The age-herald., 1900-11-14
HEAVY DECLINE IN THE STOCK MARKET Prices Went Off from 1 to 4
 Points THE BULLS WERE P0WERLESS 1t Was Merely a Question of How Far the Decline Would Extend-The Outside Interests Were
 Shaken Out.
THE BULLSW WERE POWERLESS

New York, November 13.-Today's relapse in prices was quite vigorously contested by some powerful interests stin long of stock, or which had fixed on a considera ble higher price level as desirable to unload old holdings by speculative pools But the reaction was too closely in accord with skilled opinion and observation to be op- posed with hearty conviction. The real question this morning was not whether or not prices would decline but how far 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, ex- cept where professional room shorts were taking nasty profits by covering their con tracts. As a result of the days trading prices in a number of prominent indus trials, including Sugar, Tennessee Coal, Steel and Wire and Peoples Gas, suffered declines of from to points, and Metro politan Steel Railway lost A. A still larg- list of industrials fell between and points, and in the railroad list not a few losses reached between l and points.
 The more substantial commission houses in the street have been advising their GUS toners for several days past to take their profits and to buy no more stocks for ne pTeSeHl 1TOleSSlOlldl Op6IdlOIS SASSpt powerful speculative pools have sold out on a very extensive scale and taken their profits. Up to this time since the election buyers outside the street have been un- heedful of their brokers advice and have continued to buy stock without much dis elimination. Yesterdays late yield of prices had the inevitable effect which no amount of advice could have of discourag- ing some of the outside demand. The ex- tent to which the advance had gone made fha rIraf Nf t1ta- -haa aG was with many speculative accounts on light margins and backed by weakening holders. Professional bear speculators who have been alertly looking for the moment of reaction ever since last Wednesday found that the free selling today was not effectually absorbed. Their efforts were redoubled and when prices began to make wide declines stop loss orders were disre- garded and the fall thus preciptated. The bears were in a reckless mood and were quick to take profits, causing frequent rallies as they covered their short con- tracts.
 While some outside demand continued during the day it was at no one time re- stunned in force. The resumption of selling for London account dissipated the hope of an enormous short demand for that account to be covered. If London is still short in the New York market it is on contracts due to some future settlement and the con tinued selling from there indicates an un- changed conviction that the reaction in prices will intervene here before that time.
 Call money in New York advanced to 6 per cent today, notwithstanding the consd- erable speculative liquidation. An active demand spiang up for short time loans which forced the rate up for 60 and 90 day money to per cent. The tone of the money market was in fact decisive in- fuence on the days speculation and it was rot without significance that sterling ex- change was firm in spite of the higher money rate.
 Business in bonds was on a large scale and there was free profit taking in some of the speculative issues while others ad- vanced strongly Total sales, par value, $770,000. All United States bonds declined 74 per cent on the last call except the new As, which advanced IS per cent.
 t New York, November 13.-Money on call firm at 31a@6 per cent; last loan at 31R per cent
 Prime mercantile paper, 41a65A per cent.
 Sterling exchange firm, with actual busi- ness in bankers bills at $4S41h@4S45s for demand and at $4.S0%@4 SO7s for 60 days.
 Posted rates s4S11A@4S5k
 Commercial bills, S4.S044 S014.
 Silver certificates, 64AQ651s.
 Bar silver, 64c.
 Mexican dollars, 50Kc.
 Government bonds irregular.
 State bonds steady.
 Railroad bonds irregular.
 Va