The age-herald., 1901-11-01
STAGNATION IN
 STOCK MARKET No Pressure to Sell But Prices
 Drop Lower INTEREST RISES IN LONDON Doubt as to Foreign Demand for Gold Chilled All Speculative Enthusl- asm-oovernment Bonds
 Are Unchanged.

New York, October 31.-Except for spe- cial movements in few individual stocks today the market ran down to stagnation many times There was no pressure to sell, but prices gravitated to lower level on account of the paralysis of demand The central cause of this state of af- fairs was the advance in the discount rate of the Bank of England to four per cent compared with the three per cent rate, which had maintained since June l3 last This gives unmistakable notice that further demands are pending upon the banks stock of gold which the rise in the discount rate is intended to pro- tect by diverting the demand upon New York. No doubt seems to be entertain- ed that this object will be achieved. In fact arrangements were already perfect ed today for shipments of gold to Paris next week. The weekly statements of the Bank of England and the Bank of France show the need of the former to check the French demand upon their reserves, and as clearly the necessity of the latter for the recuperation. The French bank has gained in gold during the week about what the English bank has lost. The latter's credits have also been expanded to the extent of 100O00OO incident to the month-end requirement. In Paris this re- quirement is supplemented by a pending stock exchange settlement so that the bills discounted have been increased nearly s45,00O, 900 and the note circulation has been expanded over $35 100000 during the week. These conditions serve to ex- plain the large recall of Paris credits which has been going on for some time past, although it has been suggested also that foreign lenders of money are thus expressing dissatisfaction with some of ! the syndicate purposes to which the bor- rowed funds have been put.
 The gold exports figured in the sub- treasury statement today bringing up the days gain by the institution from the open market of $3,169 900, and the gain since Friday last to $3, S30000. Chicago ex- change on New York also weakened to- day, and $140,000 was deposited at the sub-trasury for transfer to New Orleans. On the other hand the sub-reasury paid out over half a million dollars on account of deposits at San Francisco and Seattle, and made payment of S112127 for re- deemed bonds, thus cleaning up the last of the acceptances under the late offer of the secretary of the treasury. The re- newed doubt as to the extent to which the foreign demand for gold may go chilled all speculative enthusiasm. Hopes are professed that tomorrow's dividend inter- est disbursement will soon come back to relieve the money market, but this did not seem to revive any feeling of cheer fitness in the stock market Neither did the announcement of the determination of the treasury to resume bond purchases, although the inclusion in the offer of the long As is likely to attract considerable tenders, judging by the experience of the past summer. Among the stock ad- vanced today without any special reason assigned were Hackawana, Delaware and Hudson, number of the Vanderbilts and Chesapeake and Ohio, the last on Phil adelphia orders, attributed to Pennsyl- vania Railroad account Amalgamated Copper was depressed on the inclusion of new plaintiffs in Montana suits against the company. The stock closed above the lowest. The Northern Pacific settlement fell into the back ground with the heav- mess and neglect of the Pacifics, which continued to the close and made the mar ket easy. There was considerable selling also of United States Steel and Glucose and Smelling were weak. There were some selling spots in the bond market, but the price movement was irregular. Hotal sales, par value, $1,185, GOO.
 United States bonds were all unchanged on the last call.
 New York Stock Market.
 By Private Wire to Murphy & Ca