The age-herald., 1901-11-03
STOCKS CLOSE 1T
 HIGHEST POINT Union Pacific Most Prominent
 in the Rally. THE MOVEMENT NARROW Cash Decrease for the Week Proves to By a Million and Half In
 Excess of the Es-
 tlmates.
THE MOVEMENT NARROW

AhdA hCA was SPOthS oAAN
 but made a firm closing at about the best, generally after the appearance or the weak bank statement. Very large or ders were placed in various stocks to eI- feet the rally. The selling after the panK statement had been considerable ana the gains earlier had been pretty well wiped out. Union Pacific was most prominent in the rally and was marked up to 103A through many offerings or several thousand share blocks each The Southern Railway stocks, Baltimore and Ohio Amalgamated Copper and United States Steel preferred also kept steady the last named rising a point over Fri daI St. Paul was notably heavy and rallied but feebly, dropping back to the lowest of the day just at the close The general movement was narrow but some less important stocks moved widely. Peoples Gas was sharply depressed. There was strength in Illinois Central and the St. Louis and San Francisco stocks.
 It was hoped that the gold exports, coming late in the week would not figure for the full amount in the bank state ment under the average system. But the cash decrease proved to be million and a half in excess of the estimates The loan item showed the process of loan expansion by the banks still heavy in force. The London money market showed relief by disbursement of Novem- Der dividends and sterling at Paris recov- cred a fraction. Further gold exports from New York next week are counted as practical certainty. The strong rally in Union Pacific at the close was accompanied by rumors that statement of the terms of the Northern Pacific set tlement was a possibility before trading was resumed on Monday. Prices of ] stocks have drifted uncertainty during the whole of the past week with no con sistent movement defined at any time. The conflicting eddies of the pool of speculation have been due to movements of individual stocks under the influence of special causes. The prevailing im- pression among market observers has been one of dullness near the low rec ord. For the first time this year the weekly transactions have fallen below the aggregate transactions for the corre- spending period of last year during one of the weeks of October, yet survey of the transactions of the whole month re- veals an aggregate of 14023,147 as com pared with a total of 100, 9S5 for Octo- Der of last year, which was in turn the largest aggregate of transactions for any October in the previous ten years. Sales of bonds for the October Just ended amounted to a par value of $64 954 600 compared with $42,297, 600 in October of last year.
 The multiplication of securities listed and dealt in by their expanded share is- sues counts for the maintenance of the amount of business in the stock market above any previous record for the corres- bonding time of the year. The usual withdrawals of banking deposits for &C., tive circulation in the course of the crop movement, makes this normally period SfT apilness in speculation. The fostering fcause9Nf speculative activity in the accu- kReauop Of idle reserves in the banks, which are employed by the average spec nlator in the form of loans on call.
 t%is sfound' to be the invafiable rule that a demand for money for mercantile ana industrial purposes works a contrac- tion of the supply available for specula- tive purposes on call, no matter what the ruling interest rate for call loans may amount to. Thus, m December 1899, when the war In the Transvaal broke out the demand for call loans for spec uiative commitments on the stock ex- change ran the rate up to 186 per cent per annum and precipitated severe pan ic. but did not check the outgo of gold to London. Speculation is therefore natur- ally timid in times of strong currents in the shiftings of money supplies. Op- tons continue to vary as to what will be the ultimate direction of values when speculation Issues from it's present dor mant and hesitating condition. The ag- gregate requirements of foreign, money markets until the turn of the year are still undenied and the events of the week point to the likelihood that the New York money market will be called upon to meet those requirements.
 The prolongation of the Boer war keeps Europe shut off from It's customary source of gold supply. while the contin- ued production In this country makes 1t tho most available source of supply In- dustrial depression in Germany and Rus sia have involved heavy losses, French capital having been largely committed in Russia. This is held to account for the calling home of French capital.
 s Railroad bonds have been quite active during the week, with periods of notable strength here and there. United States Ss advanced #, the refunding 2s and the old As. #, the 5s, E, and the new As per cent above the closing call of last week.