The Houston daily post. [volume] (Houston, Tex.) 1886-1903, 1900-11-13
IN THE STOCK MARKET.
The Upward Course Of Prices Had De
ciSive Setback.
the HEADLONG PACE CAUSED USfASlNES.
A, Enormous Amount of Profit-Tak-
,,s WAS Accomplished During
the Early Hours.

Nsw York November 12.--The first decisive
setback to the upward course of prices which
has been in full swing in the stock markel
since Wednesday morning last occurred to-
day. and conservative circles in Wall street
breathe easier as a consequence. The mead
long pace at which the speculation has pro-
ceeded has been the cause OF uneasness lest
some untoward event should preclpitate vio-
lent decline with destruction. The late action
was largely due to manipulation by profess
sional bears and there we're indications that
some OF the large bull interests were acquires
cent in the movement. A prolonged and Ok
tensve advance such as that Of last week at
tracts following of weak spectators whose
liability to fright forced liquidation on a
very slight reaction is a menace and an OBJ
struotion TO the more powerful bull specu-
lators This latter class sometimes wink at
bear attack in order to shake on this I'M
desirable following There was an enor-
nous amount OF profit-takng accomplished
during the early hours OF the day by pro-
fessional Spectators, who began to feel
doub-S over the continuance of the heavy buy
ing demand for stocks. interests which had
thus sold out were willing to see lower
prices IN order to buy back stocks. II looked
at one time, however, as though the absorp-
tive power OF the market was sufficient to
carry through this realizing and lift the
prices to a higher level, as was the case
many times during last weeks rampant bull
market High prices for the day in fact,
we're made by large number OF stocks after
| the earl! reaction, and the speculation had
shifted into the standard railroad stocks, so
as to give a healthier tone TO the market
than during the morning, when the widest
movements were in the mfrcurial specialties.
The stitching OF the call money rate was
| the most effective factor in inducing the
| later reaction. Sklllful spectators have kept
watchful eye on this index of money con-
| ditons TO detect the first signal OF danger
| that the borrowings for speculative purposes
were overrunnng the available resources of
| the money market. Saturdays bank state
| ment was so confirming and far removed
| from preliminary estimates that its untavora-
| Bile features were ignored this morning the
more so as money continued to be offered at
| 4 per cent
| II Is not likely that here was any actual
pressure upon speculative borrowers today,
| but the effect upon speculative sentiment of
| the rlsu in the money rate to per cent was
conclusive. The sensitiveness OF opinions al
| to this indication and the success OF the pro
| tessiona attack upon The market after the
many failures Of last week warrant the sup
position that the eager rush TO buy stocks
| mas NJ last begun to show signs OF safety.
| ne signs were not clear when orders to buy
|
| shed in volume this morning, but by noon
! the days activity had sensibly fallen off and
| the later recovery Of prices had a somewhat
1 artificial aspect, the rise shifting from one
| stock ~ another giving the market spotty
| appearance and leaving the points of strength
| somewhat isolated. Pennsylvania. which has
| been relctlOuary for several days past was
| the leader of the recovery at an extreme 40
vance Of Pa points. But it had a large fol-
| lowing among other substantial railroad
! STOCKS which rose from to ! ~ points. The
earlier advance IN the steel stocks mad run
as hiet as points in Tennessee Coal ana
| Iron, to 3la In the leading industrials and
Ispecialtles, including the local traction stocks
humorS nave been current during the day
OF hostile intentions between the Steel ana
| Wire and Federal Steel companies ana these
! stocks suffered most severely in the late
! break. Federal steel reacted 3l4 and Steel
and Wire "a. The selling on reaction was
| pr9clpitate, but not in as large volume as
| the buying on the advance. Many OF the In
| dustrlals suffered to the extent VI between
| anu - points. In the railways the losses
| from me best ran between ! and lle in tine
| principal stocks and in Pennsylvania IS
| covering by shorts cd the decline but
| the closing was unsettled and was with spec
ulatNe opinion very uncertain.
| Pacific Mail was reactionary throughout the
day and American Linsced on preferred lost
81. ''''
| Sterling exchange was easter in response IN
me hlgher money rate. and without regard
| 10 tn, hrmer money market Interested Lon
don bought stocks here early, but turned
seller or heavy scale on the higher level
Of prices here.
The bond market was very active anu
prices advanced strongly, hui reacted TO
some extent in sympathy with stocks. Total
sales, par value, S,3l5,O0O