New-York tribune., 1901-10-12
BONDS.
THE DAYS OPERATIONS IN STOCKS

Stock market trading was active throughout
the day, with substantial net advances at the
close. Although heavy realizing sales were
made, the general course of values was in the
direction Of higher prices, while the character
of buying reflected good commission house
demand for securities. In a number OF cases
extraordinary strength developed. as in ST. Paul
which made maximum advance Of 81 points,
closing at net gain OF ~ points. The course
Of this stock and Of Union Pacific naturally
caused a revival Of reports regarding st. Paul
and Union Pacific consolidation possibilities. No
actual news accompanied the rise in the shares
and the chances are that the movement was
purely speculative and induced by Thursdays
rrnnors Of Northwestern railway deals The
statements respecting the last named which
were put out on Thursday, purportng to have
official approval, We're denied yesterday by the
president of the Great Northern company. The
Street was sceptical. however over the denial,
ard characterized il technical rather than
real. Whenever railroad financial men are
NOT disposed TO affirm something that the public
believes to be a fact, the denial is called techni-
cal, and, from the point of view of the financial
world the denial is justified. In the present
ease some plan involving Great Northern. Bur
lington and Northern Pacific is doubtless under
discussion and perhaps the best interests of
>
London was moderately heavy buyer in the
local market and on the London Exchange
prices for American shares were strong. with a
good demand for the various international is
sues. The noteworthy incident of the foreign
markets was a further decline in Paris ex-
change on London TO a point not far from the
gold importing level. The gold holdings Of the
Bank of France decreased in the week ended
Thursday nearly 100000 francs, and those of
the Bank of England f7S4, 600 Paris may soon
be drawing gold from London, while the pros
poets for shipments Of the precious metal 10
New-York are extremely remote. Fortunately.
the local situation is in no need Of assistance
from abroad, and. from the course of stocks in
the last two days, 1t may be inferred that bank
ing interests are satisfied that the money mar
ket Will not stand in the way OF a bull specula-
ton in securities. According the known
movement Of money this week, the banks have
gained in cash. and it is thought that to-day's
bank statement will show a gain in reserve.
owing to the heavy liquidation OF city loans in
the week.
Active buying Of bonds has been stock mar
ket feature in the last two days. Advocates Of
higher prices may take encouragement in this
fact as an active bond market generally fore
shadows increased dealings in stocks The vol
urne Of business in shares yesterday was large
IN comparison with recent daily totals, but a
large proportion Of it was supplied by st.
Paul Union Pacific, Missouri Pacific, South
srn Pacific Atchison and a few other popular
issues. Union Pacific sold above par for the
first time in many weeks, while St Paul sold
as high as 1871. Great Northern preferred and
Northern Pacific preferred. which ad-
ganced on Thursday railway deal reports,
both declined. Room traders were convinced
that Standard OIL interests We're active buyers,
and the theory put forth that the Morgan
party had recovered control of the Northern Pa
rife by exchanging for the Standard Oil hold
lngs in that road its minority stock in st. Paul
The close firm, but generally under the
best Of the day. Total sales above 3vu,-
BOO shares.
THE DAYS OPERATIONS IN BONDS.
GOVERNMENT BONDS.-Market firm Final