New-York tribune., 1901-04-28
OUR SECURITIES IN EUROPE.

London April 27.-Ovving TO the approach OF the
opening OF the Buffalo Exposition, Americans were
finn on the Stock Exchange here to-day, but there
was little business done because OF the New-York
Stock Exchange being closed. Northern Pacific
common, Wabash and St. Paul made notably sub
stantial advances. Grand Trunks were strong and
IN brisk demand. Thirds buoyant on the i'm
proveInent in the financial position japanese were
dull. Copper was steady.
Money in good demand The supplies. how
ever, not large although the bulk OF the sur
plus OF the loan application was liberated. Dis
counts firm. but inactive.
Business the Stock Exchange was tolerably
cheerful, owing to the growing impression that,
with the loan OF the way speculation is likely
TO revive. Consols were firm, as were also Scotch
rails.
Most OF the weeks business consisted in borrow
Ing money from the bank per cent, partly to
apply IL TO the consols. yielding less than per
cent This with the settlement requirements, made
necessary borrowing 100000 The market was
somewhat disappointed at the fact that there
reduction OF the bank rate this week, expecta-
tion of which increased the reduction of the
bank rate in Germany and the announcement that
New-York gold had been shipped here. The banks
action chiefly owing to the lowness of Paris
exchange and the desire of the directors further
strengthen the reserve, which will be measurably
accomplished with the receipt. week hence. of
the reported shipment of 100000 from NewYork,
followed quickly by ESQ 900 from India. A reduc-
ton, therefore, depends on the extent Of the i'm
portation of gold, though II IS uncertain that IL
will be retained.
Should the Russian loan be introduced in Paris,
expected, French exchange will doubtless fur
ther decline dverting Paris all arrivals of gold
In England. The inflow from the country, with
ESQ 600 from abroad, has increased the bank
by f763.ooo. The usual May outflow the
provinces and Scotland will perhaps reduce the
serve TO 100000 next week, but it Is possible that
additional shipments from New-York with the
gold the way for May. will restore the reserve
f24 100000 by the middle of May.
THE Statist' says:
The impression is growing in the city that the
3la per cent and. shortly afterward to per cent.
plentiful and cheap for a month or TWO. The
grounds on which this view is based are, first that
only to pay for the portion of the loan taken by
% 8sf go ay lor winch ie s afe I benr pGp
made 1t is stated that at least 50 cent of the
Therefore, large the balance of trade is IN favor
Of the United States. it is eontended S that the
i Is pointed m out that al money is very
50 daily. is growing easy everywhere the Conti-
nent; that gold is coming from various other direc
object in keeping up rates whereto we reply that
We are not quite so certain that the United States
Will have 10 send geld on account of her subscrip-
tons 10 the loan Americans are now selling con-
the gold but our Indebtedness to the Continent is
very great, especially TO the Leading French banks.
be withdrawn. consequently disturbing the market.
Commenting on the balance of trade "The Stat
list" says:
The purchase by American firms OF fio.GooooO Of
the loan VIII TO some degree enable in
securities for some portion of large imports OF
American produce. but already American houses
have resold portion of the consols taken and the
actual amount going to America may not exceed
100000. This VIII not go far toward paying for
the immense purchases OF produce Consequently
the bank is rightly desrous OF strengthening its
world. IL will enable with difficulty to meet
the demands of the autumn. How much gold
America will send to London in connection with
the loan IL is impossible TO determine. Possibly
however 100000 II the money value In London is
maintained.
Money has been in strong demand in India di
mnishing the Bank OF Bombay balance TO 40 lakhs
and the Bank of Bengal balance to 81 lakhs COM
pelling an advance OF the official rates The de.
mand is attributed to wheat coming forward In
large quantities. This. with the increased supply
OF bills has caused the present rates The tele-
graphic transfers, II maintained, will result in GOLD
shipments from Australia 10 India, renewing pur-
chases Of silver for coinage purposes.
The rise in silver during the early part OF the
week was partly duo 10 mint and continental pur-
gotiat.ng for the control OF the worlds OUTPUT
which forced up the price 10 Is in .nidweek The
sharp decline due 10 sellers, though not Amer
ican. being anxious to secure profits TO their
being compelled TO sell by the dearness of money
The American supplies the market In the
hands of one broker. who refused to make a price
when asked