The age-herald., 1901-11-05
DISAPPOINTING
 ID SPECULAT T0RS Stock Market Fails to Crafty
 Their Hopes ARE HEAVY GOLD EXPORTS Light Offerings of Government Bonds for Redemption Dashed Hopes
 of Relief From This
 Source.
ARE HEAVY GOLD EXPORTS

New York, November 4.--Speculators were disappointed of their hopes of rise in prices in todays stock market, of which they fancied that the active buy ing movement at the closing of Saturday s market after the appearance of an un- satisfactory statement was precursor. Reports continued reassuring today of the favorable progress of negotiations over the Union Pacifc-Great Northern matter, but there Is room for the question how far the forthcoming announcement of the result has already been discounted. The benefit of such a development as remov- ing a threatened cause of damage to se- curity values is self-evident but the financial project which these negotiations seek to adjust on a permanent basis has lost its magical power of appeal to the speculative imagination.
 The apparent decision on Saturday to adhere to an optimistic view of the money outlook was also modified today The engagement of s1,50O,0OO in gold for ship ment by tomorrow's steamer to Europe and the renewed strength in the foreign exchange market in spite of sales against this shipment were clear notice of con siderable requirement. still unsatished. The light offerings of government bonds for redemption, compared with the large blocks of last Friday came as another disappointment and dashed the hopes of considerable relief to the money market from that source. Todays redemptions at the sub-treasury amounted in par value to only $159 49O.
 The deposit at the sub-treasury of $200,- 900 for transfer to Chicago was another unfavorable item in the outlook Last weeks current movement gave hope that the western demand had been satisfied, and the current from that direction turned toward New York. leaving out the south to be reckoned with for the future. Today's transfer had a disturb ing effect on this view, although 1t is not necessarily evidence of renewal of any considerable demand from the west
 developments in the foreign market continued to be studied with interest as indicating the continuance of the gold movement The French naval demonstra- tion against Turkey seemed to have an unsettled effect on stock markets, but the renewed decline in sterling at Paris was more important from the New York standpoint. The motives of the calling iioiho ol rTeHcn Capllal on the part or the scale are not altogether clear. In dustrial losses, speculative losses in cop per and several large loans, including a Russian loan and Chinese loan, are sup posed to have their part in the move ment. Individual price movements in to- days market in the call for special men uon. except for the liquidation evident Tn Peoples Gas and sharp advances in the Buffalo, Rochester and Pittsburg stocks, amounting to 5k points in the common and ' points in the preferred. The market closed dull and heavy, but at some recovery from the lowest, Union Pacific rising a fraction over Saturday in the final dealings. Railroad bonds were irregular. Sales, par value, $3045.000
 United States bonds were all unchanged on the last call.
 New York Stock Market.
 By Private Wire fo Mnrnhu A. co