Evening star., 1901-10-31
Stock Market Still in Hands Of
Professionals.
Indications Of Financial Stringency
Abroad Have, Little Effect.
GENERAL MARKET REPORTS
'pecial Dispatch to The Evening Star.

Special Dispatch to The Evening Star.
NEW YORK, October 31.-An increase
in the Bank of Engiand's minimum rate Of
discount from to per cent failed to find
any material reflection in the course OF
prices in today's stock market. The sd-
vance Is significant, however, as rejecting
monetary condition in London which is
not altogether promising. The expenses OF
the war in South Africa may force another
war loan in England and at a time when
France is being steadily forced toward a
further pledge OF credit.
This prospect, coupled with the Industrial
depression in Germany, leaves America
alone in any early effort to promote activ-
ity in either business or speculation.
The present stock market reflects the
differences Of opinion as to the ability of
the country to live up to this responsibility.
provided, of course, the attempt is made.
London has been a free seller for q fort
night in anticipation of higher money at
there may have been has been provided -or
IN the liquidation already noted.
The assimilation of the stocks has been
well accomplished when the narrowness OF
the market is considered.
There is nothing in the local situation to
indicate that the market Is taking on
breadth. Many spasmodic movements are
recorded, but the steady and unostentatious
prolonged campaign is missing. 1t Is a
traders market almost wholly, and move
ments of to per cent. indicate an oppo-
site effort.
Earnings keep up rema rka bly, well. but in
many instances remarkable showings are
necessary to maintain present prices and
contribute nothing toward higher ones.
Friction in the Northern Pacific is almost
certain TO be avoided and settlement
reached, but here also the effort to estab-
lfsh harmony is an, effort to get what was
paid for in the original deal.
What won't happen because Of the set
tlemen is more than double in significance
what probably will happen In the event of
success. The general situation will be I'M
proved by the disposing Of this source of
annoyance, and some other tangles may be
demand will not be Immediately aroused.
The coal stocks are the favorites just now
because of the high prices for the commod-
ity.
There are. in addition to this reason many
rumorS of important Developments Della
ware and Hudson may advance it's dividend
rate to per eantanext year. 1t has the
money and theEe is no question of policy
which threatens the project just now:
Lackawanna Is doing, well and the control
Is in demand al higher prices, but without
tempting a transfer.
Erie is working along lines suggesting
on the first preferred and per cent on
the second preferred. Once the distribu-
tion is provided for III the latter case the
issue may be retired IN order to bring the
common stock within range Of dividends
Similar progress is being made in other
properties in the group.
Some manipulation IN the vanderbits was
reported. but the movement made little
impression on sentiment. Closer relations
between Atchis8n, and Pennsylvania are
discussed in explanation of the recent
strength Of the former. Manhattan was
strong. but METROPOLITAN was sold by in
side interests. Copper and the Steel stocks
showed no support from interests in touch
with the MANAGEMENT