New-York tribune., 1901-11-15
BONDS.
THE DAYS OPERATIONS IN STOCKS.

THE DAYS OPERATIONS IN STOCKS
Extreme weakness marked the course OF stock
market trading yesterday. Declines OF -ao per
cent were common. while in number or issues
maximum losses were greater AT the close lhe
whole list of active shares showed substantial
net reductions from Wednesdays final level
Selling for commission house account was fairy
baa1-,- tut the chief cause of the days decline
was traced TO professional traders operations
There was little investment liquidation Traders
+ooL the hear side of the market on the theory
thar with the publication of the official settle
,7ent Of the so-called Northern Pacific affair all
the good news out And in ADDITION 10 the
factor named. the condition Of the foreign eA-
change market considered OF sufnclenl HI
portance TO induce bear operations and pubic
liquidation. No particular attempt was maoe 10
s,,pport the market, and consequence losses
were heavy in the more active issues. especla"y
in those shares in which outside operators have
recentiv been active. Many stop loss orders
were caught on the decline In Union Pacfflc'
ST Paul Atchison Missouri Pacific. Missouri
Kansas and Texas and, in fact, in most OF the
active railway shares sharp downward moves
were made heavy selling, while In the lnous-
trial list Sugar Refining and Amaigarnateo Cop
Der were the chief weak features. The Cni1eo
States Steel shares were comparatively nrH'
while Peoples Gas, American Locomotive, inter-
national Paper preferred and American Car and
Foundry preferred on small dealings were ex-
ceptions 10 the general downward tendency.
Commission house demand for stocks was light,
and on the decline substantial market interests
were buvers Money rates were nrmer, ana
sterling exchange indicated shipments Of gold
direct TO London. The money market sltuauoh
was the chief factor in the afternoon IN the
Reading shares, however. obstinate resistance 10
the declining movement was reported or
many reasons the Reading stocks are the leaolns
attractive purchases in the railway list, as
careful study Of the companY's condition and
prospects will show.
The foreign exchange marks. was strong
arain. despite the offerings against gold exports.
Indications pointed toward further engagements
for Saturdays steamers. while in foreign bank
ing circles il was thought that the outward
movement would continue next week In We"
Of foreign exchange conditions, the report OF 'he
country's foreign commerce for OCTOBER received
Yesterday is Of particular interest Total ex-
norris although well under the record OF the
same month a year ago, were heavier than IN
rctober. 1899. or in any preceding October on
record amounting in value TO S14o.6io,4oS, as
against S1O6, $50 S64 in September Compared
,,-+b wear ago the decrease was S11,149222
dua almost entirely TO the decrease in the value
of cotton exports breadstuffs and mineral OILS
the chief factor being the backwardness OF the
cotton movement Imports showed an 1npoI-
5ant gain over September and over October
,,aa- apo hut the excess of exports. nevertheless
reached 2 total of So. Ids, ,601, compared with
a, excess in 1900 Of Sa2, ,15S 646, and So3 l34 o9
sn 1eoa The decrease in the export movement
annears large in comparison with the extraor-
s,narv Ieures of a year ago, but compared win
other wears current returns are record breakers
From January / the excess of exports amounts
10 S464 O62 964, against S5oo,2oo4ol III the same
time in 1900, and 370.309,39l in 1893
The Rank of England made no change in its
minimum discount rate at the weekly meeting
Yesterday. but the open market quotation was
-ractionally higher. Paris exchange on London
Was q trifie firmer while Berlin exchange re-
..;r,ad unchanged General financial conditions
abroad appear be improving The large gold
.,,no-+s from here and the knowledge that this
,o,n+rv can spare the metal without disarrang-
,,v its own finances have apparently created a
mora hopeful feeling in the foreign hnanciai
.artres In the local market rates are naturally
45r-oer with the chances Of an advance to-day
t,,+ there are no symptoms Of weakness in the
situation and no uneasiness in banking parlors
sr the outlook for the next few weeks. Ship
,oan+s or currency to the South continue in fair
1-olprne The position OF the money market may
heclr huu activity in stocks for time, but 1t
.,oY1d not be effective in inducing important
,;o,,,dation Despite the few passing adverse
factors the leading interests are arrayed on the
hull side Of the market, anc they expect TO see
= much higher price level before the end OF the
-,resent year. The cheap railway and attractive
i,dustrtal shares may prove profitable purchases
Al the ruling level The stock market closed
above the lowest points OF the day