The San Francisco call., 1901-10-21
LONDON MARKET
VERY SLUGGISH
Experts Do Not Expect
Favorable Reaction
for Some Time.

LONDON, Oct. 20-The Stock Exchange
last week was extremely dull and wholly
professional. Various causes contributed
to the stagnation, among them the indus
trial depression in Russia, Germany and
France, the American uncertainty touch
ing copper and railway developments, and
lastly and chiefly the-South African situa-
ton.
Experts do not look for any serious
break in the market, because the specula-
tive public whose timioity usually pre-
cipitateS a panic, is wholly eliminated at
present; but they think it will be long
while before there is any decided favor
able reaction.
The unusually good traffic reports made
home railroad shares the most favorable
features of the week, but these had no
effect upon the general list.
Money is still easy, but unless there is
prompt increase in the open market
rate gold shipments to Paris and Berlin
will soon be inevitable.
Mines are hard, general dullneSS char
acteriZing that section. The recent at
tempt to boom Kaffirs has failed, despite
the permission of the authorities for the
starting of fifty additional Rand stamps,
lower
BERLIN, Oct TO- - Notwithstanding
much news from the industrial centers,
strong. The volume of business remains
slight, outsiders holding aloof. Neverthe-
less the feeling is somewhat more conf
dent.
French Money Invested in Coal.
A favorable factor was the buying of
coal and iron shares for foreign account.
1t is asserted that considerable French
money was invested in such securities dur
ing the week and especially in coal shares,
upon the eape6tad{lon ot coal ind Strihe Ike IN IN
100000 marks were invested in Harpener
coal for Paris account. There has also
been some British buying. A number of
inquiries were received from abroad re-
garding German industrials making good
investment. Nevertheless coal shares
generally were neglected, domestic inVeS-
tors being influenced by American i'm
ports of coal and the impending reduction
in prices.
The Improvement in coal and iron shares
reached four points this week. The coke
market is described as very feeble"
Stocks are accommodating, and it is con-
sidered certain that the situation must in
crease the restriction of the output to Sc
per cent. American railroad shares were
the strongest features Northern Pacific
preferred was heavily bought for New
York, gaining 4.12 points yesterday. On
quotation being 1O4.62. Foreign rentes
were generally strong, particularly the
Chinese loan, owing to the signing of the
peace protocol. Italians were strong on
the fall of gold premium, but Spaniards
were weak.
EOT61Gn LOdAS 0Cll1 w Gdhs
In consequence of the condition of the
money market domestic loans were weak
Imperial threes lost 065 and Prussian
threes 050 There was much short sell
ing of both. Foreign holders also sold
Another cause of weakness was the rate
of new loans and the belief that the gov
ernment continues to sell the loans pri-
vately, anticipating the issue. 1t is now
regarded as certain that considerable new
loans will be f1oated the new year, both
imperial and Prussian.
Private discount advanced on the week
q of point to per cent, which was
maintained. The impulse to this was
chiefly the scarcity of money in Paris.
Considerable French paper was offered
here for discount. Another cause was the
Reichsbank's return for the week. which
proved somewhat unsatisfactory. 1t is
said the bank has been compelled to pro-
long a number of bills in order to pre-
vent insolvencies and other difficulties.
The Bourse gave considerable attention
to the negotiations between the Algemeine
Elkektricitaets-Ge -Geseddschaft of Berlin
and the Schuckert Electrical Company of
Nuremburg for establishing a community
of interest, arranging prices and saving
expenses in selling. The shares of the
latter company improved strongly in con-
sequence.
German works are now securing orders
for locomotives in India. This Is ex-
plained by the possibility of more rapid
delivery, owing to the fact that the Brit
ish works have heavy orders ahead The
Prussian railroad authorities will soon
order 400 locomotives.
The sugar syndicate has decided to re-
duce production next year, owing to the
low prices and the amount of stock
The alcohol syndicate has reduced prices
four marks per hectolitre in the case of
crude alcohol.