The Worcester spy. [volume] (Worcester, Mass.) 1898-1904, 1901-11-19
Amounts TO Over Seven Million
Dollars and Explains the Hest
tating Tone Developed in Stock
Market Yesterday
DEPRESSION OF PRICES
BECAME VERY GENERAL
But Several Stocks in This List
Offered Resistance to the De-
Cline and Reflected Continued
Larger Buying and Vigorous
Support

New York, Nov. 1S-The largest
shipment of gold which ever left New
York in a single day will be carried
on the steamship sailing tomorrow and
touching at French and German ports.
The aggregate engagement amounts in
round numbers to $705O,O 900 and with
the exception of a small proportion for
Berlin. the whole amount is destined
for Paris.
This constitutes a sufficiently i'm
pressive movement of specie to ex-
plain easily the hesitating tone devel-
opAd in the stock market. The depres-
sion of prices became very general at
one time but was decidedly uneven,
several stocks in the list offering re-
sistance to the decline and rejecting
continued large buying and vigorous
support.
The days greatest depression came
before the total engagement of gold
had been announced and a tendency to
recover had set in and continued in
face of later increasement to the
movement. The most acute depression
was shown by the stocks of railroads
Immediately concerned in the North
western Railroad settlement and the
special cause of this was easily per
ceptible in the vigorous expression of
opposition to the company and itsf OBJ
JectS by the governor of Minnesota.
His expressions are clearly represent
ative of the opinions of a part of the
residents in his state as revealed by
laws on their statute books.
Assurances were given out in Wall
Street with official sanction that these
statutes had been maturedly consid-
cred in the formation of the Northern
Securities Company and the opinion
of learned counsel was clearly express
sed that none of them were violated
in the formation of the company. But
this did not avail to remove entirely
the chilling effect Of the hostile atti-
tude assumed against the project
Outside of this special portion of the
stock list, the effect Of the enormous
outward movement of gold was singu-
larly maintained. There was no new
cause apparent for the movement.
Foreign obligations continue to mature
in very large volume and the supply
of exchange bills against commercial
operations is utterly inadequate to
meet this demand The only alterna-
tive is the shipment of specie. In spite
of the extent of the relief to the ex-
change market afforded by the millions
of gold exported the effect upon ex-
change quotations was of the slightest
and did not reduce the level below the
profitable point of gold exports. 1t is
highly probable therefore that addi-
tional gold will go out Thursday.
Knowing the uncertainty Of the ex-
tent TO which this movement may &C
opinion on the money outlook contin-
ned very optimistic, based on the off
sets which have appeared the last
week to the outward movement of
gold. The sub-treasury today paid out
for redemption Of government bonds
S2676. 14S. which brings the contribu-
ton Of that institution to the market
since last Friday $5,176,14S. Great con-
fdence is felt that government bond
redempuons will keep pace with the
needs of the money market and the
well defined report was in circulation
all day which could not be confirmed
that q 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 a decided re-
covery in the last hour under the in
f1uence OF a rise in the coalers Lake
Shore sold at $40 compared with $40 OF
the preceding sale. The various express
companies were strong, Wells Fargo
rising IS points over the preceding sale
and there was q notable demand all
day Cor the American Locomotive
stock which lifted the common 2ss and
the preferred 3.
Declines in the general list which hai
run froa ] to points at one time were
reduced by this late rally and the mar
ket closed firm. Railroad bonds were
only moderately active and were r.
regular Total sales par value S2945. 900
United States refunding % declined
Il per cent on the last call.