diminished.
MAINLY TO TECHNICAL CAUSES
fBy Associated Press.

NEW YORK. Nov. i9.-~The selling pres
sure to-day again proved moro than the
market could absorb. and prices are very
generally lower as q result. Ihefe are :,
few exceptions. both in the railroad ana
industrial departments. but the sTensth
in these few stocks was not Tree from
an appearance of manipulation. es . LIZ
bulls for the purpose OF SuslaiIiiS tiiS
market and encouraging renewed Hiiis
for the advance.sThe downward course
of prices promptly set in after Inc MAJ Nc
had opened generally higher
Easier money in London and the eEieii.
Of the advance for Americans prohnp'so
some speculative ventures in that ma
ket, and there We're stories cameo ~ oiii
abroad of great trunk line consoiidatl ions
showing tina. the rumor monScr Ia" 49, -
regaling the. British public With ilucii -, tto
same kind of fare as that Which mas pSS.
offered in Wall Street for some lHis 'as.'
The lower prices here in New YORK at
tracted buying by the aTbitrase bIoheis'
which served as a SUSTAINING mn ',
but the continued evidence OF EdepreSi'leiis
London turned seller and lquidated very
heavily. the sales on balance being esl-
mated at upwards OF 10000 shares-
Selling from domestic sources was also
very large The railroads, as a rule, were
most affected and many standard stocks
We're forced a point or over below Satur-
days level. In the late dealings d StFois
demand developed for Northern Pacl1lc,
which carried that block Is to 6S'4ss.
Great Northern preferred rose easily an
extreme s points. but this rally, while IL
affected the market generally and drove
the bears to cover. did not hold long
stock coming out on tn advance.
When the bears perceived this they
made fresh attack and drove prices
down again, and while the lever OF Inc
market did not fall generally TO the early
low point. the closing was active and
easy Amongst the points Of special
strength should be mentioned General
Electric, Metropolitan. American Ice,
Steel and Wire Colorado Fuel and Amer
lean Smelling. and for time Sugar and
Brooklyn Transit. The Announcement of
a failure Of a board member had some
slight ifluence on sentiment until II was
learned 70 be OF no Importance There
was no actual news development TO ac-
count for the downward course of prices,
and it was largely due to technical
causes.
The inbred custom of professional ope-
rators 10 take the bear side of the mar
llet 2 public bull position asserted itself,
and there was much solid opinion TO be
heard that the rise in prices had over
run itself, and that a reaction was over
cue The money market was closely
scanned for signs OF diminishing re-
sources.
Gail money hardened slightly. but eased
off again in the late dealings. New York
exchange at Chicago also fell from a
small premium to small discount. The
sterling exchange rate held steady, in
spite Of the slightly firner money rate
here and an easier rate in London. The
supply of grain and cotton bills has been
much diminished ad exchange exports sur
mise that the firmness OF exchange indi-
Gates an accumulation going on for some
purpose, probably subscriptions TO foreign
loans.
The volume of business in bonds, as well
as in stocks was considerably diminished,
but prices of bonds held firmer than those
of stocks. Total sales. par value, S3.5o',-
ooo United States refundins 2's and the
coupon :s's advanced Il and new As IS per
cent. on last call.
The total sales of stocks to-day We're
Loo, 800 shares.
MONEY AND ENCHANGE.-Money on
call steady at 3146412 per cent: last loan
at 81 per cent; prime mercantile paper,
-iel5 per cent Sterling exchange steady,
with actual business in bankers bills at
S4 S41SGI4. SIS for demand and at Si.S0a40
4So1s for sixty days; posted rates. Si-S1la
al s., and Si.SJ1a; commercial bills, Si.S09
sSoia Silver certificates, 4i4G6412c.; bar
silver, GA; Mexican dollars. 50k. Govern
ment bonds strong; State bonds inactive,