The age-herald., 1901-11-19
$7,O5O,OOO GOLD
 LEAVES NEW YORK Largest Single Days Shipment
 in Its History EFFECT ON THE MARKET Foreign Obligations Continue to Ma. ture and Supply of Exchange
 Bills Is Inadequate to
 Meet the Demand.

New York, November 1S.-Fhe largest shipment of gold which ever left New York in a single day will be carried on the steamships sailing tomorrow and touching at French and German ports. The aggregate engagements amount in round numbers to $7O5O, 900. and with the exception O. a small proportion for Der lin the whole amount is destined for Paris. Tl:is constitutes a sufficiently i'm pross!ve movement of specie to explain easily the hcsitating tone developed in tho stock narket The depression of prices became very general at one time. but was decidedly uneven, several stocks in the list offering resistance to the de- cline and the ref1ecting figures told the days story.
 Today's greatest depression came be- fore the total engagements of gold had been announced, and when a tendency to recover had set in, and which continued In face of the latter increment to the movement. The most acute depression was shown by the stocks of railroads im- meolately concerned in the Mort hwestern Rallroad settlement and the special cause of this was easily perceptible in the
 
 company and its objects by the Governor Of Minnesota, who entrenched himself behind laws on the state statute books. Assurances, however, were given out in Wall street with official sanction that these statutes had been fully considered, and that in the opinion of learned coun- sel none of them was violated in the for nation of the Northern Securities Com- pany. This, however, did not avail to remove entirely the chilling effect of the hostile attitude assumed against the com pany. Outside of this special portion of the stock list, the effect of the enormous outward movement of gold was singularly moderate. There was no new cause ap- parent for the movement.
 Foreign obligations continue to mature in very large volume and the supply of exchange bills against commercial oper- ations Is utterly inadequate to meet the demand. The only alternate 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 upon exchange quotations were of the slightest and did not reduce the level below the profitable point of gold exports. It is highly probable therefore that additional gold will go out on Thurs day. Notwithstanding the uncertainty of the extent to which this movement may go, opinion over the money outlook con A tlnueS very OptlmlSIlc, based on the OIL sets which developed last week to the outward movement of gold. The sub treasury today paid out for redemption of government bonds $2,676148, which brings the contribution of that institu- tion to the market since last Friday up to $5,17614S. Great confidence is felt that government bond re6emptions will keep pace with the needs of the market and the we'll defined report was in circu- lation all day which could not be con firmed that block of several million dollars of government bonds held by a New York savings bank will be offered for redemption this week. Whatever may be the basis for this report the market scored decided recovery in the last hour under the Influence of rise in the coalers. Lake Shore sold at 34 com pared with BIO on the preceding sale. The various express companies were strong. Wells Fargo rose 1s point over the pre- ceding sale and there was a notable de- mand all day for the American locomo- tive stocks which lifted the common 29s and the preferred 3. Declines in the general list which had run from 1 to 8 points at one time were reduced by this late rally and the market closed firm.
 Railroad bonds were only moderately active and were irregular. Total sales, par value $2s45,O 900. United States re- funding 2s declined A per cent on the last call.