The Wichita daily eagle. [volume] (Wichita, Kan.) 1890-1906, 1900-11-13
SETBACK N STOCKS
Takes Place But Without I'm
toward Results.
BEARS WITH BULL ALLIES
Let the Market Down. Closing
Tone Uncertain.
BEARS WITH BULL ALLIES

g
setback 70 the upward course Of prices
which mas been in fuu SWING in the stock
market since Wednesday morning last
occurred today. and conservative circles
in Wall street breathe easier as a couse-
quence. The headlong pace at which the
speculation has proceeded has been the
cause Of uneasiness lest some untoward
event should pree.pitate violent dec Inc
with disastrous results. Today's late re-
action was largely due to manipulation
10y professional bears and there were IN
dlcations that some of The large bull in
terests were aoquiescent In the move
ment A prolonged and extensive ad-
vance such as that OF the last week At
tracts a following Of weak SPECTATORS
whose LIABILITY to fright forced uquida-
ton on every slight reaction are men
ace and an obstruction TO the more pow
erful bull spectators. This latter cl IS
sometimes wink at bear a ,Jack IN order
to shake on this undeSi abe follow. ng.
there was an enormous amount OF pzotlt-
taking accomplished during the early
hours Of the day by professional specu-
lators who began 10 fee, doubts over
mand for stocks. Interests which had
thus sold out were willing to see lower
prices in order to buy back stocks II
looked al one time, however, as though
the absOrptive power OF the market WIS
efficient 10 carry through this realizing
and lift prices to a higher level as was
the case many times during last week
rampant bull market. High prices for the
day in fact were made BY large unn-
Der OF stocks after the early reaction.
and the speculation had shifted into the
standard rallroed stocks, so as to give
healthier tone 70 the market han dur-
ing the morning, when the widest move
ments were In the mercural spccislties.
The sti6ening OF the cal money rate was
the most effective fector IN inducing the
late reaction. EkillfuI SPECTATORS have
kept a watchful eye On this index OF
money conditions, to detect the first sig
nal Of danger that the borrowings for
speculative purposes wers overrunning
the available resources Of the money
market Saturdays bank statement was
so confusing and so far removed from
preliminary estimates that It's unfavora-
ble features were ignored this morning,
the more so as money continued TO be
offered at ( per cent. IT IS not likely that
there was any actual pressure upon spec
ulative borrowers today, bit the effect
upon speculative sentiment If the rise in
the money rate 70 per cSnt was cOnclu-
sive. The sensitiveness OF opinion 10 this
indication and the success Of the pro
fessional attack upon the market after
the many failures Of last week. warrant
the supposition that the eager rush to
buy stocks has at last begun to show
s gns Of safety The signs were not clear
this morning when orders to buy came
into the market IN seemingly undimin-
ished volume. but by monday the &c
tivity had sensbly fallen of and the lat-
ter recovery III prices had a som eWhat
artificial app sarance, the rise shifting
from one stock 20 another, giving the
market spotty appearance and leaving
the points Of strength som what isolated.
Pennsylvania. which has been reaction
airy for several days past was he cad
er of the recovery at an extreme adj
vance Of 2z points But 70 had large
following among other substantial rail-
road stocks which rose from I 10 III
points. The earlier advance IN the steel
stocks had run AS nigh as . points IN
Tennessee Coal and from 20 ~ in the
leading industrials and speoisltes In
Guiding the local traction stocks. Ru-
mors had bssn current during the day
Of hostile Intentions between the steal
and Wire and Federal stee1 companies,
and these stocks suffered most severely
in the late break. Esd srs1 Steel reactins
314 and Steel and Wire - The selling
on reaction vas precipitsto, but not Ia
as large volume ss the buying on the
advance Many Of the industrial stocks
suffered TO the extent Of between ] and
2lz points In the railroads the losses
from the best ran between / and II ia
the principal stocks and in Pennsylvania
reached IA. Covering BY shorts arrested
the decline, but the closing was unset
tied and with speculative opinion ve~y
uncertain. Pacific Mall was rsactlonary
throughout the day and American LIN
seed oil preferred lost 81 s srl.ng Ex-
change was easier in response 70 the
higher money rate, and without regard
TO tbs hrmer money market AZ London.
London bought stocks here early. but
turned seller on q heavy scale on ne
higher level Of prices he-e. Closing
prices Of stocks we're as fo.lows3