New-York tribune., 1901-09-17
BONDS.
THE DAYS OPERATIONS IN STOCKS,

Opening prices in yesterdays stock market
were at advances Of from one to hVe polil''
over Fridays closing quotations LONDON quola
+icns for American securities came in at smart
GAINS and in the first dealings here the infu-
ence of the London market was an ehecuNe
factor in shaping the course of the local market
II is ouite likely that much of the buying in
London was on orders from New-fork- Inc
main factor however. in advancing values was
a demand for stocks the assurance by the
rev President that his aim would be to continue
the nolicv of the Mckinley administration for
the peace prosperity and honor of the country.
Other favorable factors bearing on the situation
were the official end of the steel strike the an
ticipation by the Treasury Department OF the
interest due government bonds in octooer
and general expression of confidence in the busl-
ness world in President Roosevelt. Active cover
ing Of shorts was feature throughout the day,
but commission houses put in large buying
orders from a substantial class Of clients. On
the advance many large operators who were
forced TO take stocks in Fridays decline were
heavy sellers.
Opinion differs regarding the probable course
of the market in the next few weeks. but there
is a well founded belief in most circles that the
stability of investment values will not be upset
as result of the death Of President Mckinley
In some circles it is thought that after the re-
action from last weeks decline prices VIII sag
until the money market becomes easier and until
it is definitely known what changes President
Roosevelt will eventually make in the Cabinet
1t is generally agreed that barring a radical
change in conditions affecting the country's
business prices for securities will move under
the influence of bull activity before the end Of
the year. Meanwhile there can be no possible
reason for parting with sound investment is
sues. While there was liquidation yesterday by
interests who supported values last week, there
was good buying by people who take stocks
for a long pull and who willing to sit
or their holdings until prices move their way.
The market closed strong at nearly the best
figures of the day. last transactions being
marked by an increase in commission house
business. The common impulse was buy.
Money rates declined TO . per cent, although
the greater number of loans were made earlier
in the day at per cent Sterling exchange
was weak, with rates at about the gold import
ing point
The statement of foreign commerce for August
Just received shows further heavy addition to
this countrys trade credits abroad Exports OF
general merchandise exceeded imports in value
So, ,519 577, but both the total export and i'm
port movements We're under the record of
the preceding month. although heavily beyond
the totals of the same month year ago. Com
in value over S11 0O0 600. while exports increased
in value nearly 81 100000. From January / eX-
ports, not including silver. have amounted in
value to S93S 30 S14, against 1915 O62 516 in the
corresponding time in 1900 and S792, $50, SOB in
1899. For the eight months Of the current year
the excess of exports over imports amounts in
value TO 1859 800 :335. With a trade balance
largely in this country's favor every month
there is no reason for alarm over the position
Of the financial markets Of the United States.
In the month of August Europe sent in part
payment Of its trade debts gold TO the amount of
S3,2l4 ,S96. payments being made mostly by the
way OF Australia, and advices received last week
foreshadowed further heavy exports Of the metal
from the same source. In addition a large
amount of Klondike gold was deposited in this
country indirectly on trade account. Whenever
the necessities of the situation demand
gold shipments viii be made direct from London
or Paris. From the of the exchange
market yesterday gold imports are imminent.
Total stock sales amounted to over 100000
shares.