The age-herald., 1901-11-23
STOCK MARKET IS BROAD AND ACTIVE Bear Account Caught Uncover ed Through Persistent Selling EXCHANGE MARKET WEAK Character of Market Shows That Con- siderable Speculative Element
 Has Been Waiting for
 Chance to Buy.

New York, November 22.-The strength in today's broad and animated market was the sequence of the rude awaken ing of speculative activity in Europe. A larger bear account was caught uncover ed as a consequence of the persistent short selling by the professional element for some time past on the assumption that the money market could not escape a squeeze between now and the first of the year and that the growth of opposi- tion in the Northwest to the Northern Securities Company would disseminate depression throughout the market The unexpected collapse In the foreign ex- change market and the prospect of recu- peration for the money market left the bears without much ground to stand on and they bought eagerly to cover fAe day. There was a considerable in- |. rec in the recovery of prices But
 clearing up of the money situation
 es the way open for the natural oper- ! n of various forces making toward l-.ssher prices
 The character of today's market made il apparent that considerable specula- tive element has been waiting and eager 1y on the watch for just this develop ment The demand for some of the fa- vorite stocks was on a very heavy scale and the days transactions were run up once more to over million shares. The considerable advance during the day in- vfted profit taking in the final dealings and last prices of the principal active stocks were between one and two points lower than the best. Late selling was accentuated by a renewal of the acute anl nlrraaa nt TNa.x ,tal of restraining order against the as- se55ment of taxes on the alleged high valuations of Illinois corporations. The stock tumbled 2% from the best and Con- solidated Gas slumped AZ.
 The aggressive strength of New York Central and Manhattan continued wide- ly diffusive in fiuence in the whole mar ket. No information was forthcoming to explain these movements. There were ru- mors of control of Manhattan by New York Central, and of a coming distribu- tion of the surplus in the treasuries of the New York CentraPs subsidiary com panies The determined buying of Penn sylvania and the aggressive bidding up of P c. c. & St. L. were based entirely, to all appearances, or a purpose to rec tify the disproportion in the prices of these stocks compared with the Wander bilts. The placing of Hooking Valley on a regular three per cent dividend basis was an evidence or the prosperous cOnul- tions ruling in the soft coal trade, which was reflected in the absence of practically that whole group of stocks. The October statements of ret earnings of New Jer- sey Central showing an increase of no less than 165 per cent over those of Oc- tober of last year was ample explana- tion of the recent strength in the anthra- cite coalers. The collapse in the foreign exchange market was due to the sudden falling off in the demand to cover ma turities, which has been feature Of the market for several weeks. The further de- cline in the price of gold in London and an advance in the sterling rate at Paris corroborated the assurance that the for eign requirements for gold are satisfied for the present. The net result of the in- terior 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 even ing s27740O0, which includes the pay ment for the gold export.
 The net gain in the interior movement by export Is estimated at something over s2 0OO, ,0Oo and S1O00,000 in gold has come In from Canada
 The railroad bond market was quite ac- tive and strong.
 Total sales, par value, S2,S70,00O. United States refunding 2s advanced ls per cent on the last call.
 New York Stock Market.