The times. [volume] (Washington [D.C.]) 1897-1901, 1900-10-13
4 Firm Tone APPARENT
Shipments of Gold From Europe
Cause Stocks to Rally.
Che Movement Already FOrecnstcd,
Hut No Advantage Previously
Taken by Spectators - Scranton
Convention an Unfmportant Fac
tor i'm Yesterdays Transactions.

NEW YORK, Oct. 12.-There was gen.
eral advance in the stock market today.
which beyond any question was most di-
rectly attributable to the information
that importations of gold from Europe
had begun in volume. The most impor-
tant consignment of the metal to be an
nounced was for the account of Messrs.
Lazard Freres,- who will receive S2,Cee,-
600 equally divided in shipments from
London and from Paris.
AS was to be expected in the circum-
stances, the exchange market was stead
fer, while there was perceptible r, iaXa-
ton in the money market. 1t is n alto
gether easy 10 see why in the stock mar
ket the present issue of the foreign ex-
change situation should have been
awaited instead of having been discorn ed
in the usual Wall Street fashi, n, accord
ing to common theory.
Nothing has been more certain through
out the week than that the conditions in
the foreign exchange market must have
relief in exports of gold from Europe, and
the fact that the movement was immi-
nent has been repeatedly pointed out
There has. in the mean time, been a great
deal of idle theorizing in regard to the
situation, and public opinion has been
clouded because of the oft-repeated as
sertions that for some dark and mys-
tericus reasons important inter, SITS were
opposed to importing gold.
The assertions were virtually equivalent
to saying that these important interests"
were DESTROYS of seeing money market
panic in New York, for it has long been
evident that the foreign exchange stua-
ton was the only quarter from which
ready and effective relief could be ex-
pected.
So far as could be observed, the anthra-
cite coal miners strike and todays pro-
ceedings bearing thereupon were practi-
cally ignored. Some excellent statements
of railway traffic for the first week of the
month were reported today, particularly by
lines in the Southern States, and they car
ried little more weight than they have
recently because Of the prevalent senti-
ment. The days situation was otherwise
bare of incidents of general or particular
Importance
Notwithstanding the beginning of g,li
exports the London stock market was
steady, and discount there was tut Ii til
frmer. Foreign houses bought upward Of
1900 shares in this market. and til
stocks bought were ordered shipped tc
the other side, a circumstance CT some
significance in its bearing upon the in
ternational monetary conditions, or. a.
any rate, as illustrating European views
thereon. Conspicuously strong feature:
OF the railway list were Atchiscn pre-
ferred. Northern Pacific common, Penn
sylvania, Norfolk, Norfolk and Western
Chesapeake and Ohio, and Baltimore aud
Ohio.
The local traction group continued firm
notably for Metropolitan Street Railwae
and among the industrials. Sugar Rein
ing. and the Tobacco stocks were nctatl
strong. Among the specialties Tenn s sc.
Coal and Iron scored a sharp advance
and Peoples Gas. after declining rapiGli
at the opening, recovered sharily. III,
trading. while not particularly active
was very we'll diversified, and bette
tone was perceptible.