The Montgomery advertiser., 1901-11-01
WALL STREET REVIEW THE MARKET AT THE POINT OF
 STAGNATIoN. Prices Gravitated Lower Because of the Paralysis of the Demand.
 Special Movements in
 Few Stocks.

NEW YORK, Oct. 3I.-Except for special
 movements in a few individual stocks today
 the market ran down to stagnation many h,
 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
 4 per cent. compared with the per cent.
 rate which has maintained since June last.
 This gives unmistakable notice that further
 demands are pending upon the banks stock of
 gold. which the rise in the discount rate is
 upon New York No doubt seems to be en-
 tertained that this object will be achieved. In
 today for shipments of gold to Paris next
 week. The weekly statements of the Bank of
 need of the former to check the French de-
 mand upon their reserves and as clearly the
 necessity of the latter for the recuperation.
 the week about what the English bank has
 lost. The latters credits have also been ex- the month-end requirement. In Paris this re- quirement is supplemented by a pending Stock | Exchange settlement. so that the bills dis | counted have been increased nearly S45. 0oo,- | 900 and the note circulation has been expand- | ed over S35, 900, 900 during the week. These conditions serve to explain the large cali of Paris credits which have been going on for some time past, although 1t has been sug- gested also that foreign lenders of money are | thus expressing dissatisfaction with some of the syndicate purposes to which the borrowed
 funds have been put The gold exports figured ed the days gain by the institution from the open market to s. l 69, 900, and the gain since Friday last to S, ,S30 000 Chicago exchange on New York also weakened today and Sl 40. | 900 was deposited at the sub-treasury for | transfer to New Orleans. On the other hand, | the sub-treasury paid out over half n million | dollars account of deposits at San Fran | cisco and Seattle and made payment of s D. | I27 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 as to which the foreign demand for gold may go chilled all speculative | enthusiasm. Hopes are professed that tomor- rows dividend interest disbursement will soon come back to relieve the money market but | this did not seem to revive any feeling of cheerfulness in the stock market. Neother did | the announcement of the determination of the Secretary of the Treasury to resume bond pur- chases although the inclusion in the offer of | inc long AS is likely to attract considerable tenders judging by the experience of the past Summer. Among the stock advanced today without any special reason assigned were Lackawanna, Delaware and Hudson, number | of the Vanderbilts and Chesapeake and Ohio, | the last on Philadelphia orders, attributed | to Pennsylvania Railroad account. Amalga- mated Copper was depressed on the inclu- | sion of new plaintiffs in Montana suits against l the company. The stock closed above the 1 lowest. The Northern Pacific settlement fell | into the background with the heaviness and | the close and made the market easy. There | was considerable selling also of United States Steel, and Glucose and Smelling were weak. | There some selling spots in the bond
 market, but the price movement was irregu-
 lar. Total sales, par value, $ ,l65, 900.
 l United States bonds were all unchanged on
 the last call