The Worcester spy. [volume] (Worcester, Mass.) 1898-1904, 1901-11-20
Fact That Stock Market Was Still
Under Influence of Factors
Which Depressed Values Mon
day Prevented Active Trading
COALERS AND NEW YORK
FRACTIONS WERE STRONG
American Car and international
Power Were Other of the In
dividuaI Stocks to Show
Strength Late Rally and a
Steady Closing

New York, Nov. 19.-The stock mar
ket today was under the continued in
fuence of the factors which depressed
values yesterday and discouraged
speculation for an advance. Probably
the outward movement of gold was
the most effectual of these factors, but
the expressed determination of the ex-
ecutives of the Northwestern states in
using their influence to contest the OPP
Grafton of the Northern Securities Com
pany was also an obvious influence es-
pecially on the stocks of the railroads
Immediately concerned. Union Paclhc
and St Paul were especially affected.
The argument that such eminent le-
gal counsel had co-operated to eYade
these prohibitions and that the protes-
tations of the governors We're probably
for political effect was not very con-
vincing in quoting apprehension as
it took for granted the assumption that
the residents of those states are ear
nestly opposed to the spirit and pur-
pose of the new company leaving only
the question open as to their ability
to prevent by law its operation.
The bears sold the market actively
on the amour cement of the engage
ment of ST. 600 additional gold for eX-
port on Thursday, but there was large
demand to cover later in the
day when half of this engage
ment was cancelled, and when the
money market was seen to benefit
A jump of two cents in the sterling eX-
change rate at Paris, a decline in the
discount rate there and a slight reac-
ton here in exchange rates both on
London and the Continent reflected the
relaxation resulting from yesterdays
enormous outgo of gold.
There is still confidence expressed
that the offerings of government bonds
for redemption will maintain the ease
of the money market even if further
gold goes out. 1t is not improbable
that the selling of government bonds
comes indirectly in part from interests
who have to remit in payment Of for
eign obligations. 1t is evident that the
exchange market is cornered to a GER
tain extent and even the bills against
outgoing cotton ad grain which come
upon the market are contracted for in
advance, leaving the bankers who are
short of exchange still under the ne
cessity of shipping gold to cover ma
TURTLES
One feature of the government bond
redemptiOns that has not attracted at
tention is that the national banks ap-
parently consider the present price
sufficiently attractive to prompt them
TO Withdraw 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 amount of the market value of the
bond but it also involves the re-
tirement of circulation to the amount
of the par value of the bond, offsetting
that far supply Of money to the mar
ket. Such Withdrawals of bonds have
already reached the legal limit of
100000 per month for the present
month.
There was some special strength
shown today by individual stocks, no.
tably American Car and International
Power on the urgent demand for rail-
road equipment of all kinds and the
express companies stocks on account
of the general business activity Of the
country. There were strong spots
amongst the coalers and the local trac-
tions The market closed steady at a
substantial rally from the lowest.
Railroad bonds were only moderately
active at slight recessions. Total sales
par value 81. 63O 600. United States re-
funding Is declined Ia on the last
call.