The Savannah morning news., 1901-11-19
STOCKS AND BONDS.

New York, NOV. 1S.-The largest
shipment of gold which ever left New
York in a single day will be carried on
the steamer sailing tomorrow and
touching at French and German ports.
The aggregate engagements amount in
round numbers to $7,050,000, and with
the exception of small proportio for
Berlin, the whole amount is destined
for Paris.
This constitutes a sufficiently i'm
pressive movement of specie to explain
easily the hesitating tone developed in
the stock market. The depression of
prices became very general at one time,
but was decidedly uneven, several
stocks in the list offering resistance to
the decline and rejecting continued
large buying and vigorous support. The
days greatest depression came before
the total engagements of gold had been
announced, and a tendency to recover
had set in and continued in face of the
later increment to the movement. The
most acute depression was shown by
the stocks of railroads Immediately
concerned in the Northwestern Rail-
road settlement, and the special cause
of this was easily perceptible in the
vigorous expressions of opposition to
the company and its objects by the
Governor of Minnesota, who entrench-
statute books. Assurance, however,
were given out in wall street with off,
cial sanction that, these statutes had
been fully s. considered. and
that . in III the opinion OF
learned counsel none of them was
violated in the formation of the North
ern Securities Company. This, how
ever, did not avail to remove entirely
the chilling effect of the hostile atti-
tude assumed against the company.
Outside of this special portion of the
stock list, the effect of the enormous
outward movement of gold was sim
gularly moderate. There was no new
cause apparent for the movement.
Foreign obligations continue to ma
ture in very large volume and the sup
ply, of exchange, bills against CONNER
cia1g operations is utterly inadequate
to meet the demand from this source.
The only alternative is the shipment of
specie. In spite of the extent OF the
relief to the exchange market afford
ed by the millions of gold exported,
the effect upon exchange quotations
was of the slightest and did not reduce
the level below the profitable point of
gold exports. 1t is highly probable
therefore that additional gold will go
out on Thursday. Notwithstanding
the uncertainty of the extent to which
this movement may go. opinion over
the money. outlook continues very OPP
timistic, based on the offsets which
developed last week to the outward
movement of gold. The sub-treasury
to-day paid out for redemption of
government bonds $2,67614S, which
brings the contribution of that insti-
tuition to the market since last Friday
up to $5,17614S. Great confidence is
felt that government bond redemptions
will keep pace with the needs OF the
money market, and the well defined re-
port was in circulation all day,
which could not be confirmed, that a
block of several million dollars of gov
eminent bonds held by New York
savings bank will be offered for re-
deInption this week.
Whatever may be the basis for this
report the market scored a. decided re-
covery in the last hour under the in
huence of a rise in the coalers. Lake
Shore sold at $40 compared with $40 on
the preceding scale. The various ex-
press companies were strong, Wells
Fargo rising Is points over the preced
ing sale, and there was a notable de-
mand all day for the American loco
motive stocks which lifted the common
2ss and the preferred 8. Declines in the
general list which had run from / to
points at one time were reduced by
this late rally and the market closed
firm; RIG .3s5s sst
J, Railroad bonds were only moderately
active and were Irregular. Total sales
par value $2,945.000. United States re-
funding Us declined u per cent. on the
last call
The total sales of stocks for the day
were 637, 800 shares, including Atchison
$500; Atchison preferred, 6100; Erie,
rs, 100; Erie first preferred, 1900; Louis
vile and Nashville, 10000; Manhattan,
10000; Metropolitan Street Railway,
II, 700; Missouri Pacific, 15,200; Ontario
and Western, $4,000; Reading, $4,000;
Reading first preferred, 200; Reading
second preferred, 43,00O; st. Paul, 49,
400; Southern Pacific. 14,100; sTexas
Pacific. 5000; Union Pacific. 5S,500;
Ama1gamated Copper, 2s,300; Brooklyn,
5000; Sugar 5000; United States Steel,
81, 600; United States Stee preferred,
9,100.
New York Bond ard Stock List.