Evening star. [volume] (Washington, D.C.) 1854-1972, 1901-11-21
SeJ
Bears Made Ah0sher Attack on Roads
in hs Merger
WERE FORCED 10 COVER LATER ON
Some Very GOOD Buying on the
Dsclines.
eENERAf MAkKEr REPORTS
Special Dispatch to me Evening Star.

Special Dispatch to The Evening Star.
NEW YORK. November 2L-Opening
prices this morning reflected a further eff,
fort to force decline presumably in the
interest, Of covering short contracts Lon.
don prices wereaabout equal to the local
closing parity, and foreign houses had
some buying orders In this market. The.
enort to force a further setback In the
market was concentrated upon Peoples.
Gas and Union Pacific Both Of these Is
sues declined about 1 per cent before the
buying became effective.
The short interest covered freely in Union
Pacific, the stock rallying liz per cent from
the low level in the process.
The concerted action on the part Of the
governors OF several of the western states
to devise means for preventing the carry
ing out Of the so-called railroad merger
had depressing influence for time. Later
in the day friends of the consolidation were
rather positive in predicting the success of
the scheme, and all the properties in inter-
est improved in price.
Lac coal group reflected the same good
demand and gained in values in spite of
quiet realizing sales. Erie issues were
taken In round amounts and the much
discussed advance in prices gave way to
positive predictions of immediate results.
Some round amounts of the common and
preferred stocks were taken, but without
making new price record.
missouri Pacific was forced up by the
short interest andgthe smaller Gould roads
gave evidence of new buying. Vanderbilt
issues, under the leadership of New York
Central, were confidently bought by conser-
vative commission houses, well as by a
speculative pool in the junior securities.
traction shares: were strong. Manhattan
making a new high record under further
buying by the interests in charge Of the
present advance movement.
The local gas stocks were conspicuously
strong under an inside demand based upon
the chance for a Consolidation of the lead
ing companies during the coming winter.
In this event the consolidated company
may divide it's surplus with it's present
stockholders in the form of stock or cash
dividend of substantial proportions.
The most encouraging development of the
day was slightly easier tone in the sterl-
ing exchange market The prospects for
gold going out on, Saturday steamers are
consequently materially lessened. The
banks have gained In cash during the week
through subtreasury transactions and from
the interior movement The subtreasury
Is advised that drafts aggregating over
s., 100000 are in tfansit covering, deposits
of gold on the Pacific coast. $50.
These payments should come to the re-
lief of next weeks money market. The
call rate keeps down around 4 per cent and
bankers continue their assurances that the
situation is weiE in hand. A glance at the
fluctuations of The stock market during the
week will demonstrate the fact that prices
have reflected oithe money market. to a
greater extent,than usual. From now I'M
til the end of the year it is likely that this
sensitiveness viii -jaaHease Gold shipments
or an advance vfaprates for call money will
force decline On the stock market The
absence of such Developments NAV pro-
ouce an opposite tendency. ,-s-