The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1901-11-20


NEW YORK, Nov. 19.-The stock mar
ket today SWas under, tllesf continued in--
huences and factors which depressed
values yesterday and discourse ed sDeeu-
lation for an advance. Probably the out
ward movement Of gold was the most
effectual of these factors, but the ex-=
pressed determine ton CT the executives of
Northwestern states to use their infiu-
ence to contest the operation of the
Northern Securities company was also
an obvious influence, especially on the
stocks of the transccntinantal group
Union Pacific and ST. Paul were espe--
cially affected. The argument that such
opposition to.the company was expected.
owing to the status of the Northwestern
states intended to prevent consolidation
and that eminent legal counsel had CO.
operated to evade these prohibitions was
not very convincing in quoting appre-
tension, based on the assumption that
the residents of those states are earnest
ly opposed to the spirit and purpose of
the new company, leaving only the ques-
by law its operation. The bears sold the
market actively on the announcement of
the engagement of $l8e0,000 additional
gold for export on Thursday, but there
was a 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
2 confines in the sterling exchange rate
at Paris, decline in the private dis
count rate there, and a slight reaction
here in exchange rates, both in London
and on the continent, reflected the re-
Taxation resulting from yesterday S outgC
of gold and aroused the hope that the
largest part of the requirements are sat
isfied. There is still confidence expressed
that the offerings of government bonds
for redemption viii maintain the ease of
the money market, even if more gold
goes out. It is not improbable that the
selling of government bonds comes indi-
rectly in part from the interests who
have to remit in payment of foreign OBJ
legations 1t is evident that the exchange
market is eornered tora certain extent,
and even the bills against outgoing cot
ion and grain which come upon the mar
ket are contracted for in advance, leay-
ing the bankers who are. short Of ex-
change still under the necessity OF ship
ping gold to cover naturities. One fea-
ture of the government bond redemp-
tons that has not attracted attention is
that the national banks apparently con-
slider. the present price sufficiently at
tractiYe to prompt them to Withdraw
bonds On deposit with,sthe treasury TO
secure their circulation and offer them
for redemption. This process involves
the release of cash from the treasury to
the amount of the market value of the
bond, but it also Involves the retirement
of circulation to the amount of the par
value of the bond, offSefting that far the
supply Of money to the market. Such
Withdrawals of bonds already have
reached the legal limit OF $S,0tO, 0o0 per
month for the present month. < There
was some special strength shown to-day
by individual stocks, notably American
Car and International Power on the ur-
gent demand for railroad equipment of
all kinds, and the express companies
stocks on account of the general BUSH
ness activity of the country. There Were
strong spots among the ccalers and the
local fractions. The market closed steady
at substantial rallysfrom the lowest.
Railroad bonds We're only moderately
active at slight recessfons. Total sales,
par value, $2,63O,O00 United States re-
funding Is declined u on the last cali.
stocks.