Wheeling register. [volume] (Wheeling, W. Va.) 1878-1935, 1900-11-13
FIRST DECISIVE SET -BAgK'
IN THE UPWARD COURSE OF PRICES
IN FULL SWING SINCE LAST
WEDNESDAY.
THE CONSERVATIVE ELEMENT
IN WALL STREET BREATHES EAS-
TER SINCE THE BREAK in
THE HEADLONG PACE.

NEW YORK, November 12.-The first
decisive setback to the upward course
of prices which has been in full swing
in the stock market since Wednesday
morning last occurred to-day, and con-
sentative circles in Wall street breathe
easr as a consequence. The headlong
pace at which the speculation has pro-
ceeded has been the cause of uneasiness
lest some untoward event should pre-
cipitate a violent decline with disas-
trous results. To-day's late reaction
was largely due to manipulation by pro-
fessional bears and there yere indica-
lions that some of the large bull inter-
ests were acquiescent in the movement.
prolonged and extensive advance
such as that Of the last week attracts
following of weak spectators, whose
liability to fight and force liquidation
on very slight reaction are a menace
and an obstruction to the more pow
erful bull Spectators This latter class
sometimes wink at a bear attack in or
der to shake off this undesirable fol-
lowing. There was an enormous
amount Of profit taking accomplished
during the early hours of the day by
professional spectators, who began TO
feel doubts over the continuance OF the
heavy buying demand for stocks. In
terests which had thus sold out were
willing to see lower prices in order to
buy back stocks 1t looked at one time,
however, as though the absorbtlve
power of the market was sufficient to
carry through this realizing and lift
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 or
stocks after the early reaction, and the
speculation had shifted into tn stand
ard railroad stocks, so as to give
healthier tone to the market than dur
ing the morning, when the widest
movements were in the mercurial spec
ialties The stiffening of the call mon
ey rate was the most effective factor in
inducing the late reaction. Skillful
spectators have kept a watchful eye
on this index of money conditions to
detect the first signal of danger that
the borrowings for speculative pur-
poses were overrunning the available
resources of the money market Sat
urday's bank statement was so conflict
ing and so far removed from prelimin-
airy estimates that its unfavorable fea-
lures were ignored this morning more
so as money continued to hold at per
cent. 1t is not like there was any &C
tual pressure upon speculative borrow
ers to-day, but the effect upon specula-
tive sentiment of the rise in the money
rate to 5 per cent was conclusive. The
sensitiveness of opinion to this indica-
ton and the success Of the professional
attack uDon the market, after the many
failures of last week, warrant the sup
position that the eager rush to buy
stocks has at last begun to show signs
of safety. The signs were not clear
this morning when orders to buy came
into the market in seemingly undimin-
ished volume, but by MONDAY the ac-
tivity had sensibly fallen off and the
later recovery in prices had somewhat
artificial appearance, the rise shifting
from one stock to another, giving the
market a spotty appearance and leav-
ing the points of strength somewhat
isolated. Pennsylvania, which has
been reactionary for several days past.
was the leader of the recovery at an eX-
IRENE advance of "a points, but it had
a large following among othr substan-
tial railroad stocks, which rose from
/ to IL points. The earlier advance in
the steel stocks had run as high as 5
points in Tennessee Coal and from 2
to 31b in the leading industrials and
specialties, including the local traction
stocks. Rumors have been current dur
ing the day of hostile intentions be-
tween the Steel & Wire and Federal
Steel companies, and these stocks suf-
fered most severely in the Late trading,
Federal Steel reactinb 3A and Steel &
Wire 2ss. The selling on reaction was
precipitated but not in as large volume
as the buying on the advance. Many
of the industrial stocks suffered to the
extent of between 1 and 21s points. In
the railroads the losses from the best
ran between l and 11a in the principal
stocks. and in Pennsylvania reached
IN Covering by shorts arrested the
decline, but the closing was unsettled
and with speculative opinion very I'M
certain, Pacific Mail was reactionary
throughout the day and American Lin
seed Oil preferred lost 54. Sterling eX-
change was easier in response to the
higher mony rate and without regard
10 the frmer money market in London.
London bought stocks here early but
turned seller on a heavy scale on the
higher level of prices here.
The bond market was very active and
prices advanced strongly but reacted to
some extent in sympathy with stocks.
Total sales par value $5,315,000.
United States refunding IS when is
sued declined "a. the IS and old As Il
end the IS y per cent on the last call.
The new As advanced Is.