The age-herald., 1900-11-13
FIRST SET BACK IN THE STOCK MARKET Sudden Check Upon the Upward
 Course of Prices A VIOLENT DECLINE FEARED Reaction Was Not General and Gave the Market Spotted Appearance
 Enormous Profit Taking
 Supported Movement

New York, November 12.-The first de- cisive setback to the upward course of prices which has been in full swing in the stock market since Wednesday last occur red today, and conservative circles in Wall street breathed easier as a consequence. The headlohg pace at which the specula- ton has proceeded has been the cause of uneasiness lest some untoward event should precipitate a violent decline with disas- trous results.
 Today's late reaction was early due to manipulation by professional bears and there were indications that some of the large bull interests were acquiescng in the movement. prolonged and extensive advance, such as that of last week, attracts a following of weak spectators whose lia- bility to fright forced liquidation on a very slight reaction are a menace and ob- struction to the more powerful bull specu- lators. This latter class sometimes wink at bear attack in order to shake off this undesirable following. There was an enor- nous amount of profit taking accomplish ed during the early hours of the day by professional spectators who began to feel doubts over the continuance of the heavy buying demand of stock. In this which had thus sold out were willing to see lower prices in order to buy back stocks.
 It looked at one time, however, as though the absorption power of the market was sufficient to carry through this realizing and lift the prices to higher level as was the case-many times during last weeks rampant bull market. High prices for the day in fact, were made by large number of stocks after the early reaction and the speculation had shifted to the standard railroad stocks so as to give a healthier tone to the market than during the morn ing when the widest movement was in the mercurial specialties. The stiffening of the call money rate was the most effective fac tor in inducing the late reaction. Skillful speculators have kept a watchful eye on this inueX of money conditions, to detect the first signal of danger that the borrow ings for speculative purposes were over running the available resources of the money markets.
 Saturdays bank statement was so con- firming and so far removed from prelimi- nary estimates that it's unfavorable fea- lures were ignored this morning the more so as money continued to be offered at per cent. It is not likely that there was an actual pressure upon speculative bor- rowerS today but the effect upon specula- tive sentiment of the rise in the money rate to per cent was conclusive. The sensitiveness of opinions as to this indica- ton and the success of the professional attack upon the market after the many failures of last week, warrant the suppo- sitior that eager rush to buy stocks has at last begun to show signs of satiety. The signs were not clear this morning when orders to buy came into the market in seemingly undminished volume, but by monday the activity had sensibly fallen off and the latter recovery on prices had somewhat an artificial appearance, the rise shifting from one stock to another, giving the market a spotty appearance and leav- ing the ponts of strength somewhat isola- ted. London bought stocks here early but turned seller on a heavy scale on the higher level of prices.
 The bond market was very active and prices advanced strongly but reacted to Total sales, par value, $5,315,00O United States preferred 2s, when issued, declined 1s; the 3s and old As +, and the 5s F per cent on the last call. The new As advanced 1s per cent
 New York November 12.-Money on call firm at 4@5 per cent; last loan 4. Prime mercantile paper 41a@5A per cent. Sterling exchange easier, with actual business in bankers bills at $4841a for demand and at $4S0A for 50 days. Posted rates s4.aA and $4S5h. Commercial bills $4 8004. .S01k
 Silver certificates 644Q65A. Bar silver CHS. Mexican dollars 50A.
 Government bonds irregular State bonds easy. Railroad bonds steady.
 New York Stock Market.
 (By Private Wire to Murphy & Col