The Houston daily post. [volume] (Houston, Tex.) 1886-1903, 1901-11-23
ACTIVITY IN SPECULATION
CAUGHT BEARS UNCOVERED.
Short Selling on the Assumption That
the Money Market Could Not Escape
Squeeze Seems IN Timed.

New York, November % Tho s,ro,,,b
:" TO-DAY broad and animated market
was inc sequence Of tho sudden awakening
VI speculative activity yesterday noon. A
large bear account was caught uncovered
as consequence Of the persistent short
selling by the professional element for
some time past on the assumption that
khc money market could not escnpe ~
squeeze between now and the first Of the
year ana that he growth Of the opposition
IN the Northwest TO the Northern Securl-
ues company would disseminate deprosslor
Through the market
The unexpected collapse In the foroign
exchange market and the prospect of re
cuperation for the money market LEFT tho
bears without much ground to stand or.
and they bought eagerly to cover the day.
Tnere was considerable influence in
rhe recovery Of prices Bnt the cle,r.,,,
mp Of the money situation leaves tho wav
open for the natural operations of yar,ouS
forces, making toward higher prices. The
character of today's market made It appear
thst a considerable speculative movement
has been waiting eagerly on the wat. h
for Just this development. The demnnd
Tor some Of the favoritc stocks was ON
heayy scale and the days transactions
were run up once more to over a million
The considerable advance during the day
invited proht-taking in the final dealIDps
and last prices Of the principal active
stocks were between ] and points lower
than the best. The late selling was ac-
centnated by renewal Of the acute weak
ness IN Peoples Gas on the denial Of tho
restraining order against the assessment
OF taxes on the alleged high valuations Of
Illinois corporations. The stock tumb.t Il
2% from the best and Consolidated Gas
slumped AZ.
Central and Manhattan continued widely
dinusive influence In the whole market
No Information was forthcoming 10 explain
these movements There were rumors OF
control Of Manhattan by the New 70 X
Central and OF coming distribution OF the
surplus In the treasures OF the New York
Central subsidiary companies The de
termined buying OF PENNSYLVANIA aud the
aggressive bidding up OF Plttsburg, c., e.,
G. and st. Louis were based entirely, to all
appearances, on purpose to rectify the
disproporuon In the prices OF these stocks
compared with the VanderbiNs The plae-
ing OF Hooking Valley on a regular 3 pr
cent dividend basis was an evidence OF he
prosperous conditions ruling N the SOFT
coal trade which was reflected in the alb.
sence Of practically that whole group o.
stocks. The October statement OF the
net earnings OF New Jersey Central, show
Ing an Increase OF no less than l60 per cent
over those of October OF last year, was
ample explanation OF the recent strength
IN the anthracite coalers.
The collapse OF the foreign exchange
market was due to the sudden falling on
IN the demand to cover securities VIII h
has been q feature OF the market for Sc
eral weeks The further decline I'm he
prices OF gold 10 London aud an advan e
In the sterling rate at Paris corroborated
the assuralce that the foreign requ re-
ments for gold are satisfied for the pres
ent The net result OF the interior move
ment OF currency has served H. more than
shset the drain owing 70 gold exported. The