The daily morning journal and courier., 1901-11-20
Ftnancial
THE STOCK MARK ET.
Under the Influence of Depressing E
 Factors.

!
 New York, Nov. 19.-The stock mark l ct to-day was under the continued in- | fuence of the factors which depressed values yesterday and discouraged spec | ulation for an advance. Probably the
 outward movement of gold was the most effectual of these factors, but the expressed determination of the execu- 1 tives of the northwestern states to use | theiR influence to contest the operation | of the Northern Securities company was also an obvious influence, especial 1 ly on the stocks of the railroads imme- | diately concerned. Union Pacific and | St. Paul were especially affected. The | argument that such opposition to the | company was expected owing to the statutes of the northwestern states in- l tended to prevent consolidation, and that eminent legal counsel had cooper | ated to evade these prohibitions and | that these protestations of the gover- l nors were probably for political effect | was not very convincing in quieting ap- prehension, as it took for granted the assumption that the residents of those states are earnestly opposed to the I spirit and purpose of the new company, | leaving only the question open as to their ability to prevent by law it's oper- ation. The bears sold the market ac- lively on the announcement of the en-
 gagement of $1000,000 additional gold for export on Thursday, but there was large demand to cover later in the day when half of this engagement was cancelled, and when the money market was seen to be unaffected A jump of two centimes in the sterling exchange rate at Paris, decline in the private
 discount rate there and a slight reac-
 ton here in exchange rates both on
 London and the continent reflected the
 relaxation resulting from yesterdays
 enormous outgo of gold and aroused the
 hope that the largest part of the re-
 quirements are satisfied. There Is still
 confidence expressed that the offerings
 of government bonds for redemption
 will maintain the east of the money
 market even if further gold goes out.
 It is not improbable that the selling
 of government bonds comes indirectly
 in part from the interests who have to
 remit in payment of foreign oblgatio
 It is evident that the exchange market
 is cornered to certain extent and
 even the bills against outgoing cotton
 and grain which come upon 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 not attracted attention is that the national banks apparently consider
 the present price sufficiently attractive
 to prompt them to withdraw bonds on deposit with the treasury to secure
 their circulation and offer them for re- demption This process involves the re-
 lease of cash from the treasury to the amount of the market value of the
 bond, but it also involves the retire.
 ment of circulation to the amount of the par value of the bond, offsetting
 that far the supply of money to the
 market Such withdrawals of bonds
 have already reached the legal limit of
 $3000, GOO per month for the present month. There was some special strength shown to-day by individual stocks, not
 ably American Car and Internal tional
 Power on the urgent demand for rail-
 road equipment of all kinds and the ex-
 press companies stocks on account of
 the general business activity of the
 country. There were strong spots
 amongst the coalers and the fractions.