The Washington times., 1901-10-13
HEAVY PRESSURE BXERTED
Professional Selling Causes Con
siderable Reaction.

A Manifestation of Strength Mt the
Opening Rapidly Gives Way 10 De-
cIines and in Some Cases TO Net
Losses-RaiIway Bond Market Firm
NEW YORK. Oct I2.-The dealings in
stocks today were upon as large a scale
as yesterday, but were iudifferently dis
tributed and the course of prices, after an
early resumption Of yesterdays strength
was reactionary. The three stocks that
had been especially prominent retained
their leadership today on about half the
volume of yesterdays transactions and
they led the rotrograde movement in
prices after a show of strength at the out
set
The general list rose sympathetically at
the start. but the market proved unabIe
to sustain the wholesale volume OF safes
that took place to realize profits resulting
from the first fair recovery in prices
shown since the recent continued decline.
Professional operators were held response
BILE for no little of the declines, which
were said to be the outcome of a desire
to check extravaganza il the direction oil
speculation for rise at this time There
was no unfayorable news
The reactionary movement brought
half hour. but as a rule the lowest prices
were recorded. although the statement of
averages Of the associated banks made
satisfactory exhibit The cash item
showed an increase of S1.7o7 100 and loans
decreased 81. .657 500. the net result being an
increase of 81, ,923, $50. bringing the total of
that item up to Sf7. .4S3. 10. as compared
with surplus a year ago of &.i6S.92o ana
a surplus Of sl.l77.S50 two years ago.
The foreign ex change market attracted
more attention today than is usual upon
a Saturday. developing considerable
weakness. Demand sterling sold below
ass, the decline being attributed to in
creased offerings of cotton bills for next
weeks delivery.
The early advances in prices extended
to Il. in Southern Pacific, and num-
ber OF other issues reported improve,
rnents extending to point. Professlonal
dealings effectively attacked st PAU ana
Union Pacific. and special weakness ue-
yeloped in other directions, notably the
local traction shares. The pressure 10 sell
soon became general St. Paul reacted d
points from the opening figure, and sus-
tained net loss of 17s per cent SOUTH
ern Pacific, which led the railway list IN
volume of dealings, lost all its early gam
and Union Pacific common, which came
next in extent Of interest, sold on ~ per
cent net.
Other issues that were active included
Atchison common, missouri Pacihc, ERIE
common Brooklyn Rapid Transit, Metro
politan Street Railway and Mexican Ma
tiouaI certificates. With the exception Of
the last mentioned which was favorably
influenced by the plan announced for the
readjustment of the finances of the com
pany, the stocks mentioned sustained net
losses extending to 2@4 per cent in Metro
politan Street Railway. On lighter deal
ings declines occurred ranging up 10 1&
per cent in Baltimore and Ohio. New York
Central Erie issues. Louisville and
Nashville preferred. Lake Erie and West
ern. on moderate dealings rose "a points,
and Illinois Central rs points.
In the industrial quarter business was
very moderate. The United States Steel
shares were neglected, but Amalgamated
Copper sold 1k off and Sugar Refining a
point On nominal transactions General
Electric lost all but a point of yesterdays
gain.