New-York tribune., 1901-10-15
BONDS.
TEE DAYS OPERATIONS IN STOCKS


The stock market was irregular the greater
part OF the day. with final prices showing more
net gains than losses. In the early dealings a
considerable amount Of long stock came on the
market, and in the first hour of trading prices
declined throughout the list. In the subsequent
transactions a frmer tendency developed, but
there was no important support 10 the prices
and absolutely no outside demand for stocks.
Wall Street sentiment was apparently stiH bull
sh, although the extreme optimism that de
veloped at the close Of last week had evidently
been moderated by the adverse criticisms re-
garding the condition of affairs in the North
Western railway situation. The public naturally
realizes that the interests back Of the Great
Northern-Nort Pacific combine hold vast
amount OF stock which they would cheerfully
unload at the first available opportunity. The
Northern Pacific tangle, so-called. may be un-
;avelled at a considerable cost TO the public.
provided the public can be induced TO help
@r. Hiu and his associates in the Great North
srn and Northern Pacific roads.
The position Of the foreign markets is not ia
Forable TO bull enthusiasm abroad. and IN the
present state of the local market foreign condi-
ions may have an adverse influence here
Money rates. both IN Paris and Berlin, were
srmer yesterday, and cable dispatches recorded
extreme bear sentiment IN financial and specu-
ntive circles IN the foreign markets The crop
,eports from Russia and Germany were bad
while the situation in Paris was said to be more
erious than was generally known. Paris ex-
;hange on London was again weak The Sc
tere losses IN copper speculation in the Paris
market have apparently demoralized the entire
financial situation in the French capital. and
he chances are that gold imports from London
win soon be made. Berlin also would like TO
,et gold from London, and as a consequence OF
he German ana French demand the United
states stands little chance Of receiving the
irecious metal from London. Indeed. from the
present position Of the local exchange market
looks as if this centre might soon be called
Ipon to export gold to Europe. Despite the con-
Htion OF the foreign financial markets and the
ocaI exchange market, conservative bankers
tate that there is no cause for uneasiness over
he money situation in this country. The New
.ork banks hold a large reserve above legal re-
uirements, and, although the demand from the
aterior viii >~ontinue for several weeks TO come
here is Y reason 10 suppose that city bank
loldings VIII not be large enough 10 handle
il legitimate requirements. Since Friday night
he local banks have lost on Sub-Treasury
perations upward Of 100000.
The report OF the Industrial Commission ere
tied bear sentiment on the industrial shares.
nut there was no important liquidation The
recommendations made by this commission will
tot II put into effect, affect the sound indus
rial concerns. for the simple reason that these
pmpanies are not combinations in restraint Of
rade. The securities of the dividend paying
ompanies are selling at prices which recon-
mend their purchase. Inside buying re-
orted yesterday in the steel shares and in
lumber OF other issues Heavy selling for
European account was noted in the early deal
ngs especially in Southern Pacific, which, how
yer. was well bought by local interests. 1t is
enerally understood that this stock has been
ccumulated by important market interests and
hat a well known Broad-st operator is advis-
az his friends TO buy for a materially higher
rice. Earnings Of the Southern Pacific are
normous. and II its present record can be main
aimed dividends viii soon be paid ST. Paul
took was extremely irregular and heavily sold
" people who were active buyers when the
took was 10 points under its present level 1t
Fas learned yesterday on excellent authority
hat Union Pacific interests have not been buy
ag St Paul stock There is apparently no
ruth in the rumor that ST. Paul viii figure in
nv Northwestern railway combination. Pool
cling was reported in Union Pacific. Southern
railway and the local traction shares. The
olurne OF business showed an important fall
* of from last weeks operations and indi-
atsd a dirninution OF bull interest In securi-