The Wichita daily eagle. [volume] (Wichita, Kan.) 1890-1906, 1900-11-14
RELAPSE m PRICES
Decline Due, and Little At
tempt 10 Resist Il.
MARKET CLOSES FALLING
And Extent of Further Decline
Uncertain.

New York. Nov. 13.-Today's relapse in
prices was quite vigorously contested by
some powerful interests stin long Of
stock, or which had fixed on a consid-
erably higher price level as desirable 10
unload old holdings BY speculative pools.
But the reaction was too closely IN ac-
cogd with skilled opinion and observation
TO be opposed with hearty conviction.
The real question this morning was not
whethere OF not prices would decline, but
how tar the decline would extend The
question still remained undecided when
the market closed with speculative
liquidation still in force and prices on
the down grade, except when professional
room shorts were taking profits BY cover
ing their contracts. As a result Of the
days trading prices In a number Of
prominent industrials, including Sugar,
Tennessee Coal. Steel and Wire, and I 60
pies Gas, suffered declines of from 70
4 points, and Metropolitan Street Raj
lost "a a still larger list Of indusrTials
fell between 2 and 3 points, and in the
railroad list not a few losses reached
between and 3 points. The more sub
stantiaI houses in the Street have been
advising their customers for several days
past TO take their profits and to buy no
more stock for the present. Profess onal
operators, except some powerful specu-
lative pools, have sold out on a kerry ex-
tensive scale and taken their profits. Up
to tn s time since the election, buyers
outside the Street have been UnheedfuI
OF their brokers' advice and have con-
tinued 10 buy stocks without much dis
elimination Yesterdays late yielding
Of prices had the inevitable effect which
no amount OF advice could have, Of dis
couraging some Of the outside demand
The extent to which the advance mas
gone made the market as matter OF
course, top-heavy, filed as IT was win
many speculate accounts on light mar
gins and backed by weakening holders
Professional bear spectators who have
been looking for the moment Of reac-
ton ever since last Wednesday found
taat the free sailing today for the fist
time was not effactually absorbed. Their
efforts were redoubled and when prices
began to make vide declines stop-loss
orders were dislodsed and tie FAN thus
precipitated. The bears were in a reck-
less mood and were quick to take prof
its, causing frequent rallies as they Gov
cred their short contracts. While some
outside demand continued during the day
it was at no time resumed in force The
resumption OF selling Tor London account
disspated the hope of an enormous short
demand for that account to be covered.
# London is stilI short n the New York
market It IS on contracts due az some
future settlement. and the continued sell
ing from there indicates an unchanged
conviction that reaction IN prices will
in ervene here before that time. Tho
expectation Of a large war loan TO he
ffoated in London depressed that market
and was 4 direct influence in New York
as well II emphasized the apprehension
hitherto felt of a further German gov
eminent issue also It IS not 80 he
supposed that. with the huge indebted
ness Of the foreign money markets to
the United States the foreign authorities
can hope to successfully float their loans
without assistance from American money
markets and experts believe that an
outward movement Of gold from New
York would PROBABLY be necessary. The
money which is used for speculative Dur-
poses I'm the stock market IS money for
which no more substantial demand EXISTS
and 1t is invariably the rule that when
any advantag eous opportunity is offered
for fixed investment Of capital, specula-
tive borrowers are called upon TO repay
their credits. With this prospect IN the
future. call money in New York advanced
70 s per cent today notwithstanding the
considerable specui alive liquidation An
active demand sprang I'D for shOrt-time
loans which forced the rate up for SIX y
and ninety day money TO 3 per cent
The tone Of the money market was IN
fact a decisive influence on the days
speculation and II WIS not without s q
nifcance that sterling exchange was firm
i'm spite Of the higher money rate. Clos
ing prices Of stocks were rs follows;