The Washington times., 1901-11-01
ACTIVITY SOON Dies OUT.
Trading Opens Brisk, but Resumes
Normal Proportions.
Advance of the hank of EnEInnd's
Rate of Discount the Only New
Feature-Intcrest Stiu Centres in
the Northern Pacific Situation.

Advance of the bank of EBE1nnd's
Rate of Discount the Only New
Feature-Intcrest Stiu Centres in
the Northern Pacific Situation.
NEW YORK, oct. 31-Apart from this
mornings advance of l per cent in the
official rate of discount Of the Bank Of
England. virtually nothing Of significance
developed with the course of the day
An advance in the Bank Of England's rate
had been looked for. but the extent Of the
rise had not, perhaps, been commonly eX-
pected. The last previous change made
by the bank was in June, when the rate
was fixed at per cent, at which fSure
it has remained up to today
The banks weekly statement was by
no means a weak showing, the proper
ton Of reserve to liability being over i5'2
per cent. so it may be inferred that the
bank management acted in anticipation
of further and material drain upon the
London money market. Chiefly IN conse-
quence of the foregoing circumstance the
London stock market was generally weak,
and American stocks participated fully in
the general tendency. Foreign houses
were again sellers in this market, dispos-
ing in the course of the forenoon, OF
about 5000 shares of stock.
As was the case yesterday, interest cen
tired chiefly around the Northern Pacific
situation, but nothing that was definite
in that respect was added to the general
information today. 1t is now commonly
and reasonably believed, however. that
the negotiations looking to a definite con-
clusion of the questions at issue Will be
successfully terminated, although perhaps
not within the brief limit of time which
Wall Street thinks sufficient to accomplish
such n purpose. 1t was the general un-
derstanding today that no definite an
nouncement can be expected prior 10 the
return to this country of one Of the arbl-
traitors selected at the tentative settle
ment arrived at last May.
The market opened firm and fairly ac-
tive. but subsequently the trading fell
away to nominal proportions The deal
ings developed few features of particular
interest. There were further advances in
Delaware and Hudson and Delaware,
Iackawanna and Western, but the move
ments in the lower priced anthracite coal
stocks were very limited, altiloush ~
trading in them continued active. 81
luminous coal road shares, on the othtr
hand were firm, with conspicuous rise
apparent in Chesapeake and ONO.
St Paul and Union Pacific, owing prop
ably to the absence of any definite lntor-
nation respecting the Northern racine
situation were somewhat reacuonary-
The Vanderbilt stocks continued firm 81
though they did not furnish any OF the
recent pronounced movements that nave
made them conspicuous in the market.
The strongest stocks of this group were
the Lake Erie and Western shares ana
the New York. Chicago and st. Louis Is
sues The fluctuations in the local tTac-
tion stocks followed the Irregular lines
upon which they have recently been con-
Quoted. Manhattan Railway was notably
strong snd Brooklyn Rapid Transit was
firm while Metropolitan Street Railway
reflected renewed pressure. Local politi-
cal considerations seemed TO play some
part in the movements of all these stocks.
The developments in the industrial quar-
ter were uninterestng. The United States
Steel stocks moved within very narrow
limits and Sugar Refining was ccfnpaTa-
lively neglected Amalgamated Copper
was again a conspicuous feature of the
days dealings and was weak. nUtw''
standing the assurances of the
largest Independent producer ~. the metal
that no reduction In its selling price was
likely. The sterlin- exchange rates re-
covered from the reaction or yesterday,
which vac plainly Incidental to the gold
SHIPMENTS and the money market was
firm in all Of its quarters.