The Houston daily post. [volume] (Houston, Tex.) 1886-1903, 1901-11-26
EARLY TONE WAS STRONG.
GENERAL BREAK AT LAST.
Break Was Effective Throughout. but
Left the Leaders OF the EARLY Adj
vance With Considerable Gains.

New York, November 25-From general
strength during the early part Of the day
the stock market gave way 10 general weak
ness before the close aud ended under ac-
tive selling pressure with only such rccov-
cries as were due to the early taking OF
profits on the short side by the bears 1t
was notable in the early strength that
many stocks responded very moderately TO
She buoyant rise in the leaders The gen
eral break at the last was effective through
ont the list, but II left the leaders OF the
advance with considerable net gains 10
show
The trunk lines were the effective fead-
ers Of the advance, especially New York
Central, which added AZ 10 its recent re.
markable advance. No news was offered
10 explain the advance beyond the many
rumors long prevalent ~ q Vanderbilt deal.
The demand in fennsylysnla was clearly
supplement "a that IN New York Central
and was In the hands Of professional specu.
lators who saw the force of an argument
Tor the maintenance OF nm approximate
ratio between the two stocks.
The Pennsylvania extreme advance was
81 The late reaction left net gain for
New York Central Of 2is and for Pennsyl
yania of - The rise in New York Cen
trail carried with 1t the junior Janderhilts
20 the extent Of from lSs to 10 points, the
latter figure for Michigan Central There
was enormous buying Of the Readings aud
Southern Railway stocks, hut their advance
never much exceeded a point. A factor In
the opening strength was the scramble on
the part OF the bears who went short of
Amalgamated Copper on Saturday on the
report. denied after the market closed that
the attorney general Of the United States
was preparing a case against the company
under the antitrust law
The opening rush carried the stock ~
over Saturdays closing level and this
proved the highest point of the day. The
palpable indispostion OF the stock To rally
further invited renewed attack and the
final slump 10 below so was the principal
unsettling factor In the general list. The
stock toCched 75A and closed at SO Tbs
heaYiness of the trans-continental stocks
was a feature OF the trading throughout,
Spectators are apparently indisposed 10
pay higher prices for those stocks until
the result Is disclosed of the agitation in
che Northwestern States against the North
ern Securities company. There was on mp
ward squirt OF 2M In St Paul, which
seemed TO be manipulated by the bull lead
ers under a realization OF the depressing
effect OF the heaViness In that group. There
was more or less realizing In stocks which
have recently advanced under cover OF the
eary strength in the lenders, but II was
not more than is usual on the progress OF
a bun market
There was no change IN the situation in
the Ioney market Foreign exchange con
point This weakness seems 70 be due In
part to transconrinertal causes. The ex-
pected demand for remittances on account
the last instailment OF the British loan has
been anticipated by extensive purchases Of
stocks II Is apparent that there has been
renewed borrowing abroad which Involved
sales OF exchange bills which broke the
market and induced realizing by the pur-
ehasers Of stocks at the high level. The
proceeds Of this renewed foreign borrow
Ing were used for the repayment Of loans
70 the local banks as disclosed by the loan
Item In last weeks bank statement,
II is not entirely slea. that the London