New-York tribune., 1901-09-19
BONDS.
THE DAYS OPERATIONS IN STOCKS

After early weakness. in the course of when
substantial declines were made, prices exhibited
an advancing tendency, with important net
gains at the close. Covering of shorts was ac-
tive in the afternoon dealings. while commls-
sion houses We're heavy buyers for so-caAieo
nublic account There was news bearing
lpon the value Of stocks. but the Street was
flooded with rumors regarding various proper
ties, especially as affecting the Vanderollt IN
terests. Active movements in New-forh Cen
,raI and other Vanderbilt shares were said TO
foreshadow big railway deal involving New
York Central Union Pacific and their affiliated
properties; but there was, of course. no actual
news TO substantiate the rumors. The New
York Chicago and St Louis stocks made sensa-
tional advances, while throughout the railway
list many important gains were recorded.
Southern Railway shares were strong features,
the dealings in the common stock reaching the
largest total of any railway share on the list.
In the industrial department Republic Iron and
Steel preferred was strong at an advance of
over one point. Sugar Refining made note
worthy Improvement, and the only weak feat
ure was Amalgamated Copper, in which heavy
liquidation took place.
The course of stock market values apparently
indicates extreme confidence in Wall Street in
the ability of the new President to conduct the
lines established by William Mckinley. And the
movement of values also reflects well founded
belief that there is 10 be disturbance in the
money market this fall There are, however,
some people who maintain that the current
strength in stocks is wholly the result of manip-
ula5ion. 1t is contended that vigorous efforts
are being made to advance prices in order that
big may unload stocks that recent events
have forced upon them And to prove this as
sertion ii is pointed that despite the strength
in securities the greater number of people in the
Street are bearish in all their private conversa-
ton on the market. Current opinion certainly is
not a safe guide Tor security market operations.
Whatever opinion may be regarding the course
Of values in the next two months. present con-
ditions suggest nothing that warrants the sale
of investment issues. Stocks are not dear at
ruling prices. and if values go lower in the next
movement that will doubtless develop in the
course Of the late fall or winter
Money market conditions deserve attention,
but they present factors that foreshadow dis
turbance- At the moment the money market
does not encourage the hope of active bull opera
tions in stocks, but from the known factors
governing the market il is safe to say that later
on in the season there will be ample funds at
this centre 70 promote active public dealings in
securities In yesterdays stock market it
reported that after President McKiney's funeral
number Of important railway deals would be
developed and that preparations would be made
especially in the Southwest Money market con-
aitions showed no noteworthy changes. Sterling
exchange was again weak. and after the close
Of business il was announced that $500. 900 gold
had been engaged for import.
THE DAYS OPERATIONS IN BONDS.
GOVERNMENT BoNDs.-Market firm Final