The daily morning journal and courier. [volume] (New Haven, Conn.) 1894-1907, 1902-11-06
Eimamtia1.
yesterdays STOCK MARKET,
Closes with Lively Selling Movement
Prices Recede.

Closes with Lively Selling Movement
Prices Recede.
New York. Nov. 5.-The hopes deferred OF
some of the large speculative holders of
stock made their influence felt in to-day's
stock market. And the renewed disappoint-
ment of these hopes were reflected in the
lively selling movement with which the
market closed and before which prices re-
ceded from to points lower than Mon
days closing level. In the morning squirt
fractional advances were very general and
reported point or more in one or two
prominent stocks. This buying was clearly
based on the surposltlon that, the elections
being over, active interest In the stock mar
ket was to be revived.
There has been q we'll defined assumption
among a certain speculative class that the
recent semistagnatfon In the market has
been due to anxiety over the outcome of the
elections. This class was made up mostly
of the members OF large speculative pools,
which have constituted themselves champi-
ons OF various prominent stocks, of which
they have taken on heavy lines with the
intention OF pushing their prices TO n higher
level and then selling out at a profit. The
history of the recent stock market has been
made up of the letting 20 OF successive par
GELS Of these large holdings by the pools.
this morning evidently came from these
sources and was intended to signalize the
supposed passing Of the depression. But the
liquidation that met the advances was of
character to discourage all efforts to put up
prices, and It was quickly demonstrated that
the recent depression of the market was due
to other causes than election uncertainties.
These causes have been widely discussed.
AS to one Of the most important Of them,
the prospect Of gold exports to-day, imme.
dtate development moved against export
proba bilities.
Sterling exchange at Paris, which is the
real center OF the pressure for gold. advanc-
ed fraction, and money and discounts
slightly tirmer in New York. The conse.
quence was that no engagements for export
were made for shipment by the steamers to-
morrow, as had been expected by good ALL
thOrltles But 1t is believed that the au-
tumn's demands upon the great foreign
banks for the needs Of circulation of money
for purposes of trade will ultimately result
In withdrawing considerable sums from the
United States. The fact that gold contin-
ues to come in from Australia to the Pacific
coast, arrivals that port last week amount
ing to S2,400,O 900, with So, $780, 600 additional
In transit. adds to the probability Of outgo
from New York, while insuring against Sc
rl0us effects Of this outgo.
The question of increasing labor cost. both
in transportation and manufacture which
has been brought up by the anthracite labor
trouble, keeps attention closely fixed upon
the problem of the cuImina ting point of the
period OF prosperity. When the rise In
prices reaches a stage at which consumptiye
demand is checked the eliminating period
of Industrial activity Is to be expected,
Speculative attention just now Is keenly
alive for symptoms Of this condition.
The pressure to sell was felt in the bond
market, but In less degree than in active
stocks. The total sales, par value, aggre-
gated S1,99O.0OO.
United States bonds were unchanged on
the last call.