The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1901-11-23


Call money, New York .......... Az
NEW YORK, Nov 22.-The strength
in today'S broad and animated market
was the sequence of the sudden awaken
ing of speculative actively yesterday att
ernoon. A large bear account was caught
uncovered as a consequence OF the per-
sIstent short selling by the profess onal
element for some time past on the as
SUMPTION that the money market coulo
not escape a squeeze between now ana
the first of the year, and that the
growth of opposition in the Northwest
to the Northern Securities company
would disseminate depression throughout
the market. The unexpected collapse IN
the foreign exchange market and the
prospect of recuperation for the money
market left the bears without much
ground to stand ON, and they bought
eagerly to cover the day. mere was
considerable influence in the recovery OF
prices. But the clearing up of the mon
ey situation leaves the way open Tor
the natural operation of various forces
making toward higher prices.
The character of todays market MADE
it appear that a considerable speculative
element has been waiting and eagerly
on the watch for just this development
The demand for some of the favorite
the days transactions were run UP once
more to over million shares. The con-
siderable advance during the day invited
profit taking in the final dealings, ana
last prices of the principal active stocks
were between 1 and points lower than
the best
The late selling was accentuated by
renewal of the acute weakness in Peo-
pies Gas on the denial OF restra nlng
order against the assessment of taxes on
tie alleged high valuations of Iliino ols
from the best. and Consolidated Gas
slumped AZ.
Unexplained Trading.
rT,ba n oo,raSSix,a ctro,,c-th of New York
Central and Manhattan continued d
widely 6iffusive influence In the whole
market No information was forthcom-
ing to explain these moves. There were
rumors of control of Manhattan by New
York Central, and of a coming dfstr1bu.
ton of the surplus in the treasures OF
New York Centrafs subsidiary compa-
MES. The determined buying of Penn
sylvania and the aggressive bidding up
of Pittsburg. c. c.. & st. Louis were
based entirely, to all appearances. on a
purpose to reetify the. disproportion In
the prices of these stocks compared With
the Vanderbilts. The placing Of Hook
ing Valley on regular 8 per cent divi-
dend basis was an earnest of the pros
porous conditions ruling in the soft coal
trade which was reflected in the alb.
sence of practically that whole group OF
stock The October statement of net
earnlnes of New Jersey Central. showing
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 market
for several weeks The further decline
in the price of gold in London and an ad-
vance in the sterling rate at Paris cor
roborate the assurance that the foreign
requirements for gold are satisfied for
the present The net result of the in
terror movement of currency has served
to rssre than offset the drain on account
of the gold export. The banks have lost
to the gabtreasury up to Thursday even.
ing 81, 600, which includes the payment
( for the gold exported. The net gain on
the interior movement by express is esti-
mated at something over s., GOO 900, and
81, 000, 600 in gold has come in from Cam
ada. The banks are estimated. therefore,
to be gamers for the week to the extent
Of several hundred thousand dollars, not
withstanding the shipment abroad Of
ST. 5S6.522 in gold.
The bond market was quite active and
strong. Total sales. par value. $2.870090.
United States Is. refundings, advanced Il
per cent on the last call.
Stocks.