New-York tribune., 1901-11-11
BONDS.
High Low. Nov. 3 Now Ch'gsI Sales.
THE WEEK IN WALL STREET.

Various favorable factors including rumors
ard actual developments, were responsible for
stock market activity last week. The general
understanding that agreement had been
reached in the Northern Pacific affair was, OF
course the most important influence In arousing
bull sentiment in Wall Street. Commission
houses had larger orders than in many weeks.
and in the last three days of the week the course
of values apparently indicated the beginning of
an active bull campaign in securities. In addi-
ton TO the Northern Pacific reports. rumors of
a pending Vanderbilt deal were effective in NOV
ing values toward better prices 1t was report
ed that the Vanderbilt Junior roads would be
formed into proprietary company. and that the
various securities Of these roads would be pooled
for the closer unification of the Vanderbilt sys-
TEN. There was also report that the Atchison
and Pennsylvania companies would be united
through stock ownership, but this report lacked
confirmation. Indeed. il said by interests
connected with both properties that there would
be no alliance Of any sort between the companies
Speculative activity confined in great part
TO the more active issues, business as rule be-
Il ing poorly distributed. Commission houses re-
ported good demand for out OF town operators.
and large orders from local interests identified
with the larger railway companies. The move
nents in some Of these higher priced stocks
however reflected enormous realizing and an ap-
pareut effort on the part of many holders to
transfer their high priced stocks to the hanas Of
the public The anthracite coal shares were
features Attempts at the close of the week 10
create bear sentiment on these securities on
report that there would be another strike IN the
anthracite coal fields in the spring were not
effective influences. It hardly seems probable
that the coal miners Will undertake another
strike after their present agreement with the
mine owners expires. This agreement is ex-
trerrely fair and generous to the miners. and
the chances are that IL will be renewed next
April. The anthracite coal business is prosper
Gus at the moment, with every prospect Of in
creased activity throughout the year The de-
raand for coal is heavy that the coal roads are
simply unable to secure enough cars to carry
their product to market. In all parts Of the
country railroads report extreme difficulty in Sc
curing enough rolling STOCK TO hanole lnelr enof-
NOUS business.
Railroad earnings for the greater number Of
the roads continue to show extraordinary gains
over the heavy traffic receipts at this time a
year ago For the last week in October gross
earnings Of companies reporting showed a gain
of over Is per cent compared with the same
period a year ago. For the whole month the
increase was 10 per cent. Trade reports from
all parts of the country are most encouraging,
showing no reduction in the volume Of business
and presenting no evidence that the current
period Of Industrial expansion is nearing It's end
While all industries active, special activity
&c noted in the iron and steel trade. Production
continues to run behind the demand for con-
sumption and the outlook encourages the be-
lief that the present heavy inquiry VIII continue
for many months TO come Bank clearings are
large failures in business are small, and all
signs In the business world are favorable. The
effect of large railroad earnings on stocks will
doubtless be greater later on in the year. at
led fx-r
tions affecting railway deals and other large
financial operations.
The course of the money market IN the week
was favorable to bull activity in stocks At least
the developments affecting the local monetary
situation encouraged this belief in speculative
circles Further gold exports were made while
the foreign exchange market foreshadowed ad-
oitional shipments this week Gold exports. how
ever ceased TO worry the Street, owing to the
fact that other developments in the money mar
Ezet offset the influence Of foreign exchange con-
ditions Money remained firm most of the week
but there was no difficulty in obtaining accom-
roodation at reasonable figures. The movement
of currency to the interior was slightly against
New-York but the banks lost only q small
amount OF money, as bond purchases and re-
ceipts OF gold for Pacific Coast account offset
the loss from gold exports and interior ship
Ynents The present so-called adverse factors
in the money market are temporary in charac-
.er There is a vast amount OF money in the
country and exports OF gold and lower bank
reserves In this city do.not indicate q reduction
IN this country's fiscal wealth In October the
actual amount OF money in the country showed
an increase over the corresponding month a
vear ago of s107 119 130 with the circulation per
capita at SOS -. against S2l 81 In the same
month in 1900. Total circulation now stands
al the enormous sum Of 81. .246. .300,542. exclu-
sive OF Treasury holdings. The requirements at
Western points for crop movement purposes
have been filed but the movement Of cotton will
doubtless involve further large shipments to
the South
The foreign markets showed no particular
change in the week, although at the close there
was an easier feeling In foreign financial centres.
The assistance London is receiving from New
York In the way OF gold exports to Paris. has
caused a marked change in foreign sentiment.
Foreign exchange rates were strong at the end
OF the week demand sterling advancing to a
point but slightly under the gold exporting point
TO London. So far an gold shipments from
New-York. have been to Paris The general
course Of stock market values in the local mar
ket was no: Influenced to any extent by the
movements In the foreign market. The advance
here on Thursday helped by heavy de-