The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1900-11-13
MARKET GETS 4 SETBACK
MUCH REALIZING WAS noNn IN
WALL STREET LATE YES
va -TERDAY, $685.
UNDERGONE WAS VERY FIRM
Break Had Been Expected From
Last Weeks BuiI Movement.
and Was Not as Heavy
as Predicted.

NEW YORK, Nqy. 12.-The first de-
clSlVe set back to the upward course of
prices pr when has been IN full swing In
| ing last, occurred today, and cCnserya
| tive circles in Wall street breathe cas-
Ter as consequence. The headIong
| pace at which the speculation has nr0
! ceeded has been the cause of unea siness
| lest. some untoward event should prs@
clpltate a violent decline with disastrous
results. Today s late reaction was largely
due to- nlanlpuia ton Etyrs professional hea ~
| and there were indications that soma Of
the large bull interests were acquiescent
| IN the movement. A prolonged and ex-
| tenslVe advance, such as that of the last
week, attracks a following of weak snecIl
| lators, whose liability to fright and fore
! ed liquidation in a very slight reaction
Is menace and an obstruction tos-the
more powerful bull SPECTATORS This lat
| ter class some times wink at az bear
attack in order to shake oft this undesir-
able following. There was an enormous
amount of profit taking ACCOMPLISHED
during the early hours of the day by
professional spectators, who began r.
feel doubts about the continuance of the
heavy buying demand for stocks. IN
terests. which had thus sold outs-were
buy back stocks. 1t looked at one time,
| however, as though the absorptive power
OF the market was sufficient to carry
through this realizing and lift prices to
a hlgher level than was the case in last
weeks rampant bull market. High prices
for the day, in fact, were made BY
a large number Of stocks after the
I early reaction and the early speculation
had Shifted into the standard railroad
STOCKS, SO as to give healthier tone to
the market than during the morning when
the widest movements were in the mecur-
laI SpeclaltieS. The Stiffening of the call
money "a tie was the most effective factor
In inducing the late reaction. SkilIful
spectators have kept a Watchful eye on
The index of money conditions, to detect
the first signal of danger that the bor-
foWlngs for speculative PURPOSES were
i4of HI
the money market &zSaturdaYs bank
statement was so confusing and so far
removed from preliminary estimates that
It's unfaVorable features We're ignored
this morning, the more SO as money con-
t1nued to be offered at 4 per cent 1t is
not likely that there was any actual pres
sure upon speculative borrowers TODAY
but the effect upon speculative sentiment
of the rise in the.enleney rate to 5 per
cent was conclusive. The sensitiveness
of opinion to this indication and the sue
cess Of professional attack upon the mar
ket after many failures of last week war
rant the sdppositiOn that the eager rush
signs oftsafety. TIE signs were not clear
this morning when orders to buy came
into the market in seemingly bndfmnish-
ed volume, but by noon today the activity
had sensibly fallen off and the later re-
coVery in prices had a somewhat artificial
appearance the rise shifting from one
spotty appearance and leaving the points
of strength somewhat isolated. Pensyl-
Vania, which has Tbeen Eeactionary for
several days past was the leader of the
recovery at Fan extreme advance of 2$
points. But ii had a large following
among other subs Lantial railroad stocks
which rose from 1 to ~ points. The
earlier advance in the steel stocks had
run as high as points in Tennessee Coal
and from 2 to 31a in the leading in
dustrials and speciafties, including the
| local traction stocks! Runners have been
current during the Gay Of hostile inten-
tons between the steel and wire and
federal steel coInDa nFse-and these stocks
suffered most severelX in the late break,
federal steefseeaetiaS g 3A=p9ints and steel
and wire 2Ss points. The selling on re-
action was precipitate but not in as large
a volume as the buying eIlsthe advance.
Many of the industrial stocks suffered
to the extent Of between l and ~ points.
In the railroads the losses from the best
ran between 1 and ~ points in the prin-
cipal stocks and IN Pennsylvania reached
~ points Covering by sherts arrested
and with speculative opinion very Nh
certain Pacific Mail was reactionary
throughout flie day and American hnseed
old preferred lost 81 points. Sterling ex-
change was easier in response to- the
higher money rate and without regard to
the firmer 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 lin sympathy : with stocks;
Total sales, par va1ueS S., 315,000. United
States refundfng Is when issued. declined
Il per cent the s. and old Is and the 5s,
\. per cent on the last, call. The new As
advanced 1a per cent.
STOCK Quotations, ,ee.
Furnished by Charles H. F. Smith &
Co members of the New York Stock eX-
change, Pioneer Press building, who have
direct wires to Chicago and New YORK.
prices are bid.