New-York tribune., 1901-10-30
BONDS.
THE DAYS OPERATIONS IN STOCKS

THE DAYS OPERATIONS IN STOCKS.
In the greater part OF the day the transactions
in stocks were made ur OF the operations of
professional trader-- Advancing values did not
attract any important outside public demand for
securities Traders covered their short con-
tracts. and this. with a small amount of COM
mission house buying and some support from
substantial speculative interests. caused general
Improvement throughout the list At the close
the majority of issues showed net advances as
compared with Mondays final level. and in
number of issues the gain amounted 10 l per
cent and better While the market was strong
throughout the day. there no important
news development responsible for the upward
movement. The advance was doubtless based
on technical market conditions and reports
that agreement had been reached in the
Northern Pacific affair. The railway situation
i'm the Northwest has not Yet emerged from the
state of uncertainty. but it may be said on ex-
cellent information that the work Of reaching
a satisfactory agreement is making rapid prog
ress. An announcement that the great railway
and banking interests behind the Great North
ern. Northern Pacific and Union Pacific have
arranged TO adjust their differences on sane
and equitable basis should furnish powerful
argument 10 the advocates for higher prices in
stocks
Gold TO the amount Of S2.600.0o0 was engaged
for export yesterday. This amount will doubt
less be increased by further engagements to-
day. while it is expected that before the end Of
the next two weeks a large amount Of the yell
low metal will be taken for shipment TO Europe.
Local money market conditions showed no ma
terial change. and in the foreign markets there
noteworthy movement in money rates
foreign exchange quotations. In London the
open market discount rate a fraction
higher, but in Paris and Berlin the rate
mained al Mondays closing level The position
OF the international exchange market warrants
gold exports from here 10 Paris and Berlin.
The movement OF gold TO Paris viii merely rep
resent a settlement by London of its obligations
in the Paris market through the medium OF our
own exchange market II was thought yester-
day in foreign exchange circles that the move
ment OF gold from this side might reach a total
Of Slo0Dooo0 but the chances are that exports
will not run beyond S7oo0oOO or SSoO0OOo
The movement of money IS against New-York.
owing in great part 20 heavy shipments Of cur
rency 10 the South. Domestic exchange at
Western points on New-York indicate. however.
that money will soon be moving toward this
centre from Chicago and other Western and
Northwestern points. In the course OF a few
weeks the Southern demand will doubtless come
TO an end, and before the beginning of the new
year local bank reserves should show large
increase over current holdings. AS soon as
money begins 10 accumulate in this city a bull
movement in securities Will doubtless develop
Dealings were comparatively heavy in ST.
Paul, Union Pacific and few other well known
active railroad shares but as a rule the market
showed little indication of life. In the indus
trial list Amalgamated Copper was the only
important feature. This stock advanced on COW
ering of shorts. and at the close showed a net
gain Of "a points. The favorable statements
OF earnings made by the Northern Pacific, At
Gibson. Reading and Erie companies for the
month of September were factors in encourag-
ing bull sentiment in stocks. The anthracite
coal shares reflected the heavy earnings as re-
ported by the Erie and Reading companies
Northern Pacific made one of the best reports
In the history OF the company. showing an in
crease in gross earnings of over $4,000 and
in net earnings Of over S470o0. The Atchison
report indicated most prosperous condition Of
business In the Southwest Net increase as
compared with September year ago amounted
10 s42396J making from July ! a net gain OF
81 6255s1. AS long the railroads continue
TO show such remarkable improvement over the
enormous earnings Of 1900 there need be no
reason for uneasiness the part OF the holders
OF American securities. The market may be a
trading affair for several weeks. but eventually
a much higher price level should be recorded
THE DAYS OPERATIONS IN BONDS.