New-York tribune., 1900-09-06
R0NDS
TIE DAYS OPERATIONS IN STOCKS.

The demand for stocks in yesterdays market
rejected an increase in commission house orders
Prices were strong and higher in the greater
humber OF issues, the leading speculative favor
ties 81 particular showing a marked upward
tendency. Politics and money were important
factors IN shaping the course Of values. The
election results IN Vermont were considered
fairly satisfactory from the Republican point Of
view, and as Wall Street is overwhelmingly
Republican this year. irrespective Of former
party affiliations, the vote IN the Green Noun
tain Stats naturally strengthened confidence in
the outcome Of the November election. Ease in
the money market encouraged bull sentiment,
and bankers freely expressed the belief that
there would be no serious trouble in money this
fall, despite the possibility Of further gold ex-
ports and an active demand from the West and
South. AS yet the interior has not called upon
this centre for funds, but of course a demand
must soon arise incident to the necessities of
the crop moving period
Local bank reserves in good condition,
and the increase IN bank note circulation
should protect the money market against strln-
gency. The city banks hold nearly $29.000.OO0
of National bank notes. This amount is not
included in cash holdings and legal reserve.
but bank notes are good money, and there is
no reason TO suppose that they Will not be used
In part TO meet the expected demand for cur
are used as suggested there viii be no squeeze
IN money rates, although current easy quota
lions will doubtless be followed by higher fig
ures. There is a large amount of money in the
country, and the official statement Of the Treas
ury Department, which shows an increase in
circulation in August Of S9,529, ,639. ought to
silence the people who preach that there is not
enough money 20 "go round" The real value
Of securities is not based upon the passing
fluctuations IN money, and higher price for
loans should not be followed by genuine iquida-
ton IN stocks. Stocks are not dear. If lower
quotations are brought about by speculative
manauvres there will be many attractive bar
gains on the market
London bought stocks in this market a1z
there was good class of buying throughout
the railroad list from local interests, Realizing
sales were responsible for heaviness in Sugar
Refining. and reports Of further cuts IN the
price Of gas III Chicago weakened Peoples Gas,
bur as a rule the industrial stocks were firm
and higher. Western shorts covered IN the
granger shares on the improving crop outlook
and the continued heavy earnings The enor-
nous gain by the St Paul company for the
last week in August and satisfactory gains by
other roads received some attention as market
factors The only important exception to the
gains in earnings was furnished by the Louis
Vile and Nashville company, which showed a
decrease Of $4,000. Reading and Jersey Cen
tTal were inclined toward heavness on the re-
v1val Of coal strike talk Southern Pacific was
bought by insiders, and investment orders were
reported in New-York Central and Pennsyl-
wanna Peoples Gas rallied in the afternoon on
good buying, which induced covering by the
shorts. Federal Steel was well taken Buying
OF Chess peake and Ohio and United States
Leather was E feature. Final trading was on
declining prices