The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1901-09-11
DAY IN WALL STREET
RECOVERY OF PRESI-
DENT M4xINLEY ADDS STRENGTH
TO THE MARKET
TIGHT MONEY s A FACTOR
Course of Prices Was IrreeuIar i'm
the Extreme, AIthough Net
Changes HavetGeneraIIy
Been Small.

Tuesday. Monday.
Call money, New York 3-5% 2-6
NEW YORK, Sept. 10.IThere was soma
uneasiness reflected in Che stock marker
resisted with a degree of success and was
OFFSET by other factors, the most notabIs
ana effective Of which was the gratifying
news OF the continued improvement OF
President Mckinley at Buffalo. The mar
ket was palpably artificial to a degren.
owing to the continued influence of the
precautionary measures put in force af--
Ter the attempted assassination of tho
president on Friday. These consisted of
free buying on recessions, with the sole
purpose of ,stemming the tide of reaction
and of the lending Of money freely to
keep down the rate While yigorOus SIM
signs OF reaction, it was also true that
heavy offerings to realize met any ad-'
vance in prices. The consequence was a
constantly varying movement IN and
down which gave the market an exceed
lngly irregular appearance at all times
The closing was heavy and the extreme
advances were much curtailed, and in
some cases, entirely wiped out S2 :
Opinions differed widely as to the ef-
fects which would follow from the pro-
poSals of Seer etary Gage for releasing
government funds to the money market.
1t is the opinion that banking interests
will be able to command a sufficient block
of government bonds for offer to the sec
rotary on terms which he can accept to
protect the money market from any real
crisis. But it is to be remembered that
the offer for redemption of government
bonds at price fixed near to the pres
ent market value which has been stand
ing since last April, has been responded
to for some time past with only a dribble
of small offerings, of significance on the
money market. The other part of the
secretary's offer, to increase government
Il Nncitc to4 yal1 Of he
ment bonds left with the treasury as Sc
curity, tends to increase the disposition
to hold the bonds and thus may dim nish
the offerings. -0A2
The Increase in government deposits
with the banks can only be made out for
future receipts on Account of the inter-
nal revenue, which fungrather less than
$l,CGo,COo day altogetther While a pos
stringency of money that would effect
the commercial transactions of the coun-
try, there is some skepticism in the stock
market whether the, measure will insure
borrowers on call Who, hold stocks for
speculation against the calling of loans
and forcing of liquidatfon to pay the
loans. There was hardening tendency
Of stel ling exchange today also with the
rather easier rates for@@monay here and
the prospects of additional supplies, which
carried The intimatierr yhat it must be a
substantial need for money which Will
bring gold from abroad yet. Payments
on account of gold deposited at San
Francisco and Seattle to the amount Of
$78S,S3 were made at the subtreasury to-
day, while $4,000 was deposited for
transfer to New Orleans. An early ru-
NOR of an extra dividend on st. Paul this
week and a later one of a settlement Of
the steel strike were used with effect TO
support the market, the stocks most i'm
mediately effected leading the advance On
each occasion. The Pacitics, Amalgamat-
ed Copper and number of the Junior
Vanderbilts and minor railroad stocks
werealso advanced sharply.
Railroad bonds were only moderately
active and firm Total sales, par value,
81 $4,000 United States Is and the new
Is advanced p per cent on the last call.
STOCKS