New-York tribune., 1901-11-18
BONDS.
High. Low. Nov Is Nov. e.ich'eesD Sales.
THE WEEK IN WALL STREET.

THE WEEK IN WALL STREET
Although the stock market experienced a Sc
we're decline Thursday, the general level OF
values at the close showed improvement as
compared with the preceding week. Realizing
sales were heavy but the new demand was suf-
ficient to prevent any serious setback until the
middle of the week. when bear pressure and
profit taking operations caused substantial
losses in all the more active issues The set
tlement OF the Northern Pacific affair had little
effect on the market, for the simple reason that
IT had already been discounted market in
fuence Indeed, the announcement of the terms
by which the railway situation in the Northwest
has been satisfactorily settled was followed by
heavy Iquidating sales on the theory that all
the good news out In the last two days
OF the week Thursdays losses were recovered.
but there was no important outside demand on
Friday and Saturday.
The money market situation attracted con-
siderable attention in the week, owing to
extraordinary exports of gold In view of the
fact that gold exports amounted to nearly
81 6sln 0Ts1 the course of values showed remark
able resistance to well defined operations for
lower prices. Wall Street was surprised at the
comparative indifference Of securities values to
the developments in the foreign exchange situa-
ton and the ease with which offerings Of stocks
were absorbed without material effect upon
quotations STOCKS certainly appear 10 DE III
strong hands while conditions underlying the
market are sound enough to prevent any dis
turbance over the large demands in the local
money market for foreign requirements. It is
interesting to recall the fact that few years
ago gold exports were attended with extreme
unea siness in local financial circles. Gold that
is now going abroad will not cause any scarcity
of the precious metal in this country For a
time money rates may rule at higher range
but the minute important advance develops
large amounts Of money will be attracted TO
this centre from interior points. In the week
just closed the movement of currency was in
favor of New-York receipts exceeding ship
ments by over 81 100000
Although gold exports heavy last week.
the effect upon the city banks was not i'm
portant owing TO ofsetting factors. such as
bond payments by the government, payments by
the Sub-Treasury for gold received at Pacific
Coast ports and currency receipts from the
interior. AS a result Of the weeks movement
in money the banks showed in their weekly
statement an increase in reserve above legal
requirements of Sf.413ao to $40. .1O3. .s25, which
compares with s., ,669. 775 in the same time last
year and a deficit Of S312 025 in 1899. Bankers
are confident that the monetary situation will
present no unfavorable developments in the
course of the next few weeks. and that by the
end OF the year the supply of money at this
centre will be sufficient to cause an easier ten
dency in lending quotations Interests identi-
fed with Northwestern railway affairs will
doubtless soon be able control large amount
of money now locked up in the Northern Pacific
tangle- The terms agreed upon for the settle
nent Of the railway situation In the Northwest
have been accepted by all the parties in interest
and these terms apparently extremely salts
factory and fair to both the Northern Pacific
Great Northern and the Union Pacific COM
panies. Union Pacific receives d substantial in
terest in the Northern Securities Company
and an active interest in the affairs of the
Burlington road
The foreign exchange market strong
throughout the week and indications pointed
toward shipments IF COLO TO London in the pres
ent week All of the exports last week went to
France. In view Of foreign exchange conditions
the report of the country's foreign commerce
for October is of particular interest. Total ex-
ports. although well under the record of the
same month a year ago were heavier than in
October. 1899. in any preceding October on
record. amounting in value to S14, ,564. .45S. as
against S10S Csc. .S64 in September. Compared
with year ago. the decrease S1I.T49. Odd
due IN great part TO the decrease In the value of
cotton exports. breadstufs and mineral oils the
chief factor being the backwardness Of the cot
ton crop. Cotton is going forward at a
tor Of the export movement is to be found In
the shipments Of corn, which materially
under the record of year age. Imports in Oc-
toher showed a substantial gain over September
and over October, 1900. but the excess of ex-
ports nevertheless reached total of S64 22S-
Col. as compared with excess in 1900 of
500 75S 646 and S53. .7S4,2S9 in 1899 The de-
crease in the export movement appears large
in comparison with last years extraordinary
record but compared with other years current
returns are record breakers.
The general business factors in this country
effecting the acttai value of securities continue
IN favor OF higher stock market quotations
There are OF course. number of issues that are
selling high enough, but the general list of
stocks is well under intrinsic worth Railroad
earnings continue enormous. bank c1earngs are
heavy and trade reports from all parts OF the
country are extremely satisfactory. Earnings
for the last week in October and Tor the month
of October were heavier than ia any October on
record In the current month the volume of
railway traffic viii compare with a favorable
period year ago, but there is every reason to
believe that increases will be made in all parts
Of the United States. The anthracite coal roads
sre doing an enormous business at present