Evening star., 1901-11-22
Marked Improvement in Stocks on
New York Exchange.
STRONG BUYING OF MERGERS
There Was Also Good Demand for
Traction Shares.
GENERAL MARKET REPORTS
special Dispatch to The Evening Star.

Special Dispatch to The Evening Star.
NEW YORK, November 22.-Slight al.
vances In the London market encouraged
higher opening in the local stock market
this morning. London traded in upward OF
10000 shares. more than half OF which
were purchases. Commission houses re-
ported a moderate increase in the volume
of business, but the bulk OF the trading
was tracable to the leading banking in
terests and the several pools. Exchange
rates shaded OF fracttonally, and gold ship
ments are no longer profitable.
1t is hoped that the incoming supply OF
cotton bills will be equal TO the future
needs Of the exchange market, but there
is no assurance on this point. The decline
In the price of gold bars In London makes
shipments to that center doubtful In the
ordinary course, but the final installment
OF the British war loan must be paid dur
ing the first week in December and this
may require a shipment Of coin.
Then, too. there are the January interest
disbursements to foreign holders OF Ameri-
can stocks, and again the supply of bills
Will be taxed. The domestic movement OF
money is working in favor OF the banks.
both from interior points and the payments
at the subtreasury on account OF bond pur-
chases. 1t will be remembered that some
S2OOO,OO0 paid last week failed to show in
last Saturdays bank statement. but will
help to counteract gold shipments in the
report to be made tomorrow.
Present indications are that the banks
of the gold movement during the week. AS
result of this more encouraging prospect
todays price movement was upward In
spite of heavy selling to take profits in
certain quarters.
Good buying In Union Pacific and st. Paul
was reported, and less attention was paid
to the hostile attitude of the western states
toward the Northern Pacific settlement.
The leading interests are confident OF
success. but there is enough of a doubtful
nature in the project to warrant extreme
caution on the part OF the public.
Reading issues were in splendid demand,
the common stock crossing 90 under the
execution of buying orders said to have
come from the First National Bank.
Jersey Central, Lackawanna and Dela-
ware and Hudson were strong under a de-
mand from interests identified with the an
thracite coal trade. Erie was strong ana
the buying Of Ontario and Western was
said to be exceptionally good in character.
Hooking Valley was strong under the in
f1uence of the increased dividend on the
common stock, that issue now being upon a
per cent basis. There is no doubt but
that per cent rate might have been de-
clared from earnings had not an ultra-con-
servatiye policy prevailed.
Baltimore and Ohio issues and all the
soft coal shares were firm., Vanderbilt buy
ing In New York Central and the Junior is
sues and liberal purchases of Manhattan
Elevated by the same brokers gave rise to
rumors OF an important deal among the
properties named. Round amounts OF stock
were taken at advancing prices
Manhattan was also the subject of con-
solidation rumors with Metropolitan and
the smaller surface roads, so that the trac-
ton group was also a conspicuous feature
of the day. Missouri Pacific and the
southwestern roads were advanced at the
expense of the short interest, the buying
coming from sources heretofore openly
committed to declining prices. Pennsylva-
MIA and its controlled lines notably Pam
handle, made substantial gains under mod
crate dealings.
The industrial list was Irregular, but
with a manipulative effort to force an adj
vance rather prominent. The reassembllnR
of Congress is not favorable to this group.