The Montgomery advertiser., 1901-11-20
WALL STREET REVIEW VALUES DEPRESSED AND SPEC ULATIoN DISCOURAGED. Probably the Outward Movement of Gold Was the Most Effectual
 of the Depressing
 Factors.

NEW YORK. Nov. Ie.-The stock market today inder the continued influences and discourag d speculation for an advance Prob ably the outward movement of gold was the most effectual of these factors put the e9 Northwestern States to use their influence to contest the operation of the Northern Securi- ties Company was also an obvious influence especially on the stocks of the trans-conti- mental group. Union Pacific and St. Paul were especially affected. The argument that such oppositI3n Q the company was expected owing to the statutes of the Northwestern states intended to prevent consolidation and that eminent legal counseI had eo-operated to evade these prohibitions was not very convincing in quieting apprehensions, b1sed on ths assump- earnestly opposed to the spirit and purpose of the company, leaving only the question most to tesr sS oS 'S Sy law lively the announcement of the engage
 ment of the sI GOO 900 additional gold for ex- port on Thursday. but there was . large demand to cover later in the day when half of this engagem ent was cancelled. and wnen
 the money market was sesn to De .,ine nnanecte9 @ change rate at Paris, decline in the private
 discount rate there and a slight reaction here continent rcfectc,s tho relaxation resulting | from yesterdays enormons outgo If gold and rsquirer1e1ts are -atIsfed. There is still cen hdence expressed that the offerings ot Govern ment bonds for redemption VII maintain the the goes out. It is not improbable that the sell ing of Government bonds comes indirectly in part from the interests who have to remit in payment of foreign obligations. It is evil deEt that the exchange market Is concerned to a certain extent and even the bills against outgoing cotton and grains which came on 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 Government bond redemptions that has attracted atten- tion is that the National banks apparently consider the present price sufficiently attrac- tive to prompt to withdraw bonds on deposit with the treasury to secure their circulation and offer them for redemption. This process involves the release of cash from the treasury to the market value of the bonds. but 1t also involves the retirement of circulation to the amount of the par value of the bonds offsetting that far the supply of money to the market. Such withdrawals of bonds have already reached the legal limit of S3 900. 900 per month for the present month. There was some strength shown today by individual stocks. notably American Car anI Interna- tionai Power, on tke urgent demands of the railroad equipment of all kinds and the ex- press companies stocks, on account of the general business activity of the country There was strong spots among the coalers and the local fractions. The market closed steady at a substantial rally from the lowest Railroad bonds moderately active at slight recessions. Sales. par value S2 o3o- . | GOO United States refunding 2's declined A | he laa all