The Worcester spy. [volume] (Worcester, Mass.) 1898-1904, 1901-11-15
SPECTATORS
DISAPPOINTED
Adjustment of Railway Contro-
versy in the Northwest Did Not
Attract Demand for Stocks
That Had Been Expected
BEARS SAW THEIR
CHANCE AND TOOK 1T
Weakness Became General
Throughout the List but in the
Last Hour There Were Sub
stantiaI Recoveries in Active
Stocks-Money Market Firmer

New York, Nov 14.-Professional
spectators were much disappointed
over the effect of last nights official
announcement of the terms of settle
ment in the railroad controversy in the
Northwest That does not mean neces-
sarily that the settlement does not in
sure all the benefits claimed for it. The
spectators were bound to sell stocks
upon the definite announcement in any
event. Their disappointment today
was due to the fact that a very light
outside demand for stocks was at
tracted by the announcement.
The watchfuI bears were keenly alive
to the situation, and when they saw
the efforts making to realize profits
they put out extensive short lines to
take away the market from those
seeking to liquidate, and then fercely
raided the market to dislodge stop or
ders and enable them to take profits
on the short side. How large an ele
ment the short selling was in the
weakness of the market was disclosed
when the bears began to cover during
the last hour. Substantial recoveries
were made in all the active stocks, and
at some points among the coalers and
y
coveries.
The Trans continental railway
stocks and some of the Vanderbilts
which have been under manipulation
recently for advances were most af
fected by the selling, although the list
displayed weakness throughout during
the course of the day. The recent spec
ulation was largely based upon the
Northern Pacific settlement and with
h. foil
argued that all the good news was out,
while the disquieting condition of the
money market made it undesirable to
hold stocks.
The further adjournment of the Bur-
lington meeting was made by the bears
to play upon the fears of timid hold
ers.
The money market was firmer today,
both for call and time loans. the lat
ter showing the effect of the gold out
go for the first time. 1t is expected
that further gold will be exported on
Saturday, although the easier tenden-
cy of money in Paris and the reduc-
ton in the buying price of gold in Lon
don served to advance the level of ex-
change here at which gold exports are
profitable.
The statement of the country's for
eign trade published today throws some
light upon the present anomalies of the
exchange situation. 1t is true that the
total of October exports, although near
ly s18000.000 below those of last Octo-
Der, are the largest for any other Oc-
tober in the countrys history, so that
in spite of the decrease compared with
October of last year, the notable trade
balance in our favor still remains of
s64, 22S, COL Recent events, however
show clearly that exchange bills were
sold in this market long since in antic
ipation of the autumn supply of bills
to be brought upon the market by our
export trade and in process of borrow
ing foreign capital This constitutes a
short interest in the exchange market
and the fact that the October trade
balance in our favor is s2s. O45 less
than that of October last year may fur
nish an index of how far the banks
were out in their calculations when
they were selling exchange short.
The railroad bond market was weak
in sympathy with stocks. Total sales,
par value, $5691 600 United States
bonds were all unchanged on the last
call. Total sales for the day, LOO, 500
shares.