New-York tribune., 1901-09-17
TRIBUTES OF TWO KINDS.
CAPITAL SHOWS ITS CONFIDENCE IN ROOSEVELT; ALL
CLASSES MANIFEST THEIR RESPECT FOR WKlNLEY
STOCK MARKET BUOYANT.
MANY OPENING AND NET ADVANCES
NEW HIGH RECORDS MADE.


The prophets Of panic were dscredited and dis
eornhted yesterday. for the stock market on the
first day OF business since President Mckfnleys
.5eatb showed striking and even remarkable
strength and buoyancy The closing of the Ex-
change Saturday was undoubtedly a coh'riDu'-
ing cause for IL gave operators ana the investing
,ubc an opportunity for reflection upon the under-
living soundness of market conditions; put the chei
element of the improvement in tone was by COM
mon consent the unequiyocal declaration OF fresi
dent Roosevelt that his purpose would be 10 con-
tinue absolutely the policy OF Mckinley Tor the
,eace prosperity and honor OF the country-an
utterance which connoted conservatism and allayed
ah apprehensons of the trnid.
The formal announcement OF the end Of the lag
,ng and annoving steel strike also had its part in
the establishing of more cheerful sentiment as
did also the assured knowledge that the great
financial interests prepared to act in co-opera-
lion should need arise.
The first quotation on the tape yesterday was
pennsylvania, block of 500 shares coming out al
IA gain Of 81 points over last trloays CLOSE
Other initial advances included Rock Island b;
Manhattan, s; Republic Iron and Steel common 2;
Louisville and Nashville, ~: missouri Pacinc, S's
Southern Pacific, ~; St Louis and San Francisco
second preferred Is United States Steel preierreo
gx. common sIb: Reading common 2; second pre-
serred ls: ST. Paul. Ss.; Norfolk and Western. 2
Arnalgan1sted Copper Sk; Sugar. 3b. Union racine
BIZ; Consolidated Gas. "a; American Smelling pre-
9srred 2sL: Baltimore and Ohio preferred 2A.;
Rio Grande common 81; Colorado Fuel and lron'
~; Metropolitan rs, and Brooklyn Rapid Transit
THE OPENING ACTIVE.
The opening was fairly active. Brokers repre-
s~ntinr solid interests were again active on the
buying side and helped check any tendency TO de-
press prices After the first fifteen minutes nufner-
pus recessions occurred but the tone of the market
continued confident.
There was a large attendance of brokers on the
4vesine floor of the Exchange. Houses with for
eign connections bought literally OF the interna-
tional list, and all the standard issues gave evil
.ence of inside support The largest groups al the
opening gathered about the Union Pacific ano
rTnited States Steel trading posts. significant
feature OF the support given to the Steel snares
was the large amount of stock bid for at various
limits just below prices actually reached. Such
selling of the list occurred was mainly cue 10
profit taking on lots bought Friday by insiders
who had advance information OF the settlement OF
the strike.
- Commission house buying large in volume
and sufficient in many cases TO bring about ad-
vances without assistance from brokers who usual
n " for the big interests.
The recession following the first advance was
followed by another upward movement. although
only In few instances were the first high prices
maintained. One OF the erratic features Anal
.gamated Copper, which sold two points below its
maximum advance. but recovered in part buy
ing by interests said represent Boston houses
The Vanderbilt stocks among the features
OF the market, especially the second class Issues
fact which gave rise 10 renewed reports Of i'm
portant steps leading closer unihcation Of
system. The market closed strong at prices nearly
the best of the day.
SOME NET ADVANCES.
Some Of the net advances were: New-York Cen
tral. points; Pennsylvania AZ: Nickel Plate a..
ST. Paul 6: Rock Island. 6: Big -Four AZ; Colorado
Fuel and Iron. &; Consolidated Gas G; Union Pa
cihc. 5s4: United States Steel common BE- and
preferred 4; Manhattan, 5: Metropolitan. sz;
Brooklyn Rapid Transit, SIS: Baltimore and Ohio
zs4: Atchison. Ss4 Erie, 3ls: General Electric 7.
Illinois Central 2i4: Lake Erie and Western 81:
Reading. 2s; Reading second preferred 81: South
ern Pacihc and Tennessee Coal and Iron. each sss
Texas Pacific 8: ST. Louis Southwestern ureferred
o1s' Monon' S1 and ST. Lawrence and Adirondack,
a&
New nigh records were made by Big Four Chicago
indianapolis and Louisville Nickel Plate common
eno second preferred and st. Lawrence and Adiron
dack.
SaIl money opened at per cent and by noon had
ueciihed to o. In the last hour it touched 9 Der
cent, and IL closed 2k. There was no meeting
yesterday OF the Clearing House Committee al
Enough all the members except Chairman Tappen
were IN the city. prominent member of the COM
tnittee said yesterday:
NO WEAKNESS IN THE BANKS.
There has not been the slightest evidence or sug-
Eestion OF weakness in any of the banks and none
IS apprehended. There have been no anpcations
for Clearing House certificates The Clearing House
VIII issue certificates only in dire necessity
Enc Wflen any or the banks are pressed for money.
however the outlook IS reaSsuring It should be
understood that bank with securities to out ,Iu
vii be iett unprotected III solvent bank should
pe pressed We VIII assist Il. but. as | said before
The issue OF Clearing House certificates viii be
fesorted 10 only as extreme measure ia the al
aoRether remote and improbable contingency of
All the banks being pushed for cash.
That the government is prepared to do all in its
power TO relieve any strain was shown in an early
dispatch from Washington, saying that the Secre-
tary Of the Treasury would anticipate October in
1erest payments, amounting to about 81 10000 with
out rebate.
The demand sterling rate declined yesterday the
CLOSING quotation being 81 si3sGs4 S. II is believed
Ry foreign exchange experts that sold imports will
be arranged within the next day two, and that
perhaps as much as 100000 OF the metal will be
brought into this country from Europe
THE CLOSING OF THE EXCHANGE.
This notice issued by the Stock Exchange:
The Exchange will be closed On Thursday Sep
tenber ls the day of the funeral Of the Pres-
dent, designated in the proclamat tion of Presi-
cent Roosevelt
From the rostrum OF the Exchange were read mes
sages from the London Stock Exchange and the
Liverpool Board Of Trade. which said that those in
etftutions would close the day OF the funeral.
The Clearing House and the banks of the Clear
Ing House Associa ton will also be closed that
day. AS recently Saturday there had been some
doubt this question. as the law requires that
days except such have been designated by Con-
gress legal holidays Since then. however, 81
was said, the committee has had legal opinion in
the matter. and has come to the conclusion that
the banks may be closed.
DEEP MOURNING FOR BOSTON.
WIDESPREAD TOKENS OF SORROW ARE
PLANNED FOR THURSDAY