New-York tribune., 1901-10-29
BONDS.
THE DAYS OPERATIONS IN STOCKS.

Money market considerations were the chief
factors in shaping the course OF values in yester
days trading Fear Of higher rates for loans rs
a result Of expected gold exports created bear
sentiment in speculative circles and moderate
amount Of commission house liquidation. Stocks
sold We're taken by good class of buyers. but
no efforts were made by important interests 20
support the market. Declines were moderately
heavy in the more active issues especially in
ST. Paul Union Pacific, New-York Central.
Sugar Refining and the copper shares. Anal
gamated Copper suffered sharp decline. and
the industrial shares in general were under
pressure. Weakness in the stocks commonly as
sociated with Standard OIL ownership induced
belief in some circles that powerful operators
were taking an active position the short side
of the market. If these shares advance to-day
opinion win be reversed. II is not safe to
base predictions regarding the market on the
passing opinions of ordinary speculators In
Peoples Gas slight rally at one time reflected
the favorable decision for the Peoples Gas Com
pany in quo warranto proceedings recently
brought by the city OF Chicago while the fall
ure of the rally 20 hold apparently indicated
the complete absence OF public interest from
the market
The local money market presented no evidence
OF an important coming advance in rates. Ster-
sion was general that gold exports would be
made this week In Paris exchange on London
declined again. while the Berlin rate remained
unchanged. Discounts in Paris and Berlin We're
at Saturdays figures, but in London the open
market rate advanced "A OF per cent. 1t was
reported from the last named centre that the
chances favored an advance by the Bank OF
England in its rate this week. The general
harket was depressed in London over alarmist
f'ports regarding the Kings health British
consols dropped TO 9l*, the lowest point since
1855 The factors just named not OF suf-
ficient Importance TO create alarm among Ameri-
investors. and it appears extremely unlikely
that conservative holders Of American railroad
and industrial securities VIII be induced TO part
with their investments in the event OF heavy
gold exports from here. high money rates and
foreign financial difficulties. Stocks are in
strong hands. and on all declines good buyers
are increasing their lines. A traders market.
however is about all that may be expected for
some time TO come.
The indications are that gold will be sent 10
Paris on Thursdays steamers. representing an
operation by which London VIII draw on this
centre 20 meet its obligations in the French
capital II was reported from Paris yesterday
that the Bank OF France would not grant special
facilities 10 encourage the import OF gold from
America, but this announcement VIII hardly
stay an outward movement OF the metal. as the
condition OF the international exchange market
makes inducements TO send gold unnecessary.
Rates are al level that will permit exports
from here I q profit The city banks can af-
ford TO ship gold without upsetting the local
monetary situation BY helping the foreign
markets New-York win be taking protective
measures in its own interest. Serious trouble
abroad would be reflected in the American mar
kets. and gold shipments from here should.
therefore, be considered favorable factors.