The times. [volume] (Richmond, Va.) 1890-1903, 1901-11-13
STOCK MAKE
WAS IRREGULAR
Advance Grew, But Turned TO Re-
action, in late Hours.
WAS SELLING FOR o B PROFITS F )
Bears Also Put OCT shor. Lies. Believing
Advance Had Been Too Loag Maia- +
tsiaesAB a,iaess ID BoEss
Large.
/ WAS SELLING FOR PROFITS.
(nr Assoc,,,ca rrrs.,l

NEW YORK, Nov. 12.-Therc was
rather Jess buying demand and rather
more isregrla1ity in the stock market
from the outset to-day Tho advance
grew and turned to reactions in the late
dealings. Selling TO take profits was join
cd TO extensive short lines, put out by
The bear party in argument that the rise
an prices after enduring for so q
teESth Oh time, must i.are the idafht1
Nuiheiauie 10 attack, but there stlu per
SaSt points OF Srsngtn IN ths
market, ana although The cx;reingAF1
fanceS an lne stfonSy spocNs were iiol6 81 =
curtaiied, many of them have considerable
gains 10 snow Tor the gay.
ihe local traction stocks were conspic-
uous examples. In MetropolLln The 40
vanced reached 3% at one time and In
brooklyn Rapla transit 3cs. while the net
gains are Tor Metropolitan Street Rail-
way and rs for brooklyn Rapid Transit.
The hard ana soft coal carriers. selling
below par, also showed continued strength,
as do the iron and steel industrialS The
disposition to take attractive profits after
the considerable advance in ice which
has occurred, was emphasized by the eX-
3ectation that several millions OF gold will
70 out this week on Thursday to iaris and
On Saturday probably to LONDON, as the
rate OF sterling exchange TO-DAY adj
ranced to point which makes gold cX-
ports to London direct profitable.
The strength of sterling held in spite
of easier money rates. bethin LONDON, Il nd
Berlin. and relaxationpufs the continental
pressure upon LONDON for gold. The ne
cessity fig. a large movement of gold from
New York at this time OF the year calls
renewed attention TO the extent of Amer
lean borrowings in Europe earlier in the
year, with the expectation that our for.
elgn trade balance would continue so fay-
orabIe that these loans could be repayed
at profit out Of the abundance of the
foreign exchange bills in New York. The
TACT that this expectation has not been
realized and that exchange bills are
scarce owing to the falling off in our ex-.
port trade, arouSeS some natural surrnise
whether the higa prices of stocks reached
earlier in the year did not also represent
undue expectations
1t is to be recollected that the projects
which stimulated our stock imitation. and
even to some extent the actual inanfpu-
lation of the market. were furthereG by
the resources of thesesfoI.fsn borrowings!
In the present movement more than one!
stocks are rundeniably high priced. On the
other hand. the extraordinary railroad
earnings and trade activity are natural
incentives to speculation. To-days re-
turns of gross earnings for the first week
In November show such increases over
last year as .t' per cent. for RIO Granue
Western, :: 1per cent. for Canadian Paci-
fc, il ner cent. for Wabash. 10 per cent.
for Chicago and Eastern illinois, and o
per cent. for ST. Paul.
The Government estimate on the corn
crop. altl1ouEn it offered no Very unex-
pected information. renewed the denress-
ing influence of the heavy shortage in the
crop. and the corn-carryinE railroads in
the West and the Southwest were. there
fore. most acutely affected by the profit
taking. The market closed active ard:
weak.
+ There was another large days business
in bonds. but the price movement was
irregular Total sales. par value. S1.eea0.-.
600. United States bonds all unchanged
on the last call.
The total sales Of stocks to-day were
9o9, 100 shares.
MONEY AND EXCHANGE Money on
call closed firm at :3asM' ner cent. last
loan. Az per cent: ruling rate. a per
cent; nriDe mercantile raper. 4ih6I5 per
cent Sterling EXCHANGE firm with actual
business in bankers Hills at S4.SIas for de-
man6 and Mt st.9IlE for sixty days: post
cd rates. 81 sA1ssa4. 81 and 81 S.: CONNER
ciaI bills g.. S3IaMa S33a! Bar silver. 5fN ::
Mexican collars. f., Government bonds
steady: state bonds inactive; railroad
bonds dull.
STOCK QUOTATIONS. si.,ts5
Furnished by Mcssrs. SCOTT &-sTRiNGFELLow,
Var II CHI