The Washington times., 1901-11-04
STOCK MARKET COMMENT.
Northern Pacific Matter Likely TO
Be Adjusted Shortly.
Financial Situation Abroad Causing
Geld ExDorts-Prospect of n Heavy
Cotton Movement in the Near Flu
ture-The Recent Bond Purchases.

Gold EXp0rts--Prospect of II Heay!
Cotton Movement in the Near Flu
ture--The Recent Bond Purchases
NEW YORK. Nov. Stock marl5e
valuations last week were well main
tained Notwithstanding almost complete
apathy on the part of the public and th'
absence Of extensive manipulation on th'
bull side. At the same time, apart from
a few particular stocks. the weeks ne
changes in prices have been very limited
General Information respecting the exact
status OF the various features Of the stu
alton upon which attention is now con
centrated continues rather ncbuloUs
Everyone seems to be OF the opinion that
the various parties in interest in the
Northern Pacific situation must in the
near future arrive at some form OF agree
ment upon the several questions AT issue.
and this opinion is adhered to because
everyone knows that the parties TO the
controversy must, in their own interest,
settle this question permanently and
definitely.
The conditions in the copper industry,
which have for so long been fretting the
speculative mind, appear to be receding
somewhat in general interest. The situa-
ton there seems TO be little more than
one as to the ability of the management
of the Amalgamated Copper Company
and the other producing interests affil!-
ated and acting with them, to maintain
the price Of the metal at its present
figures. 1t is commonly believed that in
their attempts to carry out their purpose
they have been forced to accumulate
large stocks Of the metal, but their re-
that they will be entirely successful in
policy which has heretofore proved dis
astrous 10 others working upon the same
general lines
Farseeiug and cautious observers still
place the monetary situation in the fore
most place of Importance as regards the
general outlook. The week witnessed the
opening of expectations of gold to Europe
in volume, and the further advance in dis
count rates at all the important European
financial centres foreshadows additional
shipments of the metal. The general for
eign exchange situation can only be re-
garded as abnormal, and the unusual CON
ditions prevailing there are complicated
by the crop shertagesS in this country,
the disturbed industrial and financial con-
ditions in Europe, and finally by the con-
fict for the control of the Northern Pa
cific property. 1t IS commonly understood
that the parties 10 that contest had re-
course to the foreign exchange market in
connection with their purchases of the
stock, and that they have since been car
rying their load through the making Of
exceedingly heavy sterling loans. Hence
1t may be seen readily that definite and
final solution of this question is of i'm
mense Importance in more ways than one
The outward movement from the ports
OF the cotton crop is still sluggish, but
the receipts Of the staple at interior points
seem to be increasing rapidly, and the lat
ter movement furnishes some hope of
freer export movement AS has been ex-
pected, the Bank of England this week
marked up sharply its official discount
rate, Notwithstanding that the banks pro-
portion Of reserve to liabilities is still
maintained at comfortable percentage.
The bank s action can only mean that the
management expect the London market
must continue to count upon severe
drain from the Continent for an indeterm-
Unable period.
The Treasury authorities al Washing
ton have been quick TO recognize the sig
nificance Of such a situation and have re-
surned purchases Of Government bonds
through private tenders. Apparently these
bond redemptious by the Government af-
ford, al the moment. about the only pos
sible source of relief 10 the monetary sit
uation. In addition, there is. of course,
IIIeT--tEerFTsrer of ssuiu run Tne "a
cific Slope on account Of the receipts from
Australia and the klondike. but these are
Intermittent and no. Of sufficient volume
to Offset the losses o.. other accounts.
For a number Of reasons that have been
already adequately set forth il is prob
able that the shipment Of currency to the
South and West this autumn VIII fall far
below the amounts sent to those quarters
in other years, and IN comparison with
the corresponding periods in 1895 and 1899
the New York banks are still fairly well
fortified in reserves Indeed, there are in
dications that the movement may be over
already.
The Industrial quarter Of the market
has not shown the same degree of firm
ness that mas characterized the trading in
the railway list. That quarter indeed has
shown steady and, at times, severe pres
sure. The large number Of very disap-
pointing statements Of earnings recently
submitted By industrial corporations might
be cited as one Of the chief factors in
their course. and recent. no little con-
cern has been created by the apparently
Well-gTpundcd intimations that the treSl-
dent IL his annual message TO Congress,
will take a strong stand in advocating
restrictive legislation by Congress against
the so-called trusts. 1t is understood,
however, that the President viii not go
much further than 10 advocate legislation
of this character, and will leave all of
the details TO Congress
controversy viii be settled because It
must be settled and can be settled. 1t
remains only for the parties IN interest
TO devise some form OF security which VIII
be acceptable to the public to enable them
to transfer their burden to the latter. 1t
IS the common expectation that while the
tremendous scope Of such an undertake
ing Will involve a great deal Of time 10 be
worked out, some definite information viii
be forthcoming within the next fortnight.
Aside from the money market and indeed
of even more direct market Importance,
the solution Of this question is undoubt-
edly the most immediate matter to be
reckoned with. As noted, 1t has already
played its part IN deranging the foreign
exchange and hence the money market,
aot to speak of its unfortunate effects in
other directions The conditions created
can be corrected only by the same per-
sons responsible for them, and they are,
of course. most directly concerned IN re-
storing order although the public likewise
has a vast interest In the general subject