The Worcester spy. [volume] (Worcester, Mass.) 1898-1904, 1901-11-23
STOCK MARKET
WAS LIVELY
Improvement in Money Situation
Forced Bears to Become Buy
ers and to That Fact Better
Prices Were Partly Due
TRANSACTIONS WERE
OVER MILLION SHARES
RumorS Renewed of Control of
Manhattan by New York Cen
traI-Profit Taking Late in the
Day Brought Prices Down
Somewhat Below the Best

New York, Nov. 22.-The strength in
today's broad and animated market
was the sequence of the sudden awak-
ening of speculative activity yesterday
afternoon. A large bear account was
caught uncovered as a consequence of
the persistent short selling by the pro-
fessionals element for some time past,
on the assumption that the money
market could not escape a squeeze
again this year and that the growth of
opposition in the Northwest to the
Northern Securities Company would
cause depression throughout the mar
ket.
The unexpected collapse in the for
eign exchange and the prospect of re-
cuperation for the money market, left
the bears without much ground to
stand on and they bought eagerly to
cover today. This was a considerable
influence in the recovery of prices but
the clearing up of the money situation
leaves the way open for the natural
operation of various forces making to-
ward higher prices.
The demand for some of the various
stocks was on a heavy scale, and the
days transactions were run up once
more to over a million shares. The
considerable advance during the day
invited profit taking in the final deal
lngs, and the last prices of the prin-
cipal active stocks We're between and
2 points lower than the best. The last
hour was accentuated by a renewal OF
the acute weakness in Peoples Gas on
the denial of a restraining order
against the assessment Of taxes on the
high valuations of Illinois corporation
and the stocks tumbled "a from the
best and Consolidated Gas slumped
Az.
The active strength of New York
Central and Manhattan continued a
strong influence in the whole market.
No information was forthcoming to
explain these movements. There were
Tumors of control of Manhattan by
New York Central The determined
buying of Pennsylvania and the ag-
gressive bidding up of Pittsburg C. c.
and st. Louis were based, apparently
on purpose TO rectify the dispropor-
ton in the prices of those stocks com
pared with the Vandelbilts The plac-
ing of Hooking Valley on a regular 8
per cent dividend basis was an earnest
of the prosperous conditions ruling in
the soft coal trade, which was reflect
ed in the advance Of practically the
whole group of stocks.
The October statement of the net
earnings of New Jersey Central. show
ing an increase Of no less than 165 per
cent over those of October of last year
was ample explanation of the recent
strength in the anthracite coalers.
The collapse in the foreign exchange
market was due to the sudden falling
off in the demand to cover maturities
which has been a feature of the mar
'ket for several weeks. The further de-
cline in the price Of gold in London
and an advance in the sterling rate at
Paris corToborated the assurance that
the. foreign requirements for gold are
satisfied for the present
The net result of the interior move
ment Of currency has served to more
\ than offset the drain owing 10 the gold
export The banks had lost to the sub
treasury up to Thursday evening 49,
ia 00o which includes the payment for
the gold exported The net gain on the
interior movement by export is es-
timated a something over $4,000. 600
and 100000 in gold has come in from
Canada. The banks are estimated
therefore, to be gamers for the week to
-the extent of several hundred thousand
dollars, knowing the shipment abroad
of S75S6,522 in gold
The railroad bond market was quite
active and strong. Total sales par
value $3.50, GOO
U. S. Reminding Is advanced 4 per
cent on the last call.