New-York tribune., 1900-10-13
BONDS.
THE DAYS OPERATIONS IN STOCKS.

Heavy engagements of gold in London and
Paris for shipment TO the United States were re-
ported yesterday. The effect of this announce
ment was reflected in higher prices for stocks,
but there was no public demand for securities or
active buying by prominent market operators
In the fall OF 1899 the decline in local bank re-
serves and the high rates for money failed 20
attract more than S3.000OO0 gold from Europe.
the movement being checked by sharp advance
IN foreign discounts. and in consequence the
banks were unable TO build up their reserves
except through reduction in liabilities And
even this method did not prevent money and
stock panic for a time 1t now remains to be
seen whether or not foreign bankers will put
obstacles in the way Of big gold movement to
this country. II London and Paris intend TO
keep their metal the? viii he forced to make a
sharp advance in their discount rates. sterling
exchange at this centre shows signs Of
strengthening while bank holdings have reached
q level that suggests the need Of assistance in
the shape of gold imports o. lessened liabilities
The showing OF the Banks Of England and
France for the week ended Thursday dis
tinctly unfavorable. and indicative of higher
rates for money abroad.
In well Informed circles the opinion does not
favor a heavy movement of gold this way. 1t is
believed that foreign bankers will advance
money rates to q point that will induce Ameri-
can bankers to leave their balances abroad
while it is pointed out that further decline in
exchange viii attract investment buying in ster-
ling exchange. This will naturally tend to ad-
vance rates and check gold imports before they
amount heavy totals The situation is ex-
tremely interesting. II is somewhat abnormal
but it is not uuhealthful Gold should naturally
be coming here in large amounts. but the metal
will certainly move contrary to the international
prevent IT, It is evident that money will rule
at higher figures at this centre for some time 10
come, and that active bull speculation IN stocks
will have to face the possibility Of sudden twists
IN money rates. In the week ended last night
the known movement OF money resulted in a
cash loss to the associated banks Of this city
Of So 130 against a loss OF SS.574, 100 week
ago. To what extent the banks have curtailed
loans in the week estimate can be made. It
is likely however. that the loss in cash will be
offset TO a considerable degree by loan contrac-
ton
The market remained strong throughout the
day. Fair support noticed in few issues
but speculation, as a whole, retained it's pro-
fessional characteristics. Northern Pacific was
notably strong; also Union Pacific. Peoples Gas
was irregular, but higher at the close.
pared with Thursdays final figures. Efforts to
depress the coaIers did not bring out any stock
The international stocks were firm. and London
bought upward of 1900 shares. Reactions in
the late dealings did not make material reduc-
tions in the days general advance. the greater
number Of issues closing we'll above Thursdays
final level. The chief demand for stocks came
from the short interest.
THE DAYS OPERATIONS IN BONDS.
GOVERNMENT BoNDs-Market steady. Final
quotations follow: