The times. [volume] (Richmond, Va.) 1890-1903, 1901-11-20
N.lRkI.I WAS WEAK
SAVE IN SPOTS.
Depressing Influences of Day Before
Continued to be Fe;;t.
-
FEW STOCKS SHOWED STRENGTH
Market, However elcssd Steady 6. a Rally.
rem The Lowest Psiecs-- Bonds he'd !.
erateIy he!ive a, Slight
Recession.
FEW STOCKS SHOWED STRENGTH
by .Assecintrc. 1,rnss )

NEW YORK, Nee Ia--The stnc,,
.s'athst TO-DAY was under The continued
iailteace OF Inc factors wt.rh depressed
iaA"cs ana >.-Scpuiitscu stJecuia,Ion Tor
an iiuSa!c.. tropabiy the outward move
lnent OF snlu was. inc most eilectnai OF
.hS , iictois. bus The expected uctermI-
.iotioi OF Inc i.Seculigt- ssi -NorInwt.S Irrn
Su'tess 10 use their inrIueDce 10 contest the
operaion 81 lht5 Norlnvrn securities COM
i,a.ts was aisu an OBVIOUS influence. IS
4ec.auy on The STOCKS oI the jranScon-
t:ertlal group -
G.,aon t...Iuc' and St. Paul were especial
~ affected ! he argument That such OPP
j'osition TO the company was expected on
account OF the statues OF The 4rorthweSt-
etn States. intended 10 prevent console
oaGon. and mat eminent legal counsel
!iaQ co-operateG to eNade these prohipl-
IONS was nor Very convincing III qGieren-
lEg apprehension. base:iE o The assumption
that the resIdentsti o. those states are
earnestly opposed to the soirit and pur-
pose OF the new company, leaving only
Lhe question open as TO Their ablilty 10
prevent by law as operations.
jump OF Two cenDnleS IN the sterling
exchange rate at Paris, a decline IN The
private discount rate there and slight
reaction here in exchange rates. both on
London and the continent, reflected the
relaxation resulting from yesterdays
enormous outgo of gold. and aroused the
hope ,hat The largest part OF the REQUIRE
oence expressed that tho offerings OF t4ov-
eminent bonds for redemption will main
tain the ease of tifei money market even
able that the selling OF Government bonds
comes indirectly IN part from the inter-
ests who have to remit in payment Of
foreign obligations. 1t is evident that-the
exchange market Is, co;IIered to u certain
extent, anu when the bills AGAINST outSo-
ing cotton and grain which come Upon
the market are contracted for In aGVallce,
even the bankers who are ssoN OF eS-
change viii stili be under the necessity
OF shipping gold TO cover maturites.
One feature or a.ie Government bonds
redrmptlonS that has not attracted attcn-
ton is that the national banks apparently
consider The present price sufficiently at
tractiNe to prompt them to withdraw
bonds on deposit with the Treasury, to
secure their circulation and offer them
Tor redemption. This process involves the
release of cash from the Treasury to the
amount of the market value of the bonds
but II also involves the retirement of cir
culauon to the amount of the par value
of the bonds, offsetting that far to supply
of the marke. The withdrawal OF gold
has already reached the legal limit per
month. the present month beng S3G}0,UDn
There was some strength shown To-Day
by individual stocks. notably International
Car and Power on account of the general
activity in business. There was strong
spots among The coalers and the local
fractions. The market closed steady at a
rally from the lowest.
Railroad bonos We're only moderately ac-
tive at slight recessions Total sales. par
rs declined Il on the last call
The total sales of stocks to-day were
1S1.703 shares.