The news & observer. [volume] (Raleigh, N.C.) 1894-current, 1901-09-11
STOCKS AND BONDS.

New York, Sept. 10--There was some
uneasiness reflected in the stock market
today over the money outlook, but it
was resisted with degree of success
and was Offset by other factors, the most
notable and effective of which was the
gratifying news of the continued improve
ment OF President Mckinley at Buffalo
The market was palpably artificial to a
degree. owing to the continued influence
of the precautionary measures put in
force after the attempted assassination
of the President on Friday. These con-
sisted 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 vigo-
rous support was offered the market upon
any signs Of reaction, 1t was also true
that heavy offerings to realize met any
advance in prices. The consequence was
constantly varying movement up and
down which gave the market an exceed
ingly irregular appearance at all times
The closing was heavy and the extreme
advances We're much curtailed and n
some cases entirely wiped out.
Opinions differed widely as to the CT
fects which would flow from the proposals
of Secretary Gage for releasing govern
ment 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
Secretary 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 Gov
eminent bonds at price fixed near to
the present market value, which has been
standing since last April has been re-
sponded to for some time past with only
drlbble of small offerings, of insignifi-
cance on the money market The other
part of the Secretary's Offer to increase
Government deposits up to the par value
OF the Government bonds left with the
Treasury as security, tends to increase
the disposition to hold the bonds and
thus may diminish the offerings. The in
crease of Government deposits with the
banks can only be made out of future
receipts on account of internal revenue,
which run rather less than a million
dollars day altogether. While possi-
bic offset is thus provided against any
stringency of money that would effect
the commercial transactions of the coun-
try, there is some skepticism in the stock
market whether that measure will in
sure borrowers on call who hold stocks
for speculation against the calling OF
loans and forcing of liquidation to pay
the loans. There was a hardening ten
dency of sterling exchange today, also
with the rather easier rates for money
here and the prospects of additional sup
plies, which carried the intimation that
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,835 were made at the Sub-Treas-
ury today, while $150.000 was deposited for
transfer to New Orleans. An early ru-
NOR of an extra dividend on ST. Paul this
week and later one of settlement
of the Steel strike were used with eff
feet to support the market. the stocks
most Immediately affected leading the ad
vance on each occasion. The Pacifics
Amalgamated Copper and q number O.