The daily morning journal and courier., 1901-11-19
Ftmamrial
THE STOCK MARKET.
Largest shipment of Gold In n Single
 Day Causes Hesitating Tones. \.

Day Causes Hesitating Tones.
 New York, Nov. 1S.-The largest ship ment of gold which ever left New York in a single day will be carried on the steamships sailing tomorrow and touching at French and German port s. The aggregate engagements amount in round numbers $7,050. 900 and with the acceptance of a small proportion for Berlin, the whole amount is destined for Paris. This constitutes a suffi- ciently impressive movement of specie to explain easily the hesitating tone de- veloped in the stock market. The de- pression of prices became very general at one time put was decidedly uneven, several stocks in the list offering re- sistance to the decline and ref1ecting continued large buying and vigorous support. The days greatest depression came before the total engagements of gold had been announced, and a ten- dency to recover had set in and con- tinued in face of the later increment to the movement. The most acute de- pression was shown by the stocks of railroads immediately concerned in the Northwestern railroad settlement and the special cause of this was easily per ceptible in the vigorous expressions of opposition to the company and it's ob- jects by the governor of Minnesota. His expressions are clearly representative of the opinions of part of the resi- dents In his state as revealed by laws on their statute books Assurances were given out in Wall street with of flcial sanction that the statutes had been maturely considered in the for nation of the Northern Securities com pany and the opinion of learned coun- sel was clearly expected that none of them were violated In the formation of the company. But this did not avail to move entirely the chilling effect of the hostile attitude assumed against the project. Outside of this special DOT ton of the stock list the effect of the enormous outward movement of gold was moderate. There was no new cause apparent for the movement. For eign obligations continue to mature in very large volume and the supply of exchange bills against comemrcial op- erations is utterly inadequate to meet this demand. The only alternative is the shipment of specie. In spite of the extent of the relief to the exchange market afforded by the millions of gold exported the effect upon exchange quo- tations were of the slightest and did not reduce the level below the profita- ble point of gold exports. It is highly probable therefore that additional gold will go out on Thursday. Notwith- standing the uncertainty of the extent to which this movement may go opinion over the money outlook continues very optimistic based on the offsets which developed last week to the outward movement of gold. The sub-treasury to-day paid out for redemption of gov ernment bonds $2,676,14S, which brings the contribution of that institution to the market since last Friday $5,176,14S. Great confidence Is felt that govern ment bond redemptions will keep pace with the needs of the money market and the we'll defined report was in cir culation all day which could not be con- frmed that block of several million dollars of government bonds held by a New York savings bank will be Of fered for redemption this week. What ever may be the basis for this report, the market scored a decided recovery in the last hour under the influence of a rise in the coalers.
 Lake Shore sold at $40 compared with 310 on the preceding sale. The various express companies were strong, Wells Fargo rising IS points over the preced- ing sale and there was notable de- mand all day for the American Loco- motive stocks which lifted the common 2 3-S and the preferred 3, Declines in the general list which had fallen from 1 to 8 points at one time were reduced by this late rally and the market closed firm.
 Railroad bonds were only moderately active and were irregular. Total sales par value $2,945, ,000.
 United States refunding twos declined 1-4 per cent. on the last call.