Evening star., 1901-11-18
FINANCE AND TRADE
Gold Exports Checked Buying Of
Stocks in Wall Street.
PROSPECT OF FUTURE DULLNESS
Action of Governor of Minnesota
Also a Oeterring Factor.
GENERAL MARKET REPORTS
Special Dispatch to The Evening Star.

| Special Dispatch to The Evening Star.
NEW YORK, November 1S.-The stock
| market opened with some degree of irregu-
| larity this morning, and the volume OF
business reflected a decided decrease. Com
mission houses were less active and traders
were virtually In control of prices. An en-
| gagement Of S7,110O0O gold for export
| checked the buying and counteracted the
good effect Of Saturdays bank statement
Bankers were asked for opinions on the
subject of the gold outflow and in a ma
jorisy Of instances the replies indicated
that there was nothing to fear from the
money market. Just why such sanguine
views should prevail is not clear. and the
public cannot be brought into the market
while gold is going to Europe.
Bond purchases by the government may
offset the outflow to some extent, but the
public needs something more substantial
than this as an incentive to new risks. The
condition OF the money market Is not such
as to stimulate the stock market, and
maintaining prices will be quite enough of
task without seeking to improve them.
The holiday season rarely brings activity
or desirable kind, and this season seems
destined to follow custom. Preparations for
January disbursements will shortly be un-
der way and then public interest is out of
the question.
Another factor of a deterrent character
was the announcement that the state OF
Minnesota would entoin the proposed North
ern Securities Company transaction.
This Information was Of course not well
coined In the street, and there is consider
able difference of opinion as to the proba-
BILE outcome Of this action. The suggestion
OF antagonism, however, must, in all rea-
sonable probability, put a damper upon the
pubiic's enthusiasm for the securities in
volved.
Selling of Union Pacific and St. Paul to-
day was attributed to professional efforts
to force decline while the news Of the
dihiculty was fresh and before authorities
were quoted against the legality Of the OBJ
1ections urged. 1t is certain that what
was considered good legal advice was had
prior to the launching of the enterprise, and
any friction now will require years of liti-
cation to remove.
The coal shares, notably Reading, re-
hected good demand and responded
easily in spite OF the heaviness in other
parts of the list The buying In the issues
named came from leading banking interests
and was most determined in character
Erie did not respond quite so easily as
was to have been expected, profit-takng
on long stock being In evidence at times
American Locomotive shares were again
III splendid demand. the preferred shares
selling up above 80 and the common adding
over per cent to Saturdays high prices.
Ihls company Is doing q splendid busi-
ness and the stocks are likely to reflect
large earnings for some time to come
The Traction issues were steady to strong
under a revival Of the consolidation ru-
mors. and belief in larger net earnings un-
DER the new city government. Speculation
In the Copper shares has taken a more
hopeful tone, but there is no encouraging
change in trade conditions.
The market as whole is likely to drift.
into dullness, with occasional advances in
a few specialties. which possess merit not
generally reflected.