New-York tribune., 1901-09-11
BONDS.
THE DAYS OPERATIONS IN STOCKS.

Stock market trading in the early dealings
presented the usual symptoms incident to Sc
we've break and its resultant rally. Irregular1ty
prevailed throughout the morning. with alter
nate periods Of strength and weakness, in the
course Of which efforts were apparently made
by certain interests distribute stocks bought
on Saturdays decline. In a measure this move
rnent was successful. but the buyers were gen.
4rallv weaker financially than the sellers. and as
consequence prices sagged whenever the new
buyers found themselves with stocks on their
hands. In the afternoon. however. the whole
market became strong. closing al substantial net
advances in the greater number Of issues Re
newed active buying for both accounts followed
the announcement that the Secretary Of the
Treasury would entertain proposals for the pur-
chase of S20.0o0,o00 government bonds and per-
NIT local banks TO retain internal revenue re-
ceipts on deposit 10 the amount Of the par value
Of bonds already deposited to secure govern
ment money.
Capital stands united 10 prevent any monetary
disturbance in Wall Street. This factor alone
should encourage holders Of good stocks to keep
a tight hold of their investments while 1t ought
to induce great caution on the part Of profess
sionaI operators who favor lower prices. In
yesterdays market call money was in good sup
ply at So per cent, but sterling exchange ex-
hibited hrner tendency. The appeal by New
York bankers TO the Secretary of the Treasury
to release some Of the accumulated surplus in
the Federal vaults has been granted. but the
chances that gold imports will have TO be
depended upon rather than government assist
ance. Bonds TO the amount Of S1.0O0.000 were
offered to the Secretary yesterday for New-York
account It is not probable that there large
blocks of government bonds available for sale,
as the greater part of the supply in this city is
locked up for national currency circulation Sc
curity. OF course. If the price offered by the
government is unusually attractive fair sized
offers may be made. The deposits of internal
revenue receipts under the Secretarys ruling
will divert about S50O0o00 from the National
Treasury.
The present position Of the money market may
not be conducive TO period Of active bull
speculation, but IL exhibits weakness suf-
fcient to encourage bear operations IN securi-
ties Most stocks are worth more than they
bring at present. and at the current level or
binary margin accounts ought to be safe. In the
good railway and industrial shares ample rea-
exists for buish sentiment. This IS es-
pecially true in railway stocks such as Louis
willie and Nashville, Southern Pacific and the
Southern Railway issues, and in the Industrial
class international Paper preferred. International
Pump ana American Car and Foundry shares.
Southern Pacific was the most active stock in
yesterdays market, while st. Paul Union Pa
cifc. Atchson and Erie common and first pre-
ferred were other conspicuous features of the
railroad list Southern Pacific was helped by
fits big July earnings, and st. Paul by reports of
extra dividend declaration. OF the indus
trials international Paper active at a sub
stantial gain. American Car and Foundry pre-
ferred advanced 3 points on light dealings and
international Pump j point. Heavy realizing
sales in the late dealings caused recessions at
the close.