The St. Louis Republic., 1904-11-23
STOCK MARKET BREAKS
AFTER OPENING HOPEFULLY.
NORTHERN SECURITIES DE-
CISION ONE MOTIVE.
Special Cause Of FURRY in Money
Placing Of $10,O 200, 900 Pennsyl-
vania Car Trust Bonds

New York, Nov. H.yThe opening deal
fnss IN the stock market this morning
gave every evidence Of q renewal of strong
upward movement Prices were generally
higher. and the volume OF activity was
past II was evident that advantage was
taken Of the higher level OF prices to
market stock.
This has % frequently been the action
Of the market through the recent period
Of It's advance that not much apprehen-
sion was caused. especially As new points
Of strength were developed and large buy
ing orders passed from one to another.
Tho fact that only one or two stocks were
strong at a time, aroused the suspicion
that the market was being supported for
the purpose of realizing.
The existencs Of this suspicion made the
market vulnerable, and when the rate for
call loans fiurried to per cent in the
afternoon, stocks came out freely from
all quarters Of the room, and prices broke
rather precipitately. Some OF the features
their advance. but the subsequent market
caused the impression that the advance
should have been manipulated for pur-
of ,,Ses. sSstsnns d the ,aa naIhs as,
heavy demand for copper pointing the
argument that electrical industries are
very active. Tho special movements in
Atchison and louisville and Nashville
were based on corn and cotton-crop pros
poets.
There was some accumulation of Read
Ing; but its early advance was fractional
There was enormous absorption. both Of
United States Steel preferred. and of the
sinking fund bonds and the operations
we're attributed in large degree to the
the only one Of the independent steel
stocks to show marked sympathy. The
movement in Brooklyn Transit and Man.
haitian was paralleled by that in Inter
borough Transit on the curb.
BALANCED BY CURB.
On the other hand. the persistent heavi-
ness OF the Pacifics on the Stock E1-
change had its counterpart in the decline
of Northern Securities on the curb. The
motive seemed to be disappointment over
the further postponement of a decision
In the Northern Securities case. But these
veloped In the latter decline. which over
came the Whole market and wiped out the
gains IN the fow strong spots.
The special cause for the furry IN the
money market was said to be the plac-
isg OF over slO.oo0.oOo Of Pennsylvania Car
Trust bonds. But many larger transac-
uons than that have been conducted in
the money market in the last few weeks
morning that some OF the largest recent
lenders OF money were not in the market.
and those who delayed filling their re-
guirement until late, bid UP the rate to
the 4-per-cent level. There wore no further
engagements Of gold for export, but the
foreign exchange market continued firm
Last prices were only slightly above the
lowest and the closing tone was weak at
losses; generally OF between and points
Bonds weakened at sor.e points in sym
pathy with stocks. Total sales. par value.
S.5&,0oo. United States new = advanced
= on call.
fcsterdny's Dank Clenrings.
yesterday's ciearine-houss statement showed
eaearfnc1 So.015.490, balances a MSJs