The Montgomery advertiser., 1901-11-15
WALL STREET REVIEW RAILROAD SETTLEMENT D1S- CONCERTS SPECULATORS. Disappointment Due to the Fact that Outside Demand Attracted by
 the Announcement Was
 Very Light.

NEW YORK. Nov i4.-Professional specu- lators were much disappointed over the effect of last nights official annonncement or the troversy in the Northwest. That does not mean necessarily that the settlement does not in sure all the benefits claimed for it. The specu- lators bound to sell stocks upon the deti- nite announcement in any event. Their dis appointment today was due to the fact that a very light outside demand for stocks was at tracted by the announcement The watchful bears were keenly alEe to the situation m ana profits they put out extensive short lines to take away the market from those seeking to liquidate, and then hercely raided the mar ket to dislodge stop loss orders and enable them to keep profits on the short side. How large an element 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 m all the active stocks and at some points among the
 coalers and the specialties there were com
 plete recoveries. notable fact in the day
 trading was the comparative immoDility or the
 United States Steel stocks. The transconti-
 mental railroad stock and some of the wander
 bilts which have been under manipulation re-
 gently for advances were most affected by the
 selling, although the list developed weakness
 throughout during the course Of the day, The the Northern Pacific settlement and with the
 details of that known the professionals argue l disquieting condition in the money market | made it undesirable to hold stocks Some of | the recent price levels taken in connection with the terms of the Northern securities company organized make 1t evident that those | terms disappointment the buyers al prices indicated. There was a rather dubious feeling also to how the trans -continentals not immediately concerned in the settlement are to benefit by 1t. The further adjourn
 ment of the Burlington directors was made
 by the bears to play upon the fears Of timid
 holders The money market was frmer today,
 both for call and time loans the latter showing
 the effect of the gold outgo for the first time.
 It is expected that further gold will be ex-
 ported Saturday, although the easier ten
 dency of money in Paris and the reduction in
 the buying price of gold in London served to advance the level of exchange here at which gold exports profitable. The statement of the country's foreign trade published today throws some light upon the present anomolies of the exchange situation. It is true that the total of October exports, although nearly SIS & GOO 900 below those of last October, are | the largest for any previous October in The country's history, that in spite of an in l crease of nearly Sl .ooa, 900 in imports over | October of last year. the notable trade bal ance in favor still remains S64, 228. 60 .. l But recent events show clearly that exchange anticipation of the autumn supply of bills to | be brought upon the market by our export trade and in process of borr owing foreign cap | ital This constitutes a short interest in the | exchange market and the fact that the trade balance in our favor is S28 53o 045 less than | that of October of last year may furnish 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 sym | pathy with stocks. Total sales. par value. S5, 69 900. United States bonds all un- | changed.