The daily morning journal and courier., 1901-11-23
Etnancial
HI | STOCK 1T i Eh EI.
The Influence in the Recovery of Price

thC aho oA New York, Nov. 22,-The strength ir
 to-day's broad and animated market
 ening of speculative activity yesterday
 afternoon. A large bear account was
 caught uncovered as a consequence of
 the persistent short selling by the pro-
 fessional element for some time past or
 the assumption that the money market
 could not escape squeeze between now
 and the first of the year. and that the
 growth of opposition in the northwest l to the Northern Securities company
 would disseminate depression through
 out the market.
 1 The unexpected collapse in the for
 eign exchange market and the prospect
 of recuperation for the money market
 left the bears without much ground to
 stand on and they bought eagerly to
 cover to-day. This was a considerable l influence in the recovery of prices, but
 the clearing up of the money situation leaves the way open for the natural operation of various forces making to-
 wards higher prices. The demand for some of the favorite stocks was on a very heavy scale and the days trans
 actions were run up once more to over a million shares. The considerable ad- vance during the day invited profit taking in the final dealings and the last prices of the principal active stocks
 were between 1 and points lower than the best.
 The late selling was accentuated by renewal of the acute weakness in Peoples Gas on the denial of a restrain ing order against the assessment of taxes on the high valuation of Illinois 'corporations. The stocks tumbled PA from the best and Consolidated Gas slumped AZ. The aggressive strength of New York Central and Manhattan continued a widely diffusive influence in the whole market, No information was forthcoming to explain these move ments. There were rumors of control of Manhattan by New York Central and of coming distribution of the surplus in the treasuries of Centrals subsidiary companies.
 The determined buying of Pennsylva- mia and the aggressive bidding up of Pittsburg, Cincinnati, Chicago and St. Louis were based entirely, to all ap- pearance, on purpose to rectify the disproportion in the prices of those stocks compared with the Vanderbilts. The placing of Hooking Valley on a regular per cent. dividend basis was an earnest of the prosperous conditions ruling in the soft coal trade, which was reflected in the advance of practically the whole group of stocks. The Octo- Der statement of the net earnings of New Jersey Central, showing an in- crease of no less than 165 per cent. over those of October of last year, was ann pie explanation of the recent strength in the anthracite coalers.
 The collapse In the foreign exchange market was due to the sudden falling off in the demand to cover maturities, which has been a feature of the market for several weeks. The further decline in the price of gold in London and an advance in the sterling rate at Paris the assurance that the for eign requirements for gold are satisfied for the present. The net result of the interior movement of currency has served to more than offset the drain on account of the gold export. The banks have lost to the sub treasury up to Thursday evening $2,774,000, which in cludes the payment for the gold export ed. The net gain on the interior move | ment by export is estimated at some thing over S2000,000, and S1 ,000,0 900 in | gold has come in from Canada. The | banks are estimated, therefore, to be | gathers for the week to the extent of [ several hundred thousand dollars, not the shipment abroad of | s7 ,5S6, ,522 in gold.
 The railroad bond market was quite active and strong. Total sales par val le, $2,S70,0 900.
 United States refunding twos advanc- ed 1s on the last call,