New-York tribune., 1901-11-19
BONDS.
THE DAYS OPERATIONS IN STOCKS,

The stool, market was extremely irregular,
with more net losses than gains at the close
In the greater part of the day the tendency
was toward a lower level but in the late trad
ing the whole list enjoyed marked improve
rnent. closing prices being we'll above the low
est. Several factors contributed to the weak
ness in early dealings. Enormous engagements
OF gold for export and reports that certain
Northwestern States would interfere with tire
new Northern Securities Company caused con-
siderable uneasiness in speculative circles and
led TO liquidation throughout the list Exports
Of gold by to-day's steamer will amount TO
s.. 7.06oG00. The greater part of the metal III
go to France but il is expected that heavy en-
gagements will be made for London by to-mor-
rows steamer Engagements for to-day are
heavier than ever before recorded for any one
steamer. while il IS expected that the total
movement for the week Will reach bigger fg-
1res than ever before known in one week
The fact that large engagements of gold Gid
not cause important declines in stocks was due
TO the strong technical position of the market
and to heavy receipts from the Treasury for
bond payments. with the prospect Of still larger
receipts before the end of the week There is
TO uneasiness in banking circles over the out
ward flow Of gold. and il was said yesterday
by we'll informed people that no evidence of
coming disturbance in the money market could
be disceraed- Call money rates were trile
tirrner while the sterling exchange market was
decidedly strong. demand sterling ruling at
4 4SSG4 SS1z In the late trading the heavy Of
ferings OF bills against gold engagements caused
a small decline in foreign exchange quotations
The demand for bills in the foreign exchange
market continues active. and the prospects are
that there will be no material change for some
time to come.
Commission houses were not active in the
market. and as rule transactions were con-
fined TO the operations Of professional traders.
Early weakness was accompanied by more or
less liquidation from commission houses, but
there was no important selling. On the decline
substantial market interests bought stocks.
while in the last hour there was a fair demand
from traders who had put out short contracts
earlier in the day. The Reading shares de-
clined with the rest of the market in the morn
ing. but in the afternoon recovered all the
early loss. closing at net gain compared
with Saturdays final figures. Ali the coal
stocks We're strong. The possibility Of inter
ference 6y State legislatures with the proposed
settlement OF the Northern Pacific affair nat
uraIly induced bear sentiment the stocks
involved Union Pacific sold down to 10412
while Southern Pacific. which is controlled by
Union Pacific also exhibited marked weakness.
The entire railway list moved in sympathy for
a time Banking interests identified with the
Western railway situation apparently do not
place any confidence in the reports that the
Northwestern deal viii not he effected as pro-
posed 4 is understood that expert legal advice
was taken on the questions involved before the
plan was formulated, and that no possible "a
son exists for action against the plan by state
authorities. II may he found, however. that
special legislation will be enacted to prevent
the proposed combination between the North
.rn oacific and the Great Northern properties
The local traction shares were weak features,
hut they recovered with the rest OF the list IN
1he final dealings The heaviest transact ctions
were in Union Pacific. Manhattan, Reading,
Southern Pacific. Missouri Pacific, Erie. Atchi-
son and few Of the Industrial shares There
MAS a fair demand in the bond market, with
especfallv heavy dealings in the new Burling-
ton IS the Third Avenue IS and the Union
Pacific covertihle As a strong demand for
American Locomotive shares was a feature Of
the late trading