The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1901-11-14
GOLD GOING AWAY
HEAVY EXPORTS OF THE YELLOW
METAL GIVES BEARS AN
OPPORTUNITY
PRICES RAPIDLY WENT DOWN
A Number of Important Stocks Are
quoted at Lowest Figures of the
Day-Marl2et Is Active
and Easy.
Closing
Med Tues

Closing
Wed. Tues.
Bar Silver, New York. ....-..571s STU
Call Money, New York. f.. AS 4-41a
NEW YORK. Nov. 1S:-The stock mar
ket today after a rather irregular and
ragged opening started upward with
some enthusiasm. but the heavy bulk of
the gold exports dashed the spirits of
the spectators and drove prices down.
The selling was not urgent or precipitate
and there was q manifest growth of dull
ness at the decline and an undertone-of
some firrnness. 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 at the lowest OF the day. There
was rather a marked contrast in the tone
of Union Pacific and St. Paul, the former
offering resistance to the decline and the
latter running off easily 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
was a leader in the early upward move
ment on this mornings reports that it
would be absorbed by Union Pacific as
an incident of the Northwestern railway
settlement The 5pendancy of this settle
nlent and the very optimistic reports in
certain quarters as to the condition OF
the anthracite coal were inspiring causes
of the animated advance in prices early
in the day.
The engagements of gold for tomorrow's
steamers at one time aggregated $5,550,-
000 but subsequent cancellation of ST.
0Ge. eco of the order Gghtened the ship
ment and also the resulting depression
i'll the stock market. The cause of the
cancellation was not stated but may nave
had to do with the customary limitation
of gold shipments by single vessel. A
notable feature of the gold movement
was it's failure to affect the foreign eX-
change market When gold is shipped it
is customary to sell exchange bills
against the shipment, but there Was no
sign of any such bills in the exchange
market today. This corroborates the
Supposition that the shipment is made.
in payment of debts which had been in
Cured by short selling of exchange bills
earlier in the season and which there Is
not SUFFICIENT current supply of CONNER
cial bills offering to cover. The effect
of the gold shipments was emphasized by
their leaving the exchange market-Stlll
at the export level. giving ground for
the apprehension that further gold Will
go out on Saturday.
The disposition to operate In stocks IN
creased somewhat after the assembling
of the Northern Pacific directors in the
expectation that some acton might pc
taken before the close of the market.
The incorporation of the Northern Sc
ctrrities company and the decision to re-
tire the Northern Pacific preferred STOCKS
were known before the close OF the mar
ket, but did not meet with any remarked
response. The effect of the gold exports
in the call money market was manifest
in the high range of quotation, per cent
being the minimum for tue day. Inc
market closed generally easy and active
The railroad bonds market was less
active today and continued Irregular To-
$aI sales par value, $5,3e6,0O0 United
States IS coupon advanced a per cent on
the last call.