| Show VIOLENT RISE IN INTHE INTHE THE HILL STOCKS Supposition in Wan Wall Street That Thata a Short Shott Interest Has Been Squeezed MARKET GENERALLY GOOD POOR BANK STATEMENT IS EX EXPECTED EXPECTED EXPECTED New N K w York Nov 2 The advance In Iii Mocks Flocks which was stimulated at first by br bythe the tho increase In lh In the Pennsylvania dividend was continued today on an increased in volume olum of oC business There was evidence to indicate large buying by b an uncovered short interest and this was particularly urgent in the stocks which rose most sharply It manifested itself first in the Hill stocks in the Jh 9 Jump in Great Northern preferred and 54 in Northern Pacific No news was forthcoming forth to ex cx explain plain the th violent rise in Itt these stocks and It was generally attributed to the squeeze of or If an incautious short interest which is particularly particular vulnerable in these stocks V owing to the small floating supply in the market The same mme influence was ww credited with the advance in Reading Rending The Th only otil news regarding that stock was the report of or net earnings for September showed a falling off oft from Septem September ber ler h r of lost last year ear both for or the coal com coin company company pany and anI the railroad company the de irease for tot all companies reaching 42 V or 23 2 per ver cent g The fact became obvious that there has hap ha been a L largo large Jar e amount of short selling in inthe l the market based on the assumption that thata a ra period of oC unsettlement and depression was certain to intervene before the th elec election election tion Uon which would afford an opportunity to cover 01 shorts at a profit There was wasn un Sn n extensive usie of or such com corn commitments commitments today the weakness of their p position being aggravated by the effect I on the general list of the increase in the Pennsylvania dividend That stock was still today but it was as held buck back b ck from further advance over yesterdays high hl h level by b taking The flu Pennsylvania net earnings for September were also published and showed that the increase in gross earnings had been practically eaten laten up by the growth in operating expenses There were some further conferences between railroad officials and over the question of increases in wages and reduction reduction reduction tion of working hours but sentiment in inthe the stock market was as not affected and there was a growth of the assurance that thata a settlement would be effected without an art interruption of profitable activity The course ours of the call calI loan market did not in interrupt Interrupt interrupt the improvement in prices of V stocks In spite of the prospect of a poor bank statement tomorrow Th The sub treasury had taken n from the th banks up to Thursday night and trust I of nf Hio movement Mfr of currency to t the i interior indicated Ind a fur further f r thor ther loss on that account sufficient to bring brinE the total decrease to nearly 7 1 The shifting of oC accounts incident id 1 the November settlements would t ten tend to tn expand the loan loati account There has h s sen been en a general supposition also that the thed decrease d In En loans reported last week eek was not a true reflection of the actual actu l course of that item and that a rectification in inthis Inthis Inthis this weeks statement will be likely to work an in the Item Foreign n discounts rose today and the V V Bank of France and the Imperial Bank of Germany reported a considerable impair impairment impairment ment of condition both by decrease of reserve r and increase of liabilities The result was a strong foreign exchange market here the higher money rate abroad prompting the withholding of finance bills from this market while the demand for remittance from here was quite active Professional on the th days advance became b eam general g under cover coer of the later stages of the advance in Read Reading ReadIng Reading ing and the market closed easier and materially lower than the highest prices of or the tho day da Bonds were steady stead Total 4 sales par value United States St tes 35 advanced 4 per vcr cent centon centon on call |
