The daily morning journal and courier. [volume] (New Haven, Conn.) 1894-1907, 1900-11-09
EtnaMCtat.
THE STOCK M RK EFT.


A Reaction to Yesterdays Buoyant Com
viction.
New York, Nov S.--The stock market
to-day showed reaction to yesterdays
buoyant conviction of spectators when
the enthusiastic buying carried every
thing with an upward rush and discour-
aged all efforts to bring about a decline.
To-day there were many more holding
conservative views than on yesterday.
They made their influence felt from the
opening, and al one time during the day
brought the advance fairly to a stand
still. The frmness of the undertone Of
the market at that time was very
striking, and 1t was shown quite conclu-
sively that the large holders of stock
We're not particularly nervous over see
ing the rise In prices checked. Even
those who are willing to sell out on an
upward tide showed a determination to
hold at any lower lever. A very buoy
ant tendency then developed in the in
dustrial and speciality departments Of
the list. The localized character of this
strength, with the absence Of any spec
ial news to account for It, gave ground
for the supposition that powerful man
ipulation was aiding 1t. The success
which accompanied the manipulation
invited renewed speculation In that
quarter by outsiders and at the same
time served as a powerful sustaining
influence for the rest of the market. I'm
der cover of this support, profit taking
went on in a very heavy scale, Except
for sudden advances In some Of the usu-
ally inactive railroad stocks, the rail-
road list was distinctly heavy through
out the day. Pennsylvania was mark
ed up at one time to 140, but 1t held
there only momentarly. The price re-
manned above last nights level, but
was unable to get back to the top. The
Paclflcs and South Westerns, as well as
the stocks of railroads affiliated with
which were son conspic-
uous In yesterdays upward movement. |
all suffered from realizing In Missouri
Pacific the net decline at the lowest was
A point and in Northern Pacific the ex-
IRENE decline was 1k. On the other
hand the mercurial specialties which are |
always favorites with the spectators, I
rose buoyantly on enormous dealings. /
One or two of them had been below last |
night early in the day, notably Sugar,
which broke / Is at the opening. The
ate upward movement carried Sugar.
Peoples Gas, Manhattan, Brooklyn
Transit, Metropolitan Street Railway,
Pacific Mail and American Tobacco I'D
rom ga to nearly points. Yester-
lays enormous buying of Northern Pa
'lfic was explained by to-day's declara-
ion Of the extra dividend of / per cent
N the common stock. The omission Of
his dividend in August, when the regu-
ar semi-annual dividend of per cent
vas declared was considered an omin-
JUS sign of the prospect for curtailed
arnlngs for railroads. To-day's action
$ accepted as showing restored conf
ence in the maintenance Of the earning
'oWer Of railroads. But it did not save
he stock from a sharp reaction on
roft taking. The steel stocks were
regular, Steel and Wire and Pressed
'teel Car showing reactions, while 9TH
+ members of the group were strong
Honey continued In abundant supply
nu sterling exchange rose further with
he demand for payments for the enor
lous sales Of stocks for London ac-
cunt.
The bond market continued active and
I'm. Total sales par value, "a, OS5. 900.
United States IS advanced 1-2 and all
Their issues except the 5s quarter per
ent. on the last call
NEW YORK STOCK MiRkET
pening, Highest, Lowest Quotations
IL IL. IL. !