New-York tribune., 1901-11-01
BONDS.
THE DAYS OPERATIONS IN STOCKS

THE DAYS OPERATIONS IN STOCKS
Dealings in yesterdays stock market We're dis
appointi.siy small. while the movement OF
ysiues brought little encouragement to the acTo-
Gates of higher prices. Although opening quota
-ions were above the preceding days close the
sanarai tendency throughout the five hours or
trading was toward a lower range or prices
There was no important selling, ana oulsiue
of the operations Of room traders IheIe was
little OF consequence IN the days business WI"
,ba excay,t.ou OF Delaware and Hudson and
Delaware IIaczavanna and Western there was
no investment buying OF Importance Union
Pacific and ST. Paul were sold by traders on the
4oi1,re of the interests behind the Northwestern
railway situation TO announce the expected plah
for the settlement OF the railway difficulties N
that mart of the country. Progress toward
sna1 cor1piete and satisfactory agreement al
fecting the relations between the companies
interested is being made The public may DE
forced TO wait for official announcement out
from all indications ii is evident that there VIII
be nc setback in the current plans
The weakness in the market in the afternoon
was helped by further strength in the Foreign
exchange market, rumors Of heavy gold exports
next week and hints that the copper situation
had taken turn for the worse. Regarding goId
exports. it is interesting 20 note that while gold
goes out from the Atlantic Coast ports large
amounts OF the metal are being received at the
Pacific Coast ports. Receipts Of gold at San
Francisco from Australia nave been heaNE lot
the last six months, while arrivals from Alaska
and the KIondike have been larger than ex-
r1ected In addition to this increase IN our golu
holdings the Western mines are furnishing
large supply Of the precious metal for the pene-
fiji OF the industries of the United States. This
country can easily spare gold for the account Of
he
ward movement should reach substantial
total the actual money position IN this country
will not be weakened. New-York rates for
money may rule higher before gold exports come
10 an end, but the situation should not develop
any distressing or disturbing factors. The Sub
T,-eas s,lry Yesterday transferred S10G 600 to New
Orleans for the account Of local banks, while ii
maid to the banks over 100000 on account or
gold received al San Francisco and Seattle. The
movement Of money 10 the St1th Will Doubtless
continue for some few weeks 10 come, but in
the West and Northwest requirements for crop
movement purposes have apparently been filled
Before long a return flow Of money from the
West should begin.
Th+. Bank OF England advanced its minimum
discount rate i per cent to 4 per cent at its
weekly meeting yesterday. The higher bank
rate affected the open market rate, which
showed an advance Of one-half Of ] per cent.
The Paris and Berlin rates remained unchanged,
while in the local market a frnler tendency
was noted both in time and call money. The
weekly statement Of the Bank Of England
showed a reduction in the percentage OF reserve
from 4S2s to 4.55s In 1899 the bank rate ad-
vanced 20 its highest figure record at o per
cent with the percentage Of reserve at only
few points under present reserve. AT that time,
however the percentage was steadily downward
for several weeks finally reaching 361b cent
The advance in the Bank Of Engiands rate
was effective il advancing the local rate for
demand sterling. Exchange on Paris is still at
the point at which gold shipments have been
made this week, and the prospects are that the
conditions will show important change in
the next week
The immediate outlook for the stock market,
81 based upon business conditions. would
courage the prediction OF higher prices. At the
moment, however, speculation is controlled by
factors OF passing Importance which apparently
suggest the short side of the market to the
greater number Of room traders Stocks bought
at current prices will doubtless Sell many points
higher later on In the season. The cheap indus
:rial issues, such International Paper pre-
ferred International Pump and American Car
and Foundry preferred. ought prove profitable
Investments prevailing prices In the rail-
way list Southern Pacific and Southern Rail
way are well thought Of because Of their COM
parative cheapness. While professional truders
are not bullish the moment, il may prove wise
not TO sell stocks short for more than a turn.
There are some good reasons for the belief that
coming developments VIII cause sharp upward
in values.