New-York tribune., 1901-11-07
BONDS.
THE DAYS OPERATIONS IN STOCKS.


The confident expectation of an early settle
,,,ent Of the questions involved in the southern
Pacific control was responsible for advancing
x,s,,ee in Yesterdays market. Union Pacific and
ST Psul on heavy transactions made consplcu-
ous gains, while the railroad list IN GENERA
enjoyed strength and comparative puoyah0s
Although sentiment was apparently pu4l-sh Al
commission house circles, there was NOT an eS-
pecially active demand for the greater nuiIioei
of securities. It is true that oeahhss assie-
ra+ed one million shares, but examination
of -he detailed statement Of business shows
that of the total sales over one-half was sup
,Iia5 f,v eight stocks. Early strength was sue
needed by irregularity and heaviness IN some
issues but before the close the majority OF
shares developed renewed strength, Win sup
stantial net gains at the end Ihe advance
was marked in the stocks connected with the
Northern Pacific affair. Union Pacific sold as
high as 10S1. ST. Paul touched li4$s ana
Southern Pacific 61A- Last prices were gener-
ally the best prices. A settlement OF the Norfh-
ern Pacific situation is apparently being dis
counted as far as the stocks directly inVoiVeo
Gre concerned and IL IS a matter OF con-
siderable doubt whether the actual announce
raent of an agreement will be followed by note
worthy gains in value. Splendid railroad earn
sngs fail TO stimulate activity, and 1t may re-
rr1;re something stronger than a Northern Pa
riiic settlement to encourage a big bull market
Rt present
The money market outlook is not discourage
ing, despite gold exports and low bank reserves
in New-York Both Of the factors named are
Temporary In character. There is vast amount
pf money in the country, and gold exports from
New-York and reduced bank holdings do not
foreshadow any decrease in the countrys 8 hscal
wealth In October the actual amount or
money in the country showed an increase over
October year ago Of S107, 19,130. with a cir
culation per capita Of SOS u, as against S2f 81
in the same month fl 1900. Total circulation Is
s. 800 542 exclusive OF Treasury holdings.
Gold coin in the country outside Of the National
Treasury amounts to S633 SIS. Al, and, despite
gold exports from Atlantic ports, this amount
is likely TO grow throughout the year from gold
receipts at Pacific Coast cities and new proouc-
ton from our mines. The National Treas
ury IS overloaded with money. and legislation
at the next session Of Congress will doubtless
be effective In keeping more government money
In the channels Of trade. Money rates were
firm yesterday. and predictions Of an advance
were heard. Higher lending rates may be war
ranted Cor a brief period
The London market was heavy, except for
American shares, while money was higher, with
Paris exchange on London weaker. Public men
IN England apparently look for another war
loan and uneasiness is therefore felt in London
Stock Exchange circles. The United States
may be called on to finance an English loan
This would take considerable money from
here but almost any amount could be spared
to prevent serious disturbance abroad If the
equilibrium Of the foreign markets is preserved
the local market Will naturally be strengthened
London trading IN the local market was heavy
yesterday. the difference between New-1ork
and London prices making arbitrage dealings
profitable. There was little noteworthy weak
ness II the general list, while il the last hour
the whole market was strong, with net gains
tn most issues at the close ST. Paul. Union
Pacific Southern Pacific and Missouri Pacific
were features. Metropolitan and A1nalgamated
Copper were weak in the greater part of the
day and il was reported that well known
Broad Street operator was selling Metropolitan
and other issues. Southern Railway shares%were
in demand
TIE DAYS OPERATIONS IN BONDS.