The daily morning journal and courier. [volume] (New Haven, Conn.) 1894-1907, 1900-11-13
q trlaMCt1l.
THE STOCK MARK Ell.
Decisive Setback to the Upward
Course.

| New York Nov 12.-The first decisive
setback to the upward course of prices
which has been in full swing in the
stock market since Wednesday morning
last occurred to-day, and conservative
circles in Wall street breathe easier as
consequences. To-day's late reaction
was largely due to manipulation by
profe ssional bears, and there were indi-
cations that some Of the large bull In
terests acquiesced in the movement, A
prolonged an defensive advance, such
as that of the last week, attracts fol-
lowing of weak spectators, whose la
binty to fright and forced liquidation
on very slight reaction are menace
and an obstruction to the more power
full bull spectators. This latter class
sometimes wink at a beat attack in or
der to shake off this undesirable fol-
lowing. An enormous amount of profit
taking was accomplished during the
early hours of the day by professional
speculators. Interests which had thus
sold out were willing to see lower prices
in order to buy back stocks, 1t looked
at one time, however, as though the ao-
sorptive power of the market was sur
ficient to carry through this realizing
and life prices to a higher level rs was
the case many time during last weeks
rampant bull market. High prices for
the day in fact were made by a large
number of stocks after the early reac-
ton. Speculation shifted into the
standard railroad stocks, and gave
heal hier tone to the market than dur
ing the morning, when the widest move
ments were in the mercurial specialtfes.
The stiffenng Of the call money rate
was the most effective factor In the
reaction which occurred later in the
day. SlIillful spectators have kept
Watchful eye on this index Of money
conditions to detect the first signal of
danger that the borrowings for specu-
lative purposes We're overrunning the
available resources of the money
The sensitiveness of opinion 60
this indication and the success of the
attack upon the market,
after the many failures of last week,
warrant the supposltion that 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
volume, but by noon the
had sensibly fallen off and the
later recovery in prices had a somewhat
appearance. Pennsylvania led
in the late recovery at extreme ad- I
vance Of 2% points. Other substantial
railroad stocks rose from / to TX points.
The earlier advance in the steel stocks
had run as high as five points in Ten
lessee Coal and Iron, and from to 3R |
n the leading industrials and special /
les, including the local traction stocks.
2umors We're current during the day of
hostile intentions between the Steel and
Wire and Federal Steel companies, and
hese stocks suffered most severely in
he late break, Federal Steel reacting
a and Steel and Wire 2as. The selling
N reaction was preclpitate, but not in
Us large volume as the buying on the
ldvance. Many of the industrial stocks
uttered to the extent of between / and
u points. In the railroads the losses
rom the best ranged between and IL
n the principal stocks and in Pennsyl-
ania reached IA Covering by shorts
rrested the decline, but the closing was
nsattled aud with speculative opinion
cry uncertain. Pacific Mail was re-
ctionary throughout the day and
american Linseed Oil pref lost 81.
terling Exchange was easier in re-
ponse to the higher money rate and
fithout regard to the firmer money
larket In London. London bought
tocks here early but turned seller on
aavy scale on the higher level of
rices here.
The bond market was very active and
rices advanced strongly, but reacted
some extent in sympathy with stocks
otal sales par value, $5,315,000
United States refunding rs when is
led declined Is, and IS and old As Il
nd the As " per cent. ON the last call.
he new As advanced Is.
NEW York STOCK MARKET
peninC, Highest, Lowest Quotntiosm ,