The Montgomery advertiser., 1901-11-24
WALL STREET REVIEW
| FEvERIsH AND EXCITED
 MARKET YESTERDAY.
Speculative Activity Was Very Great and Manipulative Devices Were
 Freely Used by Both of ... the Factions.

New York. Nov. 2s.-Speculative activ- fty was very great in the short session of today's trading. and manipulative Bulls and the bears. The consequence was . feverish and excited market. Thsrt was . noted accumulation of Norfolk and Western. and tho Southern Railway running from LOO to $500 shares. New York Central was lifted an extreme 1-4, Ncrfelk and Western S-4 and Southern sition to take profits in some of the re- cent favorites, which had an unssttling influence upon the market from the out set. Michigan Central jumped 20 points fals. Rochester and Pittspurg stocks and Minneapolis. St. Paul and Sault Ste Ma rie preferred. rose 21-2 to s3-4 Anal. gamatsd Copper was weak thsougnout; the stock slumped to ss, which is frac- ton below the lowest price ever previ-
 sses thss pspsrs was the Amalgamated Company are being prepared In the Attorney Generals of. iice at Washington. The report effected This weakness took the edge of the rally on the strong bank statement and made the closing very irregular. Renewed sell. continental stocks also. The cash re- serves of the banks increasing about as foreshadowed and the heavy loan con- traction of $1S.5o4. t0e confirmed the belief that the gold exports of the week went to nquidate foreign loans. It is asserted that the break in exchange is partly due to renewed selling by bankers in the pro- cess of extending foreign loans still ma turing which amounts to the creation of e fresh supply of short accounts in exchange to be covered at later maturts ties. There was extraordinary irregplar- tty in the stock market during the past week, leaning to the side of depression In the early part but giving place to strength and animation after the middle of the week. In the comparative dull ness of the earlier part of the week the speculative sentiment on the general out look was vague and conflicting and the only movements of any importance were affected. As a consequence prices of dif- ferent stocks were often moving strongly in opposite dlrsetiens. The contending faotors were on the side ek depression. heavy requiremsnts of foreign monsy anarkets for our gold. and the agitation set on foot in the Northwestern States against the purchases Of the Northern made of the formation of this company as an argument for the higher prices, and the stocks of tho companies affected di- rectly and indirectly by 1t have been ad- vanced to so high a point that the pros pect of legislative opposition to the con. trary was bound to be considered in the
 speculative situation Protestations of determination to maintain the separate Organization of the roads brought under the ownership of the one company did not prevent . persistent dropping of the prices of the Trsns-Continental Railway stocks. The export on Tuesday to France and Germany of upwards of H.000.OO0 in gold, the largest amount ever exported from here in a single day. kept attention ditions in the foreign exchange anxiety as to how far the obscure causes The money market. had been only meder. Stely affected thus far was not convinc- ng as to the future. It is noticeable act that the hardening tendency of call lriven borrowers to resort to any extent to the time money market, to supply themselves for a fixed term in the future are rather below the current rates for call leans. to say nothing of what they would be in the event of str1ngency by reason of the gold exports. The exten- sive resources of the domestic money market are illustrated by the constant eecuperation against the losses of the gold outflow. Although this outflow is abnormal at the season Of heaviest mer- chandise exports and must to be to a large extent unforseen, 1t is partly made good by the constant inflow of Austral. try's own production of gold at the rate of over T.0o0, 900 per month is also a part of the account and must go to explain the facility with which the needs of Flu repean countries for the metal for the monetary purpose are supplied. The op- tion offered by the Treasury Department for redemption of government bonds is also a safety valve against money strin- gency. although the effect of these re- demptions Is modified by the fact tha some of the bonds offered for redemption are withdrawn from the treasury. where they were deposited to secure circulation thus operating to retire that much cirOu- iation. The relaxation of the tension ir the foreign exchange market in the lat ter part of the week has been an i'm. portant influence in relieving fears oi money stringency and reviving specula' tive confidence in the stock market. Tho