The semi-weekly messenger. [volume] (Wilmington, N.C.) 1897-1908, 1901-11-15
new York STOCK Market

New York, November 13--The STOCK
market today after a rather irregular
and ragged opening started upward
with some enthusiasm, but the heavy
bulk Of the gold exporters dashed the
~lspirits of the speculatiors and drove
Iprices down. The selling was not urS-
lent or precipitate and there was a
manifest growth OF dizziness at the
latter decline and an undertone OF some
Efrmness.
The market during the latter part OF
the day was feverish and irregular,
but dipped suddenly at the last SO that
"a number of important stocks closed az
1.-THE lowest of the day.
There was rather a marked contrast
lin the tone of Union Pacific and Of st.
Paul, the former Offering resistance 10
the decline and the latter running on
leasily TO the lowest Of the day. This
apparently reflected a dubious state OF
mind as to the exact benefit which
would accrue to St Paul from the
northern Pacific settlement. The stock
Twas a leader in the early upward move
ment on this mornings report that IL
would be absorbed by Union Pacific as
Ian incident of the northwestern railway
settlement.
The tendency Of this sediment and
the very optimistic reports in circula-
ltion as to the condition of the anthra-
lcite coal trad were inspiring causes
lof the animated advance in prices early
lin the day. The engagements Of gold
for tomrrow's steamers at one time ag-
lgregated s. $50, 900, but a subsequent
cancellation of a million order tighten
led the shipment n also the result
ling depression in the stock market.
THE cause of the cancellation was not
lstated. but may nave had to do with
the customary Limitation of gold ship
lments by a single vessel.
A notable feature of the gold move
lment was it's failure to affect the for
leign exchange market. When gold is
shipped it is customary to sell ex-
lchange bills against the shipment, but
There was no sign of any such bills in
1.-THE exchange market today. This cor
lroborates the ~supposition that the
shipment is made in payment Of debts
(which had been incurred by short sell
ling Of exchange bills earlier in the sea-
son and which there is not sufficient
lcurrent supply of commercial bills Off
lering to cover
The effect of the gold shipments was
emphasized by their leaving the ex-
|change market still at the export level,
Igiving ground for h apprehension that
further gold will go out on Saturday.
The disposition to operate in stocks
Increased somewhat after the assem-
bling OF the Northern Pacific directors
i'm the expectation that some action
might be taken before the close of the
ina ket.
The INCORPORATION Of the Northern
Securities Company and the decision to
~lretire the Northern Pacific preferred
istock were known before the close Of
the market, but did not meet with any
marked response. The effect of the
gold exports on the call money market
was manifest in a higher range Of
Quotations, 4 per cent. being the mini
mum for the day. The market closed
generally active and easy.
The railroad bono market was less
active today n continued irregular.
Total sales, par value, were 1925, 900.
United States 3s coupon advanced II
per cent. on the last call. The total
sales of stocks today were 742, 600
shares.