The Houston daily post. [volume] (Houston, Tex.) 1886-1903, 1901-11-01
SMALL DEMAND FOR STOCKS
DUE TO MONEY SITUATION.
Main Cause of the Paralyzed State Of
Affairs Was the Advance in the Dis
count Rate in England

New York. October II. Except FOR spe
cia movements IN few individual stocks
today the market ran down TO stagnation
many times There was no pressure to
sell but prices gravitatcd to 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 for per cent, com
pared with the per cent rate which has
maintained since June 10 last This gives
unmistakahe notice that further demands
are pending upon the banks stock of gold
which the rise IN the discount rate Is
intended to protect by dIverting the de-
mand upon New York No doubt seems to
be entertained that this object win he
achieved In fact. arrangements were al
ready perfected today for shipments of
gold 20 Parts 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 upon
their reserve and as clear as the necessity
of the latter for the recuperation.
The French bank has gained in gold dur.
ing the week about what the English bank
has lost. The atter's credits have also
been expanded to the extent Of S10,OOO000
incident to the months end requirement.
in Paris this requirement is supplement-
ed by a pending stock exchange settle
ment, so that the bills discounted have
been increased nearly S45,O0o,OO0 and the
note circulation has been expanded over
S35,0O00o0 during the week. These condi.
tons serve TO explain the large recall of
Paris credits which has been going on
for some time past, although II has been
suggested 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 export figured In the subtTeas-
gain by the institution from the open mar
ket 10 s., l69 600 and the gain since Friday
last TO SS,sSo.00o. Chicago, exchange. on
0o0 was deposited at the subtreasury for
transfer 10 New Orleans. On the other
hand the subtreasury paid out over. hall, a
million dollars on account OF gold deposits
pas ment OF S1l2,12T for the redeemed
bonds, thus cleaning up the last OF the
aceepta5ees under the late ofer OF the
secretary OF the treasury.
The renewed doubt ms TO the extent Ia
which the foreign demand for gold may
go Shilled all speculation. Hopes are pro
fessed that tomorrows dividend ana inter.
EST disbursements viii soon come back e
as seam ans ip r; market mar. put this dg
fttnsss n the stock market. Neither did
iiie announcement Of the determination oil
tir secretary OF the treasury to resume
bond purchase although the inclusion IN
IS oner OF The long hours is fkely t,
altraet considerable lenders Judging D,
the experience Of the past summer
Among the stocks advanced today with
on. any special reason assigned were Lack
awanna. peleewasTs and Hudson, a nuRbe
Ohio, the last on Philadelphia orders al
tributed 70 Pennsylvania account
Apalgamhted Copper was depreseed q,
The lnel1mon az new p,aintlns in Monts =,
suits ngainef the company. The stocl
closed above ths lowest. The Norfnern "a