The times. [volume] (Richmond, Va.) 1890-1903, 1900-11-13
STOCK lI.ARKE
REAC TIO'yARY
The Headlong Pace Of Speculation
Had a Setback.
PROFIT TAXING ENORMOUS.
Call Money Ha,e Advanced TO Five PR
Cent-Bnn,i as,.rasc. Was Very Act
iye-priccs Advanced Strongly.
Kcactias ssmpathctical!y.
PROFIT TAKING ENORMOUS
Cry Associated Press.)

NEW YORK, Nov. i2-The first de-
cisive setback ~ the upward course OF
prices which has been in full .iiS IN
she stock market since Wedness ra NOR NOR.
ing last occurred to-day, and cons -
sive circles in wall street breath easier
as a consequence. The leadionG pace al
which the speculation has rToceedeu ilsS
been the cause Of uneasiness lest some
antoward event should Drec!pitate de-
cline. with disastrous results
To-GaVts late reaction WAS largely uus
to manipulation by professional peais ?:
and there Were indications that some y.
The large bull interests were acqnieS'eSIi'
in the movement. a prolonged ana IN
tensiVe advance. such as that OF the last
week. attracts a following Of weak s!'eCu
lators, whose liability TO fright ana loiSS -
liquidation on very slight reaGc'oii al
4 menace and an obstruction TO me mort
powerful bull spectators. This latter
class sometimes wink at bear :lItach
IN order To shake off this nndeFsiIaoie
following. There was an enormous
amount of prafit-t:lking accomplished
during The cay hours of the day by pro-
fesssional spectators, who began TO ieei
doubts over the continuance OF the heaEy
buying demand for stocks.
Interests which had thus sold out We're
willing To see lower prices III order 10
bng back stocks. The stiffening of the
caii-Tnoney rate was the most eftecnfe
factor IN inducing the late reaction. Skill
fuI spectators have kept watchfal eye
on this index of money conditions 10 de-
Ject the first signal Of danger that the
borrowings for speculative purposes We're
overTunni1;y the available resources OF
the money. market
il is not likely that there was any ac-
tua1 pressure upon speculative BORROWERS
to-day. but the effect upon specula tive
sentiment OF the rise of he money rate
o > per cent. was conclusive. The senSi-
tiTeneSs of opinion thus indicated, ana
the success OF professional attacks upon
the market after the many failures Of
7~,g-r
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 undiminiShed volume. but by
MONDAY the activity had SenSibly fallen
off. and The later recovery in prices had
a somewhat artificial appearances, the
rise shifting from one stock to another,
giving the market a spotty appearance
and leaving the points OF strength some
what isolaed.
Pennsylvania. which has been reac-
tiouary for severa! days past, was the
leader of the recovery at an extreme adj
vance OF 81 points. but it had q large
following among other substantial rail
road stocks, which rose from 10 ~
points. The earlier advance in the steel
stocks had run as high as ; points IN
Tennessee Coal and Iron, and from 10
~ points In the leading industrials and
Specialtes, including The local traction
stocks.
Rumors have been current during the
Gay OF hostile intentions between the
Steel and Wire and Federal Steel COM
lauies. and these stocks suffered most
severely in the late break. Federal Steel
reactfng 81 and Steel and Wire rs. The
selling on reaction was precipitated, but
not IN as large volume as the buying
the advance. Many OF the industriais
suffered to the extent OF between 1 and
~ points In the railroads the losses
from the best ran between / and 49,
points in the principal stocks, and in
Pennsylvania reached 49, Covering by
shorts arrested the decline. but the clos
ing was unsettled and with speculative
opinion very uncertain Pacific Mail was
reactionary throughout the day, and
American Linseeu Oh preferred lost 81.
The bond market was very active. and
prices advanced strongly. but reacted to
some extent in sympathy with stocks
Total sales, par value, $5,S15.010. United
clined Il the IS and old As ;. and the
oS Il per cent. on the last call. The new
As advanced X per cent.
The total sales Of stocks to-day We're
1,5iS,JV0 shares.
MONEY AND EXCHANGE-Money on
call 4GL5 per cent; last loan at per
cent; prime mercantile paper, 414@JA per.
cent. Sterling exchange easier, with ac-
tua1 business in bankers bills at S4.S4i2
Iol demand and al 81. sos. for sixty days:
posted rates 81. 14tJi Sol4; commercial
bills, s.. S1Gt4. Sell Silver certificates, 6444
NHti5ls; bar silver. CHS; Mexican dollars,
: :1o1a. Government bonds irregular; State
bonds inactive; railroad bonds strong.