The San Francisco call., 1901-11-24
EASTERN MARKETS.
NeqC York Stock Market.

NEW YORK. Nov. 2S.-Speculative activity
was very great in to-day's short session OF the
Stock Exchange and manipusative devices were
freely used beth by the bulls and the bears
The consequences was feverish and excited
market. There was q notable accumulation of
Kew York Central, Norfolk and Western and
Southern Railway stocks. individual fractions
ir these running from 1000 to $500 shares. New
York Central was lifted an extreme "a, Nor
folk and Western IA ana Southern Railway
preferred lx There disposition to take
,,-osss sr some OF the recent favorites, which
had an unsettling influence upon the market
frorn the outset. Michigan Central Jumped
twenty points. The Buffalo, Rochester ana
T,ittsburg stocks and Minneapolis. st. Paul and
sauIt ste Marie preferred rose 21zq6&- Anal
-,v.ynssed Conner was weak throughout. with
the exception Of slight fractional gain az the
opening In the late dealings the stock
slumped to S. which is fraction below the
lowest prices ever previously touched. The as
sertion published in the street that papers
against the Amalgamated Company are being
rrepared IN the Attorney Generals office at
washington. This effected break Of Sh points
IN sugar as well. This weakness took the edge
off the rally on the strong bank statement and
MADE the closing very irregular. Renewed sell
ing developed at the last in the transcontinen-
faf stocks also The cash reserves OF the banks
Increased q bout as foreshadowed and the heavy
ios contra ction Of sls 5o4 400 confirmed the be-
lief that the gold exports OF the week went 70
iquidate foreign loans It Is asserted thet tne
I
selifne by bankers in the process OF extending
foreign loans stfil maturing, which amounts 70
the creation OF q fresh supply OF short sc-
counts in exchange, to be covered at later ma
TURTLES -, :
stock market during the week. leaning TO the
side Of depression in the earlier part but CIV
ing pleee 10 strength and animation after the
middle of the week. In the comparative dull
ness Of the earlier part Of the week the specu-
latfve sentiment OF the general outlook was
vague and conflicting and the only movements
OF any Importance were based on causes inoi-
yidusi 10 the stocks affected As conse-
olIence llrices OF different stocks were often
moving strongly in opposite oirections- Inc
contending factors were, on the SIDE OF oe-
preston the uncertain money OUTLOOK que TO
the heavy requirements OF foreign money mar
ISets for our gold and the agitation set on foot
in the Northwest States against the purposes
Of the Northern Securities Company 20 much
many as argument FOR higher prices. and the
stocks Of the companies afiected oirectiy ana
Indirectly by Il have been advanced 10
50 high a point that the prospect OF legislative
opposition TO the company was bound 70 De
Considered in the speculative situation Pro-
testations Of determination to maintain the
separate Organization Of the railroads brought
under the ownership Of the one company did
not prevent a persistent dropping OF the prices
of the transcontinental railroad stocks The
upward Of s.. .e00,0o0 in gold. the largest
5mount ever exported from here IN single
Pay kept attention focused upon the unprece-
dented condition IN the foreign exchange mar
ket and offered relief to the anxiety as 70
how far the obscure causes at work might con-
tinue. The fact that the money market has
been only moderately affected was not convinc-
ing 70 the future.
Il is a noticeable fact that the hardening ten
oency OF call loans IN the New York market