New-York tribune., 1901-10-26
RONIlS.
THE DAYS OPERATIONS IN STOCKS.


terdays stock market. There was. however, no
important outside demand for securities. al
though in certain issues insiders were actively
engaged in market operations. A number Of
substantial spectators worked for higher prices,
but they appeared TO have little support from
the leading banking interests. II is quite evil
dent that the more important Wall Street in
terests are anxious TO postpone bull operations
In stocks until the few uncertainties in the situ-
alton have been satisfactorily cleared up. Op-
posed 10 their worthy efforts is a strong party
OF active spectators. who believe that the mar
ket is in good condition TO advance and that IT.
will need only few days OF rising values 10 at
tract large public demSnd for securities. SO
far the advance has been helped more by pool
manipulation than by legitimate inquiry for
shares. And on the advance OF the last few
days heavy liquidation has come from quarters
where stocks have been carried ever since the
decline OF May and the decline following the
shooting OF President Mckinley. This selling,
however, has been wholly for the purpose oi
easing loads thar have become too heavy No
one Is selling because OF conditions governing
actual values. The actual worth OF most securi-
ties is above the current market level, and
eventually much higher prices should be made.
After great irregularity final prices showed a
few more net losses than gains. In the early
dealings advancing values in St Paul and l mon
Pacific created sympathetic movements in many
ether issues. but before midday most of the i'm
proVement was lost. The decision in the llllnols
franchise tax law case caused selling IN Peo-
pies Gas: also in the local traction shares the
movement in the last named rejecting a theory
that decision on the Ford Franchise Tax law
IN this State might be Influenced by the opinion
of the Illinois court Officers Of the Peoples Gas
Company assert that the effect which the fran
chise tax Will have on its earnings has been
grossly exaggerated by Wall Street The de-
cision. however upholding the law viii doubt
less drive many corporations away from the
State of Illinois The anthracite coal shares
were in fair demand at advancing values, Read
ine, Erie and Ontario ard n estern being es-
pecally active Coal TRADE reports are won
derfully good. and indicate that the years
production Of hard cOnl Will be heavier than IN
any preceding year record. No falling on
in demand is noted as a result of current high
prices for the product. In the last hour ~.
Paul made further gain, but the general mar
ket closed duh and heavy.
The foreign markets were weak, and London
sold large amount 81 stocks on the local eK-
change. Weakness in London was caused by
heavy withdra wals of cold for Paris and predic
tions in banking circles that further heavy ship
lments of gold 90 the Continent are probable.
IL is understood that some stTingency in money
is expected In London According TO cable ad-
vices received yesterday advance in the
Bank OF En.lands minimum discount rate is
likely although the position OF the Bank is
better at present than il was this time
wear ago In the local market exchange rates
were near the gold exporting point, and il was
said that shipments could be made 10 Paris ana
Berlin without loss at the prevailing quota
tions II is now thought that some gold may 60
ont this fall According TO the known movement
OF money I'm the week the local banks have lost
in cash over S20000e0 Had ii not been for re-
ceipts OF Australian gold in the week the loss In
cash would have aggregated s6oooeeo