The Savannah morning news. (Savannah, Ga.) 1900-current, 1901-09-11
STOCKS AND BONDS.
Values Resist Declines ON Possible
Hardening of Money.

New York, Sept. 10.-There was some
uneasiness reflected in the stock mar
ket to-day over the money outlook, but
and was offset by other factors, the
most notable and effective of which
was the gratifying news of the contin-
ued improvement of President McKin-
ley at Buffalo.
The market was palpably artificial
to a degree, owing to the continued in
fluence of the precautionary measures
put in force after the attempted as
sassination of the President on Friday.
These consisted of free buying on re-
cessions with the sole purpose of stem
ming the tide of reaction and of lend
ing of money freely to keep down the
rate. While vigorous support was Of
fered the market upon any signs of re-
action, it was also true that heavy Of
ferings to realize met any advance in
prices. The consequence was con-
stantly varying movement up and down
which gave the market an exceedingly
irregular appearance at all times. The
closing was heavy, and the extreme adj
vances were much curtailed and in
some cases entirely wiped out
Opinions differed widely as to the eff
fects which would follow from the pro-
posals of Secretary Gage for releasing
government funds to the money mar
ket. 1t is the opinion that the bank
ing interests will be able to command
a sufficient block of government bonds
for offer to the Secretary on terms
which he can accept 10 protect the
money market from any real crisis. But
it is to be remembered that offer for re-
demption of government bonds at a
price fixed near to the present market
value which has been standing since
last April, has been responded to for
some time past with only small lot
of offerings, of insignificance on the
money market. The other part of the
Secretary's offer to increase govern
ment 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 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 million
dollars day altogether. While a posi-
BILE offset is thus provided against any
stringency of money that would effect
the commercial transactions of the
country, there is some skepticism in the
stock market whether the measure will
insure borrowers on call who hold
stocks for speculation against the call
ing of loans and forcing of liquidation
to pay the loans.
There was a hardening tendency of
sterling exchange to-day also, with the
rather easier rates for money here and
the prospectus of additional supplies
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 S7SS,S35 were made to the
SUBJ treasury to-day, while $50. 900 was
deposited for transfer to New Orleans.
An early rumor of an extra dividend
on St. Paul this week and later one
of settlement of the steel strike we're
used with effect to support the market,
the stocks most Immediately affected
leading the advance on each occasion.
The Pacif,cs, Amalgamated Copper and
a number of the junior Vanderbilts and
minor railroad stocks were also ad
vanced sharply.
Railroad bonds were only moderately
active and firm. Total sales. par value.
81, SAC, 900. United States rs and the new
As advanced n per cent. on the last
call.
Total sales of stocks to-day were 1885,
100 shares, including: Atchison, 44,700;
Atchison preferred, 6,100; Denver and
Rio Grande. $500; Erie, 66,6O0; Louis
vile and Nashville, 800; Manhattan.
5, 500; Mexican National, $4,000; Missouri
Pacific, $500; New York Central, 5000;
Norfolk and Western, 1920; Ontario
and Western, $500; Pennsylvania, H.
200; Reading, 10000; Reading second
preferred, 6,4O0; st. Paul. 1920; South
ern Pacific, 7s.20O Southern Railway,
II, 300; Union Pacific, 69.700; Wabash
preferred. 500; Amalgamated Copper,
SO, 500; Smelling. 10000; Brooklyn Tran
sit, 14,S00; Peoples Gas, 1900; Tenn
essee Coal, 1900; United States Steel.
$1,000; United States Steel preferred,
$500.