The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1901-11-01
DECLINED FROM INERTIA
STOCKS LOWER ON THE EXCEEDING
DIZZINESS OF THE MARKET.
Increase of Bank of England Rate
Causes the Stagnation-Moneta
Conditions Are Bad.

NEW YORK, Oct. 31.-Except for special
movements in a few individual stocks to
days market ran down near to stagnation
many times. There was no pressure to SELL
but prices gravitated to a lower level on
account OF the paralysis Of demand The
central cause of this state of affairs was
the advance in the discount rate Of the
Bank of England to per cent, compared
with the 3 per cent. rate which has been
maintained since June Is last. This gives
unmistakable notice that further demands
are pending on the banks stock of gold,
which the rise in the discount rate is in
tended to protect by diverting the demand
to New York. No doubt seems TO be en-
tertained that this object will be achieved.
In fact, arrangements were perfected to-
day 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 on its reserves and as clearly the
necessity of the latter for recuperation.
The French bank has gained in gold dur
ing the week about what the English bank
has lost. The latterS credits also have
been expanded TO the extent Of $4,000, 0O0
incident TO the months end requirements.
In Paris this requirement is supplemented
by a pending Stock Exchange settlement
so that the bills discounted have been in
culatiOn has been expanded over $]5 600, 600
curing the week. These conditions serve
TO explain the large recall of Paris credits
which has been going on for some time
past. The gold exports figured in the sub
treasury statement to-day, bringing uD the
days gain by that institution from the
open market to $4,000 and the gain
since Friday last To s4.6S0,O00 Chicago's
exchange on Kew York also hardened, and
$4,000 was deposited at the subreasury for
transfer TO New Orleans. On the other
hand, the subtreasury paid out over $500 600
on account Of gold deposits at San Fran
cisco and Seattle, and made a payment of
SIP l27 for redeemed bonds thus cleaning
up the last of the acceptances under the
late offer of the secretary of the treasury
The renewed doubt to the extent to
which the foreign demand for gold NAV go
chilled all speculative enthusiasm. Hopes
are professed that to-morrOw's dividend
and interest disbursements will soon come
back 10 relieve the money market but this
did not seem 20 revive any feeling of
cheerfulneSs In the stock market. Neither
did the announcement OF the determination
of the SECRETARY OF the treasury TO resume
bond purchases. although the inclusion in
the offer of the long fOurs is likely to at
tract considerable tenders. judging by the
experience of the past summer Among
the stocks advanced to-day without spe-
cial reason assigned were Lackawanna
Delaware * Hudson. a number Of the
Vanderbilts and Chesapeake K Ohio the
last on Philadelphia orders attributed to
Pennsylvania Railroad account Amalea-
mated Copper was depressed on the inclu-
sion OF new plaintiffs in Montana suits
against the company. The stock closed
above the lowest.
There were some strong spots in the bond