The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1901-11-19


NEW YORK. Nov 1S-The largest
| shipment of gold which eyer left New
York in one day VIII be carried ON the
German steamship sailing tomorrow and
touching at French and German ports.
The aggregate engagements amount in
round numbers to S7,05O.600. and, with the
exception of a small portion for Berlin.
the whole amount is destined for Paris
| This constitutes sufficiently impressive
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 engagement 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 railroad
| 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 Min
| nesota, who entrenehed himself behind
laws on the state statute books. Assur-
aneeS however, were given out in Wall
street with official sanction that these
statutes had been fully considered and
that in the opinion of learned counsel
none of them was violated in the fOrma-
| ton of the Northern Securities company.
This. however. did not avail to remove
entirely the chilling effect of the hostile
attitude assumed against the company.
Outside OF this special portion of the
stock list, the effect of the enormous out
ward movement of gold was Singularly
| moderate.
Forced to Ship Specie.
| There was no new cause apparent for
| the movement. Foreign obligations con-
| time to mature in very large volume
and the supply of exchange bills against
| commercial operations is utterly made
quate to meet the demands from this
| source. The only alternative is the ship
ment of specie. In spite OF the extent
| of the relief to the exchange market af-
forded by the millions Of gold exported,
| the effect on exchange quotations was of
| the slightest and did not reduce the level
| below the profitable spoint OF gold ex-
| ports. 1t is highly probable. therefore,
| that additional gold will go out Thursday.
| Notwithstanding the uncertainty to the
! extent to which this movement may go,
| the opinion over the money outlook con-
tinues very optimistic based on the Off
| sets which developed last week to the
| outward movement of gold.
| The subtreasury today paid out for re-
demption of that institution to the mar
| ket since last Friday up to So, 170.14S.
! Great confidence Is felt that government
| the needs of the money market and a well
| defined report was in, circulation all day
which could not be confirmed, that a
| block of several million dollars of gov
! ernment bonds held by a New York saw
! lngs bank will be offered for redemp-
ton this week. Whatever may be the
| basis for this report, the market scored
! a decided recovery in the last hour un-
| der the influence of arise in the coalerS.
! Lake. Shore sold at $780, compared with
SO OH the preceding. sale.
The various express companies We're
strong. Wells-Fargo rising Is points over
\ 1aa 90 Tssy16 nf o.
| bic demand all day for Che American To-
/ conceive stocks which lifted the common
/ 2as and the preferred 3. Declines in the
1 general list which had run from 1. to 8
I points at one time were reduced by this
). late rally and the market closed firm.
Railroad bonds were only moderately
active and we're IRREGULAR. Total sales.
| par value, s., 4ss55, 0o5. United States re-
funding IS declined 4 per cent on the last
! call
To offset the heavy gold exports there
We're unusually large tenders OF govern
ment bonds for redemption at the sub
| treasury. One house turned in 81. 900
| OF the As of 1925, for which 49, SSH was
| paid out, and other payments for bonds
I Were made, the total being in excess of
| 81. 800 0cO. The bank of Montreal has re-
| ceived SlG00, 900 gold from. Australia.
| The Mail and Express today said: can
| explanation of the unusual engagements
| of the day is found in the fact that to-
morrow'S German steamer is a very fast
boat which means a saving of interest.
/ a very important matter in gold exports
| Thursdays French steamer is an old YES
sci and much slower than Tuesdays
| German steamer.
''The German shipments attracted at
| tention because most bankers do not see
a profit in sending gola TO Berlin at pres
! ent Some time ago. when exchange was
| far below current prices, se59,0o0 gold was
sent to Germany on a special transaction
| therefore the current shipment may be
| regarded as practically the first one of
the season to that couHtr8l