The Wichita daily eagle. [volume] (Wichita, Kan.) 1890-1906, 1901-11-26
STOCKS AND BONDS.


New York, Nov. 25.-From general
strength during the early part of the
day the stock market gave way to gen
eral weakness before the close and end
ed under active selling pressure. with
only such recoveries as were due to the
carly taking of profits on the short side
by tho bears It was notable in the early
strength that many stocks responded
very moderately to the buoyant rise in
The leaders. The general break at the
last was effective throughout the list.
but ii left the leaders of the advance with
considerable net gains TO show. The
trunk lines were the effective leaders
az the advance especially New York
Central HIGH added AS to its recent re-
markable advance. No news was offered
10 explain the advance beyond the many
rlmors long prevalent of a Vanderbilt
deal The mOveu ept r. PENNSYLVANIA
was clearly a supplement 20 that IN New
York Central. and was in the hands OF
professional spectators. who saw the
force of an argument for the mairte-
nance Of an approximate ratio between
the two stocks. Pennsylvania extreme
advance was 5l4- The late reaction left
net gain for New York Central OF
-
rise i'm New York Central carried with
1t the junior Nauderbilts 70 the extent
of from rs To 10 points. the latter figure
Tor Michigan Central There was enOr-
nous buying OF the Readings and Of the
Southern Railway stocks. but their adj
ance never much exceeded a point a
factor in the opening strength was the
scramble on the part of the bears. who
went short Of AmalEamated Copper on
IA he Z
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
rs over Saturday s cl1siuE level. and this
proved the highest point of The day. The
palpabie iuGisp0siton of the stock %
rally further invited renewed attack and
The final stamp 60 below So was princi-
pally the UnsettlinE factor In The general
list. The stock touched 19Si and closed
at So. The heaviaess of the Trans-conti-
Mental stock was q feature OF the trad
ing throughout. Spectators are appar-
entity indisposed to pay higher prices for
these stocks until The result IS disclosed
az the agitation ia the Northwestern
stocks ag1iust the Northern Securities
Company. There was an upward squirt cf
Is in 81. Paul. which seemed TO be ma
nipulated by the ban leaders under a
7 d.
heaviness IN that grouP- There was
more or less realizing in stocks which
have recently advanced under cover 81
The early strength in the leaders bat *
was net more than IS usual on The pro-
sreSs or the ban market There was 10
change in the Situation In the money
market Foreign exchange continued II
drop away from The gold export point
This weakness seems 10 De due in PARK
30 technical causes ine expected de-
ciini FOR remittance OH account of tfa
last iustlllreHt ora rhe British lean hav-
lg been anticipated 10y extensive pUT-
,hases OF exchange But the require
.nent oy Che sGo-treasurles 70 the loan
Ras provided Tor through other sources. /
K is apparent that there has been re-
Bowed borrowing lbroad. which involved !
sales ~ exchange bills which broke the /
market and, induced realizing hy the par j
-hasers 81 stocks AT the high ie1eI. The /
proceeds ~ this renewed foreign borrow 4
us were used far the repas rneu- Of loans 4
% tha lccal banks as disclosed by the 4
aan item in last weeks hank statement &
II is rot entirely clear THAI the London i
market is sufficiently provided with 4
money yet to carry il over IN eturu q 1
he year,