The Worcester spy. [volume] (Worcester, Mass.) 1898-1904, 1901-11-13
Caused Sharp Reaction in Late
Dealings and Market Closed
Active and Weak After Irregu
lar Trading All Day
NEW YORK TRACTION
STOCKS ALL ADVANCED
The Anthracite and Soft Coal
Carries Selling Below Par, Also
Showed Continued Strength as
Did the Iron and Steel Indus
trials

New York, Nov. 12-There was rath-
er less buying demand and rather more
irregularity in the stock market from
the outset today The hesitation in the
advance grew and turned to sharp re-
actions in the late dealings. Selling to
take profits was joined to extensive
short lines put out by the bear party
on the argument that the rise in prices
after enduring for so great a length
of time must have made the market
vulnerable to attack.
There is still persistent points of
strength in the market, however, and,
although the extreme advances in the
strong stocks were notably curtailed,
many of them have considerable net
gains to show for the day. Local trac-
ton stocks were conspicuous examples.
In Metropolitan the advance reached
37s at one time, and in Brooklyn Tran
sit 25s, while the net gains are "a for
Metropolitan Street Railway and 13s
for Brooklyn Transit. The Anthracite
and soft coal carriers selling below par
also showed continued strength as did
the iron and steel industrials.
The disposition to take attractive
profits after the considerable advance
in price which has occurred was en-
phasized by the expectation that sew
eral millions of gold will so out Thurs
day to Paris, and on Saturday probably
to London, as the rate of sterling eX-
change today advanced to a point
which makes gold exports to London
direct profitable. The strength of
sterling exchange here was, in spite of
easier money rates both in London and
Berlin and a relaxation of the contin-
gal pressure upon London for gold. The
necessity of a large movement of gold
from New York at this time of the year
calls renewed attention to the extent of
the American borrowings in Europe
earlier in the year with the expectation
that our foreign trade balance would
continue so favorable that these loans
could be repaid at a profit out of the
abundance of the foreign exchange
bills in New York.
The fact that this expectation has
not been realized, and that exchange
bills are scarce owing to the falling off
in our export trade. arouses some nat
ural surmise whether the high prices
of stocks reached earlier in the year
did not also represent undue eXpeCta-
tions. In the present movement more
than one stock has reached a record
price and all stocks are undeniably
high priced. On the other hand, the
extraordinary railroad earnings and
late activity are natural incentives to
speculation.
The government estimate on the corn
crop, although it offered no very un-
expected information renewed the de-
preston influence of the heavy short
age in the crop, and the corn carrying
railroads in the West and the south
west were. therefore, most actually af-
fected by the profit taking The cut in
the price Of sugar especially affected
that stock. The market closed active
and weak.
There was another large days bust
ness in bonds, but the price movement
was irregular Total sales, par value.
5,29O0O0. United States bonds were all
unchanged on the last call