The San Francisco call., 1901-11-20
EASTERN MARKETS.
Ne1U York Stock Market.

NEW YORK. Nov. ls.-The stock market to-
day was under the continued influences and
factors which depressed values yesterday and
discouraged speculation for an advance Prob
ably the outward movement of gold was the
most effectual of these factors but the ex-
pressed determination of the Executives of
Northwestern States to use their influence to
contest the operation of the Northern Securi-
ties Company was also obvious influence,
especially the stocks of the transcontinental
group. Union Pacific and ST. Paul were espe-
cially affected. The argument that such op-
position to the company was expected owing to
the statutes Of the Northwestern States in
tended TO prevent consolidation, and that emf
nent legal counsel haG co-operated to evade
these prohibitions was not very convincing in
quieting apprehension based on the assumption
that the residents of these States are earnest
ly opposed to the spirit and purpose of the
new company, leaving only the question open
TO their ability to prevent by law its opera
tion. The bears sold the market actively on
the announcement of the Engagement of s., ,OOO =
600 additional gold for export on Thursday but
there was large demand to cover later in the
day when half Of this engagement was can
ceieo' ahd waen the money market was seen
TO be unaffected. A jump Of centimes in the
sterling exchange rate at Paris decline in
the privsie discount rate there and a slight
reaction here in exchange rates both on London
sulting from yesterdays enormous outgo of gold
and aroused the hope that the largest part
still confidence expressed that the offerings of
Government bcn6s tor redemption will main
tain the ease of the money market even If
more gold goes out 1t is not improbable that
the selling of Government bonds comes indi-
rectly in part from the interests who have
TO remit in payment of foreign obligations IT
is evident that the exchange market is con-
cerned 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
still under the necessity of shipping gold to
cover maturities One feature of the Govern
ment bond redemptions that has not attracted
attention is that the national banks apparently
consider the present price sufficiently attrac-
tive TO prompt them to withdraw bonds on de-
posit with the treasury to secure their circula-
ton. and offer them for redemption This
process involves the release OF cash from the
treasury to the amount of the market value of
the bonds but it also involves the retirement
or circulation to the amount of the par value
OF the bonds, offsetting that far the supply of
money 10 the market. Such Withdrawals of
bonds have already reached the legal limit of
SS,OOOO06 per month for the present month
Ihere was some special strength shown to-day
by individual stocks, notably American Car and
railroad equipment of all kinds and the ex-
press company stocks on account of the general
business activity Of the country. There were
strong spots among the coalers and the local
fractions The market closed steady at a suh-
stantial rally from the lowest
railroad bonds were only moderately activa
at slight recessions. Total sales S. $50 600
United States refunding Is declined u on the
last call - ~ ~