The age-herald., 1900-10-29
SELLING MOVEMENT
 IN STOCK MARKET
General List Gave Way Under
 Heavy Profit Taking
CONDITIONS FAVORABLE
Prices Were Carried Up by Success ful Bull Campaign-An Unexpect- ed Favorable Bank Statement
 Had Checking Influence

New York. October 27.-There was a very manifest disposition to sell stocks to take profits today. The appearance of the un- expectedly favorable bank statement gave a momentary check to the downward movement, but the rally was an advantage to increase the selling, and the whole list gave way closing weak and at the lowest prices. Net losses of between one and two points are recorded in few stocks, both in the industrial and railroad lists. The former department was the greater sufferer.
 There was a disposition about the ex- change to depreciate the excessive ten- dency of the speculation and the broadness of the methods employed in some quarters. The systematic and periodical dissemina- tion of bull canards was left to endanger the stability of a market where buying was based upon such fiimsy grounds No intel ligible explanation is offered for the large increase in cash reported by the banks for the week.
 Preliminary estimates of the changes based on statements furnished by the banks themselves and made by recognized authorities had placed the probable loss in cash all the way from $1,50O,O00 up to over $5,000000. The payment yesterday by the sub-treasury of drafts for $4,000,0OO on account of the Australian gold recently ar rived in San Francisco was not expected to figure in this weeks statement.
 The successful efforts to get prices up have resulted in some handsome profits to the sellers to outside buyers. That many of the buyers had in view the merely specula- tive operation, hoping for a continued rise in prices which offer a profit on resale, was evident from the selling pressure which developed on the advance and which turned prices backward. But the bull interest on the exchange constantly shifted their op- erationS to new quarters of the stock list and kept the speculative interest awake by developing new price movements. Nearly every day during the week brought forth publications alleging far-reaching changes in control and in plans for operation of great railroad properties or allied or con- meeting systems, with promises of colossal results in profits. Looking backward over the week, it is noticeable that these stories have failed of confirmation, and, in many instances, have been conclusively denied, so that after the first upward jump of the stock 1t has fallen back in price and become comparatively quiet in the speculation.
 Meantime the conviction has gained force that prosperous business and industrial conditions are assured for the coming year. The large demand for money in circulation,
 
 the continued level of railroad earnings, the enormous profits in cotton exports, the growing foreign demand for grain, the set clement of the anthracite miners strike, all were of influence in encouraging sentl- ment over the outlook. It is the belief in business circles that a large amount of business has been held back until the passing of the period of unsettlement in- cident to the political campaign. So that the approach to election time has been a factor in the speculative activity, the eff fort being to discount post election con- ditions
 The weeks receipt of gold in New York on the import movement have kept the money rate down, though the demand for credits incident to the speculation has not been without effect. The facilities afford ed by the money market have been deter mining cause of letting loose the specula- tive tendency, which has been under re- straint for some time. An incident of the week has been the continued advance of silver to the highest level in four years and the apparent continuation of the rise and slight reaction.
 Bonds as well as stocks have responded to an awakened public interest, and some issues have gained substantially in prices. United States refunding 2s, when issued, advanced B. and the 3s, new As and old 4s and the 5s, registered, h; and the 3s, new As and old As, coupon, % per cent over the quotations ruling a week ago.
 De- D-arr fA 4 T.1