The Savannah morning news., 1901-11-20
STOCKS AND BONDS.
The Market Closes at n sharp Rally
From the Lowest.


New York, Nov. 19.--The stock mar
ket to-day was under the continued in
fluence of the factors which depressed
values yesterday and discouraged spec
ulation for an advance. Probably the
outward movement of gold was the
most effectual of these factors, but
the expressed determination of the ex-
ecutives of Northwestern states to use
their influence to contest the opera
ton of the Northern Securities Com
pany was also an obvious influence,
especially on the stocks of the trans
Continental group.
Union Pacific and st. Paul were es-
pecially affected. The argument that
such opposition to the company was
expected owing to the statutes of the
Northwestern states intended to pre-
vent consolidation and that eminent
legal counsel had co-operated to eVade
these prohibitions was not very con-
vlncing in quieting apprehension, based
on the assumption that the residents
of those states are earnestly opposed
to the spirit and purpose OF the new
company. leaving only the question
open as to their ability to prevent by
law its operation. The bears sold the
market actively on the announcement
of the engagement of $l,000,000 addi-
tional gold for export on Thursday
but there was a large demand to cover
in the day when half of this engage
ment was cancelled, and when the
money market was seen to be unaffect-
ed. A jump of centimes in the sterl-
ing exchange rate at Paris, decline
in the private discount rate there and
a slight reaction here in exchange
rates, both on London and the conti-
nent, reflected the relaxation resulting
from yesterdays enormous outgo of
gold, and aroused the hope that the
largest part of the requirements are
satisfied.
There is still confidence expressed
that the offerings of government bonds
for redemption will maintain the ease
of the money market even If more
gold goes out. 1t is not improbable
that the selling of the government
bonds comes indirectly in part from
the interests who have to remit in
payment of foreign obligations 1t Is
evident that the exchange market is
cornered to certain extent, and even
the bills against outgoing cotton and
grain, which come upon the market,
are contracted for in advance, leaving
the bankers who are short of exchange
gold to cover maturities.
One feature of the government bond
redemptions that has not attracted at
tention is that the national banks APP
parently consider the present price sur
ficiently attractive to prompt them to
withdraw bonds on deposit with the
treasury to secure their circulation and
offer them for redemption. This pro-
cess involves the release of cash from
80
ket value of the bond, but 1t also in
wolves the retirement of circulation
to the amount of the par value of the
bond, offsetting that far the supply or
money to the market. Such with
drawals of bonds have already reach
ed the legal limit of So, 1000 per month
for the present month.
There was some special strength
shown to-day by individual stocks,
notably American Car and Interna-
tional Power, on the demand for rail-
/ road equipment of all kinds, and the
express company stocks on account oi
the general business activity of the
country. There were strong spots
among the coalers and the local trac-
tions. The market closed steady at 8
substantial rally from the lowest.
Railroad bonds were only moderate
| ly active at slight recessions. Total
sales, par value, $2,6S0,000 United
| States refunding 2s declined II on the
! last call.
! Total sales of stocks to-day were
7s7, 200 shares. including Atehison, 20.
900; Delaware and Hudson. 5000; Erie,
29, 800; Erie first preferred. 5000: Erie
second preferred. $500; Louisville and
Nashville. 5000; Manhattan. 54,100;
Metropolitan. 33,s0O; Missouri Pacific,
$500; Ontario and Western, AZ, 900;
Pennsylvania, 5000; Reading, 1900;
Reading first preferred. 25.400; Read
ing second nreferred az q60. ST Toufs