The times. [volume] (Washington [D.C.]) 1897-1901, 1900-11-14
fHEHIGH POINT REACHED
A Reaction in Stocks on Account
of Heavy Selling.
Renewed Buying Attempts TO Stem
the Tide. Causing an Extremely
Irregular Market-Firmness in the
Railway List-The Industrials Go
Down Under Persistent Pressure.

NEW YORK. Nov. 1S.-Toiays irregular
and somewhat reactioaary movements in
the stock market were accounted by the
professional element of equal significance
with the protracted rise in prices. Ever
since last Wednesday morning the profess
SIGNAL traders have been of one mind in
declaring the advance to have eliminated.
and their convictions in this respect were
much strengthened by yesterday afternoon
and this mornings market.
Professional opinion is usually sought by
the laity either when physically indisposed
or in need of advice, and the stock market
public stand somewhat in relation 10 the
Wall Street professional class that the laity
do TO their doctors ard lawyers As re-
cards the current stock market. profess
SIGNAL opinion has ee, ;ainly been widely
astray throughout the rise. and more par
ticu!arly since last Wednesday. so ii is not
easy to understand why so much value
sicuid attach TO il at the present time.
Tie speculation has now reached a stage
where each days fluctuations are really OF
small account, except TO the individuals
particularly interested in one stock or an
other. The advance has been logical and
th3 general financial outlook is such as to
warrant the expectation that stability and
Improvement are assured irrespective of
Transient movements in one direction or
another.
Apart from the irreguarity and hesitancy
shown in the days dealings, the trading
actually varied very little in contrast with
that Of yesterday or last week. There were
heavy and renewed profit taking sales, ag-
gfessive selling by the professional element
and by foreign houses. and on the other
hand. renewed buying. both for speculative
and investment account The dealings were
in every way, however restricted to COM
peTisoh with those of yesterday and the
past week. The market opened generally
lever. the declines being continuation of
that which set in late yesterday afternoon.
and the movement was furthered by the
material Losses shown in the London mar
ket- The selling here for foreign account
was estimated al between 10000 and 80 COO
shares.
Interest was again fairly well diyersi-
fed and large number of stocks were
relatively firm. testimony TO the irreg-
uiarity of the market a whole. The
anthracite group for example was firm
throughout, and Northern Pacific was
likewise comparatively steady. Pennsyl-
vaaia and New York Central were well
supported. Among the lower priced is
sues. Norfolk and Western common was
strong, and trustworthy opinions were
expressed that the stock might soon be
placed upon dividend paying basis The
local traction shares also held compare
lively well during the depression in the
remainder of the market
As noted, the professional traders were
more aggressive on the short side than for
a number of days and their operations
were conducted with the most yigor in !
the industrial quarter and among the spe- 1
cialties- Selling of this kind appeared in |
Peoples Gas, Sugar Refining, and The steel |
indrstria!s, but except in Peoples Gas |
II was unattended by any particular ex-
PLANTATION. In that instance much was
made OF the introduction into the Chica- |
30 city council Of one OF the perennial
measures for the regulation of the price |
OF iiluminants
II need hardly be said that no specific |!
explanations except of a technical char !
acter attached to the occasional fits OF de-
preston appearing in the railway quarter. |!
1he most conspicuous movement in the
market at large was in Pacific Mail. In
which an extensive decline was scored. the
purchase by the Southern Pacific having
been officially concluded Commission
business was in smaller volume than for
a long time, which fact left the room trad
ers free hand in their operations. Pro-
fessional attacks on prices were conduct
ed with renewed vigor in the later deal
ings. when declines were fairly general
Manhattan being particularly weak fea-
ture.