The times. [volume] (Richmond, Va.) 1890-1903, 1900-11-24
HEAV Dc me
IN STOCK PRICES.
Slump in Steel and Wire Had De-
pressing Effect on Whole List.
MONEY COM lNuED TO BE. EASY,
Close of Marked wavcrins and On
certain, but at Considerably Above
the Lowest for Many Stocks.
Bonds We're Spo,ty.
fBy Associated Peess.)

NEW YORK, Nov 2ss.-The slump IN
Steel and Wire of AZ points just at lae
close of the trading last evening We
universally regarded as u danger slgha ~
The speculative public came down TO
Wall Street this morning in 1nc9o IL
ceptive to suggestions of depression 'ai ~,
reaction. The first Suggestion ca !he -:
the form of q further break OF ) points ~
Steel and Wire. Apparently no NOR
effective point could have been Seiected
in which to attack the market me suo
den weakness OF Steel and Wire did hot
raise any doubts of the reports hereto
fore accepted of the prosperous coiiui-
tons in that trade and the excellent l olos
poets for the future. but IT did ARCS. aio.so
serious apprehension of a determination
on the part of some of the steer 1las
mates to enter upon a course OF siasi ..ae
competition. and to unsette Inc ldu..
The wide-reachinE effect OF such an oul-
break OF hostilities in the steel trade ma!
be measured by the degree OF appreneliI-
sion exhibited by holders OF long STOCK
to-day.
The steel stocks themselves were most
Immediately affected, but heavy decilnes
are shown in almost every depaf1hent Q!
the stock list. The sharp effect produced
tended speculative account held all
through the stock market The purpose
of the bear manouvre was palpaoiS 10
disiodge these holdings. The local trac-
ton stocks. the ,,rangers. the Pacifics
and Baltimore and Ohio We're the most
prominent in the downward movement
Sugar was freely sold on the cut in prices
OF refined sugar and coffee, which seemed
to threaten renewal of the trade war.
But the stock was very feverish at all
times.
ance offered to the decline was in the
early dealings. New York Central and
Chesapeake and Ohio showed continued
strength at that time. New York Central
rising 1g over last night. An effort was
also made TO boom AIlalganated Copper
on the occasion OF its first being dealt in
the unlisted department OF the exchange,
but the first price, which was 3912, was
the highest The price subsequently fell
back to 91ss, compared with ISIS on the
curb market last niEHf. The frequent
rallies during the day when room shorts
We're taking. quick profits showed the
professional bear character of the attack
on the market. But the buying demand
seemed not to extend beyond the short
interest, and the market quickly lost ami
nation on the rallies. The closing itself
twas waVeri.lg and uncertain, but at con-
siderably above the lowest for many
stocks.
There was nothing in the money market
TO cause apprehension, rates ruling at 3la
per cent. on lower practically all day.
The The receipts OF gold from the Pacific
Coast insure good increase in cash re-
serves for to-lnorrow's bank statement,
although the net receipts from the inte-
Iior on the express movement show con-
siderable falling of from last week
There We're firm spots in the bond mar
ket, but railroad bonds. as a whole. were
affected by sympathy with the reaction
airy movement in stocks. Total sales, par
value. 2.s55. 900 shares United States SIS
registered *, and do. coupon and the IS
u. the old As Is and the new As "a, and
refunding IS Is on the last call.
The total sales of stocks to-day were
1,077, goo shares.
MONEY AND ENCHANGE.-Moneyo on
call steady at 2iaGIt per cent; last loan
at ) per cent: prime mercantile paper,
4d4ai per cent Sterling exchange strong.
with actual business in bankers bills at
ISIS for demand and at 4.S114@4 Sis for
sixty days; posted rates. Is. and 4-S6;
commercial bills, S4.S014 "a. 500. Silver
certificates. G4@65i bar silver, 633i; Next
can dollars, 30. Government bonds
strong; State bonds steady; railroad