The age-herald., 1901-11-14
ENTHUSIASM IN
 STOCK MARKET Gold Exports Later on Dampen Operators Spirits MARKET SLUMPS AT CLOSE Effect of Gold Exports in the Gall Money Market Is to Cause
 the Rate to Rise to 4
 Per Cent.
MARKET SLUMPS AT CLOSE

New York, November 1s-The stock market 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 with the selling mostly precipitate or urgent. although there was manifest growth of dullness at the decline and an undertone of some f1rmness During the latter part of the day the move ments were feverish and irregular, but prices dipped suddenly at the last mo- ment, 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 de- cline. and the latter running off easily to the lowest of the day. This appar- ent.y reflected a dubious state of mind as to the exact benefit which would ac- crue to St. Paul from the Northern Pa ci1o sentiment. Tho stock was a leader in the early upward movement on this mornings report that it would be ab- sorbed by Union Pacific as an incident of the Northwestern Railroad settlement The pendancy of this settlement and the very optimistic reports in certain quar- ters as to the condition of the anthracite coal were inspiring causes of the ami mated advance in prices early in the day.
 The engagements of gold for tomorrow's s steamers at one time segregated $5,550, 900, but subsequent cancellation of a $1,O0O,- 900 order frightened the shipment, and also the resulting depression in the stock market The cause of the cancellation was not stated, but may have had to do with the customary limitation of gold shipments by a single vessel. A notable feature of the gold movement was itself a failure to affect the foreign exchange market When gold is shipped 1t is cus- tomary to sell exchange pills against the shipment, but there was no sign of any such bills in the exchange market to- cay. This corroborstes the supp Jsition that the shipment is made in payment of debts which had been incur ed by short selling of exchange bills earlier in the season, and winch there is not sufficient current supply of commercial bills of- fering to cover. The effect of the gold shipments was emphasized by their leav- ing the exchange market still at the ex- port level, giving ground for the ap- P lIill SOtu VIII So ouS on Saturday.
 The disposition to operate in stocks increased somewhat after the assembling of the Northern Pacific directors in the expectation that some action might be taken before the close of the market. Incorporation of the Northern securities company and the decision to retire the Northern Pacific preferred stock were known before the close of the market, huf VI pd ,spcnse The effect Of the geld exports on the call money market was manifest in P high range of quotations, per cent be- ing the n1inimum for the day. The mar ket closed generally easy and active.
 The railroad bond market was less ac- tive today and continued irregular.
 Total sales, par value, $5. S25,0O9.
 United States 3s coupon advanced Ii per cent on the last call.
 New York Stock Market.
 By Private Wire to Murphy & Co