The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1901-11-01
NO LIFE IN STOCKS
NEITHER BUYERS NOR SELLERS IN
EVIDENCE IN walk STREET
PRICE MOVEMENT IS DOWN
Advance In nanaE So England.
Loaning Rate and Increased
Demand for Gold Among
the causes.s
CIOSIiS-
Thursday. Wed.
Bar silver; New N Y Val,..., = 81:

NEW YORK, Oct. 81. Except for spe-
cial movements in a few industrial stocks
todayS' market ran down near to stag
nation many times. There was ne pres
sure to sell, but prices gravitated to
lower level, owing to the paralysis of
demand. The central cause of this state
of affairs was the advance in the dis
count rate of the Bank of England to
per cent, compared with the per cent
rate, which has been maintained since
June 13 last. This gives unmistakable
notice that further demands are pending
upon the banks stock of gold. which the
rise in the discount rate is intended to
protect by diverting the demand upon
New York. No doubt seems to be enter
tanned that this object will be achieved.
In fact, arrangements already were per-
feeted today for shipments of gold to
Paris next week. The weekly statements
of the Bank of England and the Bank of
France show the need of the former to
check the French demand upon their re-
serves, and as clearly the necessity OF
the latter for recuperatfon. The French
bank has gained in gold during the ween
about what the English bank has lost.
The latters credits also have been ex-
panded to the extent of $4,000 co., Incl
dent to the month end requirement. In
Paris this requirement is supplemented
by a pending stock exchange settlement,
so that the bills discounted have been in
creased nearly S45, COG, GOO, and the note
circulation has been expanded over $685.
Ouf1HS the Week. IHeSe cOrQ1I1OnS
serve to explain the large recall of Par
is credits, which have been going on for
some time past, although it has been
suggested also that foreign lenders of
money are thus expressing dissatisfaction
with some of the syndicate purposes to
which the borrowed funds have been put
The gold exports figured in the Subtreas-
ury statement today. bringing up the
open market to s., 16s, 600, and the gain
since Friday last to Ss3.SSoQe0. Chicago
exchange on New York also weakened
today, and $4,000 was deposited at the
SubtreaSury for transfer to New Orleans.
On the other hand the subtreasury paid
over half million dollars on account of
gold deposits at San Francisco and Sc
attle, and made payment of $112,127 for
redeemed bonds, thus cleaning up the
last of the acceptanees under the late
offer of the secretary of the treasury.
The renewed doubt as to- the extent to
which the foreign demand for gold may
go chilled all speculative; enthusiasm.
Hopes are professed that tomorrow-s
dividend and interest disbursements soon
will come back to relieve the money mar
ket, but this does NOT seem to revive
any feeling of cheerfulneSs in the stock
market. Neither did the announcement
of the determination of the secretary
of the treasury to resume bond pur-
chases, although the inclusion in the
offer of the long As is likely to attract
considerable tenders. judging blythe ex-
perience of the past summer. Among
the stocks advanced today without any
special reason assigned were Lacka-
wanna, Delaware & Hudson, a number
of the Vanderbilts. and Chesapeake &
Ohio, the last on Philadelphia orders, at
tributed to Pennsylvania railroad ac-
count. Amalgamated Copper was de-
pressed on the inclusion of new plaintiffs
in Montana. suits against the company.
The stock closed above the lower. The
Northern Pacific settlement fell into the
background, with the heaviness and ne
r1-1 - De- ,s<,I,1
the close, and made the market easy.
There was considerable selling also of
United States Steel and Glucose and
Smelling were weak. . n - =
There were some strong spots in the
bond market, but the price movement
was irregular. Total sales, par value,
81, 165, eco. United States bonds were all
unchanged on the last call.