The age-herald., 1901-11-15
SPECULATORS
 DISAPPOINTED Settlement of Northwest Rail- road Dispute Unsatisfactory ATTRACTS LITTLE DEMAND plsquletlng Condition in the Money Market Makes It Unsatlsfac-
 tory to Hold Stocks. = Bonds Weak.

New York, November 14.-Professional speculators were much disappointed over the effect of last nights official announce ment of the terms of the settlement ot the railroad controversy in the North west. That does not mean necessarily that the settlement does not insure all the benefits claimed for it. The specu- lators were bound to sell stocks upon the definite announcement in any event. Their disappointment today was due to the fact that very outside demand for stocks was attracted by the announce ment The watchful 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 seek ing to liquidate, and then fiercely raided the market 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 be- gan to cover during the last hour. Sub stantial recoveries were made in all the active stocks and at some points among the coalers and the specialties there were complete recoveries. A notable fact in the days trading was the com parative immobility of the United States steel stocks.
 The transcontinental railroad stocks and some of the Vanderbilts which have been under manipulation recently for ad- vices, were most affected by the selling although the list developed weakness throughout the course of the day. The recent speculation has been largely based upon the Northern settlement and with the details of that known the profession als argue that all the good news was out while the disquieting condition In the money market made 1t undesirable to hold stocks. Some of the recent price levels taken in connection with the terms of the Northern securities company make it evident that those terms are disap- pointment to the buyers at prices indi- cated.
 There was a rather dubious feeling also as to how the etrans-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 eX- pected that further gold will be exported on Saturday, although the easier tend ency 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 are profitable. The statement of the eountrys foreign trade published today throws some light upon the present anomalies of the ex- change situations It is true that the to- tAl ofSOctobers exports, although nearly SIS, 10000, 900 below those of last October, are the largest for any previous October in the country's history so that in spite of an increase of nearly $11 000, ,000 in i'm ports over October of last year, the nota- ble trade balance in our favor still re- mains $64, 22S 601. But recent events show clearly that exchange bills were sold in this market long since in anticipation of the autumn supply of bills to be brought upon the market by our export trade and in process of borrowing foreign capital. This constitutes a short interest in the exchange market, and the fact that the trade balance in our favor Is BPS, 530 045 less than that of October of last year may furnish an index of how far the banks were out In theiIs calculations when they were selling exchange short.
 The railroad bond market was weak in sympathy with stocks. Total sales, par value, s, ,691,0 900. United States bonds were all unchanged on the last call.
 New York Stock Market.
 Rv Private Wira to Murnhv A Cn