New-York tribune., 1901-11-05
sEx dividend.
BONDS.
THE DAYS OPERATIONS IN STOCKS

Extreme irregularity marked the course oi
Yesterdays stock market AS rule PIlee
changes were limited TO small fracuons ana al
the close there were no important changes. eN-
sept IN few unimportant issues. michigan
Central, on transactions Of about one hunoreu
shares advanced eight points, while Bu1alo'
Rochester and Pittsburg securities also made
souspicuous gains small volume OF pusl-
ness. The improvement IN these stocks. now
eyer was due entirely TO factors affecting the
roads concerned and not to any developments
affecting the general list OF securities In the
earlv dealings Union Pacific and ST Paul en-
doyed marked upward movements, while the
whole list responded to the gains in these snares
In the greater part Of the day, however, huctua-
lions were confined to insignificant figures ana
at the close net changes. as compared With sat
urday.s last quotations, showed unimportant
differences. There were about an equal hulilpei
of net gains and net losses
Heavy engagements of gold for export ap-
,arently restricted speculative trading in stocks
IT was generally believed that the large outso OF
the metal would cause sharp advance III
money rates, and as a consequence acli'e
iouidation in stocks that are supported by bor-
rowed money. The local money market was d
srife frner, but there was no indication OF a
coming important advance in lending rates.
Although gold exports from this port are likely
fo
for uneasiness for the simple reason that gold
receipts on the Pacific Coast and purchases OF
government bonds by the United States Treas
,5rv Will throw an amount of money into the
market large enough to offset shipments OF the
precious metal In addition TO the laclois
named, the local money market Will soon receive
the benefit cf return flow Of currency from the
interior The requirements at Western points
for crop movement purposes have been hlied'
despite the fact that yesterday s5et.oVo was
sent 10 Chicago The movement Of cotton from
rie South will doubtless require a further large
amount Of money from New-York. but the pros
,,ec-s are that within a few weeks an important
movement Of money from the West and North
west will be coming this way The money that
,z-as sent 10 Chicago yesterday was doubtless
3,,a n some special financial operation not con-
nected with the ordinary currency movement
Total dealings in stocks amounted to less than
100000 shares. In the bond market, however
tbera WIS a fair demand for first-class issues,
esneciallv for the Union Pacific convertible is,
which advanced TO above 107. In the last few
aavs there has been a good demand for bonds
An active INQUIRY for bonds generally fore
shadows an active inquiry for stocks, ano hi
.he present case there is no reason to pelleF%
that the dealings IN bonds will not be 1olio"eo
nv increased activity in the securities market
General conditions governing the value OF secu-
rites are not in favor Of lower prices Money
market factors may, for a time. restrict opera
tions in stocks, but before the end OF the year
the money market viii cease 70 be an important
influence in speculation, and as consequence
the outside operators may be inclined TO enter
actively into speculative operations. The North-
e-n Pacific situation may be settled before the
end of this week No announcement was IIIaus l
Yesterday but It may be said on eNcei,eLt'
authority that barring unforeseen develop,
,eents a satisfactory agreement VIII be reacheo
before long
THE nays OPERATIONS IN BONDS.