The age-herald., 1901-11-20
STOCK MARKET IN
 DEPRESSED MOOD Heavy Gold Exports Discourage
 Bull Speculation FEAR EXECUTIVE ACTION Governors of Several Northwestern States Announce Their Intention to Contest the Operation of the
 Northern Securities Go.
FEAR EXECUTIVE ACTION

New York, November 19.-The stock market today was under the continued influences and factors which depressed values yesterday and discouraged specu- lation for an advance. Probably the out ward movement of gold was the most ef- fectual of these factors, but the express ed determination of the executives of Northwestern States to use their influence to contest the operation of the Northern Securities Company was also an obvious influence, especially on the stocks of the trans-continental group. Union Pacific and St Paul were especially affected. The argument that such opposition to the company was expected owing to the statutes of the Northwestern States in- tended to prevent consolidation, and that eminent legal counsel had co-operated to evade these prohibitions was not very convincing in quieting apprehensions, based on the assumption that the resi- dents of those States are earnestly op- posed to the spirit and purpose of the new company, leaving only the question open most to their ability to prevent by law Its operation. The bears sold the market actively on the announcement of the engagement of the $1, 0OO,00O additional gold for export on Thursday, but there was 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 centimes in the sterling exchange rate at Paris decline in the private dis count rate there and a slight reaction here in exchange rates both on London and the continent reflected the relaxation resulting from yesterdays enormous out go of gold and aroused the hope that the largest part of the requirements are satisfied. There is still confidence ex- pressed that the offerings of govern ment bonds for redemption will maintain the ease of the money market, even if more gold goes out.
 It Is not improbable that the selling of government bonds comes indirectly in part from the interest who have to remit in payment of foreign obligations. It is evident that the exchange market is cor nered to a certain extent and even the bills against outgoing cotton and grain which come upon the market are con tracted for in advance leaving the bank CTS who are short of exchange still under the necessity of shipping gold to cover
 
 ment bond redemptions that has attract ed attention is that the national banks apparently consider the present price suf- ficiently attractive to prompt the with drawal of bonds on deposit with the treasury to secure their circulation and offer them for redemption. This process involves the release of cash from the treasury to the market value of the bonds but 1t also involves the retirement of circulation to the amount of the par value of the bonds offsetting that far the supply of money to the market Such withdrawal of bonds have already reach ed the legal limit of $3,000,000 per month for the present month.
 There was some special showing today by involved stocks. notably American Car and International Power, on the urgent demands of the railroad equipment of all kinds, and the express companies stocks on account of the general business activity of the country. There was strong spots among the coalers and the local fractions The market closed steady at a substantial rally from the lowest.
 Railroad bonds were moderately active at slight recessions. Sales, par value, g, ,030, 900. United States refunding 2s declined N on the last call.
 New York Stock Market.