New-York tribune., 1901-11-04
THE WEEK N WALL STREET

The movement of prices IN last weeks secur-
tiles market was irregular, while the volume OF
business showed little important public interest
in speculation Money market considerations
were the chief factors in shaping the course OF
values Fear Of higher rates for loans as re-
suit of gold exports tended to restrict trading
but il caused no uneasiness in general wall
Street circles. According TO the lest inforna-
ton from well informed banking circles there is
little possibility of trouble in the local. monetary
situation Although large amount Of gold has
ALREADY been engaged for export. and while the
chances favor further heavy shipments OF the
precious metal local bank holdings are large
enough TO satisfy the foreign demand and 10
take care Of all local legitimate requirements
The condition of the foreign markets is not alto
gether promising. but it is generally believed
that the assistance from this country viii pre-
vent serious disturbance in foreign financial
centres.
The New-York money market slightly
1rrner last week but il presented evidence
IF an inpOrtant coming advance in rates. Ster-
ling exchange was strong in the greater part of
the week with quotations at a point which per-
rnitted Of gold exports al profit In Paris ex-
change on London weak, while in Berlin
there was no important change. Discounts IN
Paris Berlin and London were higher. and IN
the last named place the official minimum rate
10 I per cent The holdings of the Bank of Eng
land were considerably reduced in the week. but
he advance in the discount rate was purely a
protective measure the part of the Bank OF
England. London is endeaTorng TO cast the
burden of gold exports upon the United States
The movement of metal from here merely rep
-rsents an operation by which London VIII
draw on this centre meet its obligations which
are now maturing in the French capital The
Il ant ny c1prf21 IL
itfes to encourage the import Of gold from the
Tinted States but this fact Will not interfere
with shipments for the simple reason that ex-
change rates are at level which permits gold
shipments without extra inducements Totai
5-:id exports in the week for Paris account
amounted 10 nearly S3o00o0n It is generally
believed that in the present week large amounts
of the yellow metal will be sent abroad
The weakness and irregularity in the stock
market on certain days of the week were due
TO foreign exchange conditions, 70 disappoint-
Inc:I over the failure Of the Northern Pacific
interests TO make an announcement regarding
a settlement of the Northern Pacific situation
and 10 a general understanding that the copper
situation In a promising position Re
garaing the movement of gold 1t is we'll to
bear in mind that while gold goes out from
New-York heavy receipts recorded on the
Pacific Coast a large amount of the metal mas
months, while Alaska and the Kiondike have
sent record breaking sums TO this country In
addition TO the increase from the sources named,
an important increase in the gold supply has
been made by the production Of the Western
mines The movement of money is no longer
against New-York despite the shipments Of
currency TO the South. Domestic exchange at
Western points New-York indicate that the
Western and Northwestern requirements Of
money have been filled and in the course of the
next few weeks money should begin to return
to this centre from the West in large amounts
The most important factor In the money market
situation outside of gold exports recorded
in the last week the announcement by the
Secretary of the Treasury that further offers
Of government bonds for payment would be
ceved. Under the last circular Of the Treasury
Department respecting the purchase OF bonds
over $4,000. 600 put into circulation, and
IL generally believed that an amount
equally as large the amount named will
soon become item in the New-York bank
holdings The Secretary Of the Treasury is
buying government bonds, owing - the heavy
excess of government receipts over expendi-
lures. 1t is not the policy Of the present ad-
Hinistration to keep a large amount of idle
money in the Treasury il a way be found
10 put it into the channels Of trade
At times in the week there a fair de-
nland for stocks. but there was no hearty re-
sponse from the so-called public The uncer-
tanty regarding the Northern Pacific situation
served to restrain operations in the market,
while money market considerations and other
factors OF passing Importance were effective in
suppressing all outside enthusiasm and specula-
tion. The Northern Pacific situation has not vet
reached a stage where public announcement re-
sardinS settlement can be made 1t may be
said however, on good authority that the nego-
tiations between the Northern Pacific, Great
Northern and Union Pacific interests moving
along in a manner satisfactory to all concerned.
An enormous amount Of money is involved in the
so-calIed Northern Pacific tangle, and the pub
lie may be forced to wait for little time
before an official announcement be made
fuying OF the anthracite coal shares was an
active feature in the week. These issues were
in good demand from excellent class Of buy
ers. and IT was generally understood that a
prominent Broad-st- operator was engaged in
advancing the hard coal shares The position
OF the coal trade has probably never been better
than II lie present, both the production and
demand being larger than ever before recorded.
Earnings in October of the various anthracite
nd all