The Worcester spy. [volume] (Worcester, Mass.) 1898-1904, 1901-11-26
Stock Market Developed Unex-
peCted Strength Early in the
Day but Ended lust the 0ppo-
site Under Active Pressure
TRUNK LINES LEADERS
OF THE EARLY ADVANCE
New York Central Added q 1-8
Points to Its Recent Remark
able ACKNOWLEDGEMENTS
Copper Touched a Low Water
Mark of 79 3-4

New York. Nov. 25.-From general
strength during the early part or the
day, the stock market gave way 10
general weakness before the close and
ended under active selling pressure,
with only such recoveries as were due
to the hasty taking of profits on the
short side of the bears.
1t was notable in the early strength
that many stocks responded very mod
erately to the buoyant rise in the lead
ers: The general break at the last was
effective throughout the list, but 1t
left the leaders of the advance with
considerable gains to show. The trunk
lines were the effective leaders of the
advance, especially New York Central,
which added 41s to its recent remark
able advance. No news was offered to
explain the advance beyond the many
rumors long prevalent of Vanderbilt
deal.
The movement in Pennsylvania was
clearly a supplement to that in New
York Central and was in the hands of
professional spectators, who saw the
force of an argument for the mainte-
nance of an approximate ratio between
the two stocks. Pennsylvania extreme
advance was S14. The late reaction left
a net gain for New York Central of
2b and for Pennsylvania Of ia. The rise
in New York Central carried with 1t
)
from rs to 10 points. the latter tgure
for Michigan Central.
There was enormous buying of the
Readings and of the Southern Railway
stocks, but their advance never eX-
ceeded a point. A factor in the open
ing 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 anti
trust law The opening rush carried
the stock rs over Saturdays closing
level, and this proved the highest point
of the day. The palpable indisposition
of the stock to rally further invited
renewed attack and the final slump to
below so was the principal unsettling
factor in the general list. The stock
touched 79A and closed at that.
The heaviness Of the trans-con-
tinental stocks was a feature of the
trading throughout. Spectators are
apparently indisposed to pay higher
prices for these stocks until the result
is disclosed Of the agitation In the
Northwestern states against the North
ern Securities Companies. There was
an upward squirt of 2$s in St Paul,
which seemed to be manipulated by the
bull leaders under a realizing Of the
that group. There was more or less
realizing in stocks which have recently
advanced under cover Of the early
strength in the leaders, but it was not
more than is usual in the pending Of a
bull market.
There was no change in the situation
in the money market Foreign eX-
change continued to drop away from
the gold export point. This weakness
seems to be due IN part to technical
causes the expected demand for re-
mittance on account of the last in
stalment on the British loan having
been anticipated by extensive pur-
chases of exchange But the require
ment by the subscribers to the loan
was provided for through other sources.
It is apparent that there has been re-
newed borrowing abroad, which in
volved sales 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 repay
ment Of loans to the local banks, as
disclosed by the loan item in last
weeks bank statement 1t is not en-
tirely clear that the London market is
sufficiently provided with money yet to
carry it over the turn Of the year.
A deposit at the sub-treasury of
1920 900 for transfer to New Orleans
had an unpleasant effect on the conf
dence which has been felt that the
interior requirement for currency were
satisfied for the season and that funds
would dow' back to New York from
this time in increasing volume.
Except for the strongest stocks. the
weak close left the net losses predomi-
mating, running to a point or over in
some cases.
Railroad bonds were firm. Total
sales. par value. So. 365. 600 United States
ana the new IS advanced Is per cent on
the last call