The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1901-11-26
LATE BREAK in SHARES
DUE TO BEAR ATTACKS AND REAL
IZING FOR PROFITS.
Renewal of Currency Shipments to the
South Another Cause-MOnetary
Conditions Much Easier.

NEW YORK, Nov. 25.-From general
strength during the early part of the day
the stock market gave way to general
before the close and ended under
active selling pressure with only such re-
coveries as were due to the early taking Of
profits on the short side by the bears. 1t
was noticeable in the early strength that
many stocks responded very moderately TO
the buoyant rise in the leaders. The gen
eral break at the last was effective
throughout the list, but it left the leaders
Of the advance with considerable net gains
to show. The trunk lines were the effec-
tive leaders of the advance, especially New
York Central, which added AS to its recent
remarkable advance. 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 adj
vance was ga. The late reaction left a net
gain for New York Central Of 21s and for
Pennsylvania of rs. The rise in New York
Central carried with it the junior Wander
bits TO the extent Of from 1S to 10 points,
the latter figure for Michigan Central.
There was enOrmou buying Of the Read
ings and of the Southern Railway stocks,
but their advance never much exceeded a
point. a factor in the opening 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 antitrust
law. The opening rush carried the stock
Us over Saturdays close 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 heaviness
of the ranscOntinental stocks was a
feature of the trading throughout. Spec
ulators are apparently indispOsed to pay
higher prices for those stocks until the re-
suit is disclosed of the agitation in the
States against the Northern
Securities Company. There was an up
ward squirt of 23s in st. Paul. which seemed
to be manipulated by the bull leaders under
a realization of the depressing effect of
the heaviness in that group. There was no
change in the situation in the money mar
ket. Foreign exchange continued to drop
away from the gold export point. This
weakness seems to be due, in part, to
technical causes, the expected demand for
remittance on account Of the last Install
ment on the British loan having been an
tcipated by extensive purchases OF eX-
change. 1t is apparent that there has been
renewed borrowing abroad, which involved
sales Of exchange bills. which broke the
market and induced realizing by the pur-
chasers of stocks at the high level. The
proceeds of this renewed foreign borrowing
were used for the repayment of loans to
the local banks, as disclosed by the loan
item in last weeks bank statement. 1t is
not entirely clear that the London market
is sufficiently provided with money yet to
carry il over 10 the turn of the year. A
deposit at the subtreasury Of SS20,00O for
transfer to New Orleans had an unpleasant
effect on the confidence which has been felt
that the interior requirements for cur
rency were satisfied. Except for the strong
est stocks the weak closing of the market
left the net losses predOminating, running
to a point or over in some cases.
Railroad bonds were firm. Total sales at
par value were 1886. 600. United States
threes and the new tours advanced IS per
cent on the last call.
Following are the days share sales and
the recorded price changes: