The San Francisco call., 1901-10-28
LONDON MARKET
CONTINUES DULL
News From South Africa
Deters Spectators
From Investing.

LONDON, Oct. N.-The Stock Exchange
had another dull experience last week,
without any appreciably brighter outlook
for the near future. The money market
was the most interesting feature of the
situation. The Threatened drain of gold
to Paris materialized and the open market
rate responded, advancing from "a to 3.
A considerable quantity of gold was taken
out of the bank, creating some popular de-
mand and an increase in the official rate
of discount.
In view of the fact that the gold reserve
is now under 925. 100000, an advance in the
rate is very probable, but there is moth
ing TO indicate when it will be made. The
same factors which deferred speculation
in the week previous continued to operate
this week Chief among these was the
South African situation, every heavily
censored cable report rom that point be-
ing eagerly scanned in the hope of favor
able developments, but in some instances
without result.
An instance of the way South African
news is being 'doctored" for the benefit
of the public and the Stock Exchange was
afforded when the papers all announced
in large headlines that one British column
had brought in $50 prisoners to Kleerks-
dorp, October IT, Following this sensa-
ton was a Cape Town message saying
that the net result of sweeping operations
by four or five British columns through
the Rustenburg regioh during the tive
months prior 10 OcloDer IL had been the
capture of $50 fugitfves, thirty-seven of
whom mad guns.
The public, however, remains aloof of
the Stock Exchange, leaving the profes-
sIonalS TO scalp fractions out OF one an
other.
Home rails continued fairly firm during
the week, and Americans furnished some
interest rising IN response to New York
M tat ICT7G
trading.
Consols, always a reliable barometer,
fell / 1l-16 points.
BERLIN, oct. 7.-Last week the Boerse
had a quiet and uneventful experience,
with no considerable changes of quota
tions in any department.
Several weeks now having passed with
out fresh>revelations of business disaster,
the opinion is gaining ground that the
most critical stage OF the economic dis
ease has been passed. Accordingly, indus
trial securities fairly maintained quota
tons throughout the week. Although the
| Cologne Volks Zeitung denies that the
sGerman iron industry shows the slightest
Improvement in any branch the most re-
cent sales in Great Britain and the
united States have made good impress
sion The Boersen Courier learns that the
Americans have recently taken 1900 ad-
dltional tons of spiegelisen.
referring to the situation In the United
States the Frankfurter Zeitung says:
1t is a favorable factor for industry that
ployed and scarcely able to take further or
ders. Naturally this reduces the other sharp
competition of the United States in the mar
kets OF the world and gives the German indus
1t is striking that German workers have Sc
cured large order in Cuba which is a natural
market for the United States However the
fact should be emphasized that the price which
the German manufacturers conceded leaves a
little. If any, profit
American railroad shares were firmly
held throughout the week until yesterday
especially Northern Pacific, upon the
strength of the expected combination but
yesterday they were heavily offered in
consequence of the latest advices from