The Washington times., 1901-11-14

Formation OF n Northern Pacific
Proprietary Company and Cpmlng
Exports OF Gold Announced-The
s. Coal ana Trnctio1f Issues s'tronS.
NEW YORK. Nov. 12.--The chief fea-
lures in today's developments were the
unexpectedly heavy engagements Of gold
for export tomorrow, money market con-
dit,ons and the virtual announcement OF
the final settlement Of the Northern Pa
cific matter. The influence OF these sev-
eral matters was naturally conflicting and,
marketwise, resulted in very uncertain
and Irregular changes in prices.
Engagements Of gold for export aEEre-
gated over Si,5Gl 0y1. and would have been
larger except that one OF the largest ship
pers reduced his amount with the course
of the day by T.c.G.pj. 1t is unusual for
such large amount to be exported by
one steamship a circumstance which
would testify to the urgency Of the de-
maud. 1t was also a matter Of comment
that. Notwithstanding the heavy ship
ments of gold. the foreign exchange mar
ket did not reflect the presence OF large
amounts Of bankers bills and indeed.
continued obstiuately firm.
Reports were current that additional
shipments of the metal would be made by
the vessels sailing on Saturday. Money
on call was firm throughout the day, al
though virtually limited amounts were OF
fered at per cent. This latter rate was
exceeded upon occasions. but by far the
bulk OF the borrowing on call was effect
ed at that figure. As was the case yes
terday, the time loan division Of the
money market was comparatively easy,
and the average rates there did not muCu
exceed the highest figures recorded for
loans on call, fact of much significance
in itself
The Incorporation at Trenton of the
Northern Securities Company with Sl0), 600
coo capital was commonly accepted as rep
resentIng the formation of the proprietary
company which is to take over Great
Northern preferred and Northern Pacific
common. and in this way bring to a ter
mination the much veXed problem of thc
situation Other details OF the matter VIII
doubtless be forthcoming shortly.
notwithstanding the Importance of the
days several chief developments, OF, per
haps. on account OF their conulcuHg ma
tTe, the stock market was comparatively
dull and decidedly IRE Sular. In the carry
dealings, j fairly firm tone prevailed.
Violent advances took place in Manhattan
Railway. Metropolitan Street Railway,
and Brooklyn Rapid Transit, and 81 Paul
and Union Pacific also scored noteworthy
gains.
The advances in these directions Were
Subsequently shaded or obhteratgd, and
St Paul and Union P8ci1c in particular
rccCdtd below YESTERDAY 5 nnal prices.
The anthracite coal stocks, and paTICu-
larry the Erie ana Reading ISSUES. We're
firm and active, and in the biJuminOus
coal group Hooking Valley displayed eX-
ceptional strength Otherwise TIE move
mcnts IN the raIway list were lndccisiye.
and, generally speaking, toward a lower
level
The exceptional strength appearing in
The LEGAL traction shares was not account
ed for by any definite developments bear
Ing upon those properties The cncOurag-
ing showing mace by the Manhattan Rail-
way in the ended nsCal year might prop
eriy be cited in connection with .he course
OF that stock however. and that there
has been q final turn for the better in the
traffic Of the elevated lines was appare nj
in The statement made at today meeting
that the company had carried, in October.
2,-uJ Vt0 more passengers than in the same
month Of last year
I.oi don attitude towl rd the market
was again unfavora BILE as American
stocks were shown in the early cables
materially below parity with yesterday
local flnal figures. bCt sales Ior foreign
account tel away materially. amounting
TO oniy about l5.UGJ shares. Today re-
turns of railway tramc Were gratifying
tNhibits. but were quite oVershaGoEed by
the more striking Developments in other
directions.