The daily morning journal and courier., 1901-11-26
gtaameial
 THE STOCK MARKET.
Amargamoted A coppers Drop.

New York, Nov 25.-From general
 strength during the early part of the
 day the stock market gave way to gen.
 eral weakness before the close and end
 ed under active selling pressure, with
 only such recoveries as were due to the
 nasty taking of profits on the short side
 by the bears. It was notable in the
 early strength that many stocks re-
 sponded very moderately to the buoy
 ant rise in the leaders. The general
 break at the last was effective through
 out the list, but it left the leaders of
 the advance with considerable gains to
 show. The trunk lines were the effec-
 tive leaders of the advance especially
 New York Central. which added As to its recent remarkable advance. No news was offered to explain the advance
 beyond the many rumors, long preva-
 lent, of Vanderbilt deal. The move
 ment in Pennsylvania was clearly a
 supplement to that in New York Gen.
 tral and was in the hands of profession al spectators who saw the force of an argument for the maintenance of an
 approximate ratio between the two stocks. Pennsylvania extreme ad- vance was 3A. The late reaction left a net gain for New York Central of 2B and for Pennsylvania of 1B. The rise | in New York Central carried with it the | junior Vanderbilts to the extent of from 1 15s to 10 points, the latter figure for Michigan Central. There was enormous buying of the Readings and of the Southern Railway stocks, but their ad- vance never much exceeded point.
 A factor in the opening strength was the scramble on the part of the bears who went short of Amalgamated Cop per on Saturday on the report, denied after the market closed, that the attor- ney general of the United States was preparing case against the company under the anti trust law. The opening rush carried the stock 1B over Satur- days closing level, and this proved the highest point of the day. The palpable indisposltion of the stock to rally fur ther invited renewed attack, and the final slump to below 80 was the princi- pal unsettling factor in the general list The stock reached 79 and closed at S0 The heaviness of the transcontinental stocks was feature of the trading throughout. Spsculators are apparent ly indisposed to pay higher prices for these stocks until the result is disclosed of the agita tion in the northwestern states against the Northern Securities company. There was an upward spurt of 23s in St. Paul, which seemed to be manipulated by the bull leaders under a realization of depressing effect of the heaviness in that group.
 There was more or less realizing in stocks which have recently advanced under cover of the early strength in the leaders, but 1t was not more than is usual in the progress of q bull market | There was no change in the situation in the money market. Foreign exchange continu to drop away from the gold export point This weakness seemed to l be. due in part to technical causes, the | expected demand for remittance on ac- count of the last instalment on the | British loan having been anticipated by extensive purchases of exchange. But l the requirement by the subscribers to | the loan was provided for through l other sources. It is apparent that there | has been renewed borrowing abroad, | which involved sale of exchange bills ] which broke the market and induced | realizing by the purchasers at the high | level. The proceeds of this renewed | foreign borrowing were used for the re- payment of loans to the local banks, as disclosed by the loan item in last weeks bank statement.
 It is not entirely clear that the Lon don market is sufficiently provided with