The daily morning journal and courier. [volume] (New Haven, Conn.) 1894-1907, 1900-11-01
II tMaMCtdl.
THE STOCK MARK ET,
Fur Their Apathy and Indifference Yes
terday.


New York Oct S1.-The stock market
became still further involved in apathy
and indifference to-day. & Business was
strictly in the hands Of professional
traders and they did not push their
transactions in a very energetic man
ner, The rally which developed late
yesterday in sympathy with the sud
den upward movement In Southern Pa
cific retained some force this morning.
with the evidence of continued buying
in that stock. The opening level of
prices was higher than last night and
there was some further advance. But
when it became evident that the buying
orders in Southern Pacific had been
filled the market fell into sort of leth-
argy The resulting tendency to drag
developed very gradually until near the
close, when the professional bears took
courage from the entire lack of buying
power and offered prices down, The
experiment proved that buying orders
were very scarce for considerable
range below the market and some sharp
declines were established before meet
ing any demand As a result. the ear
lier gains were completely wiped out
and the market closed below last night
all around. The weakness was most
marked in the high priced industrials,
the local traction stocks and the steel
stocks. In the railroads the Pacifics
were conspicuous ON the decline, North
ern Pacific falling almost point be-
low last night, while In Southern Paci
iics were conspicuous on the decline.
Northern Pacific falling almost point
below last night, while in Southern Pa
cihc, Union Pacific and Missouri Pacific
the decline from the best was n point
The conditions affecting the market
We're the same as yesterday. namely n
dlslnclination to enter further on spec-
uiation until after the election. A num-
per or reports of poor net earnings nv
railroads for September and news of re-
current friction in some mines between
the newly returned coal miners ana
their employers may have had a slight
depressing effect. The decline in Ten
hessee Coal was co-incident with report
OF dissatisfaction with the management
The money market continued quiet ana
easy. Receipts of $1,1o0.O00 in gold from
Europe to-day, and sub-treasury nav
ments on account Of Klondike cold
were contributing cases to the ease of
the money market. The official report
or sub-treasury operations indicates
that the banks have gained from that
institution since Friday last some 81
60o00o on account of Australian gold.
so as to figure In last weeks hank
statement, thus accounting for the I'M
expected increase In the cash reserves
on Saturday. This transaction is In
cluded In this weeks statement Of the
sub-treasury operations and must be al
lowed for In estimating next Saturdays
bank statement from the sub treasury
figures. Discounts both in London and
in Berlin advanced sharply to-day. This
was due partly to the monthly settle |
ments, but in London II is evident that |
he Bank of Ehglands efforts to stffen !
the open market rates for money is
meeting with success and sterling rates |
both here and in London and Paris rose |
In response to-day 1t is not believed |
that the Bank of England is prepared |
to advance the official discount rate to- /
The local money market may look for
further advantage from the disburse-
ments of interest and dividends after
tomorrow. Payments of government |
interest alone will amount to nearly 3d.
OOO 600. But the continued large demand
Of the sub-treasury on account of in
ternal revenue collections will be an
influence for some time to
come.
Bonds gave way at some points In
with stocks after having
shown strength in the early dealings.
Total sales par value $1,795 900.
United States bonds were UNCHANGED
On the last call.
NEW YORK STOCK M1RKET