New-York tribune., 1901-01-09
BONDS.
THE DAYS OPERATIONS IN STOCKS

Stock market trading continued in enormous
volume but the movement of prices was irresu-
lar and without decided tendency until the final
dealings when active and excited bNNlng
movement developed. Many reactions took place
IN the course Of the day. and in a number of
stocks declines of to ? per cent were recorded.
London sold and traders endeavored 10 force
uauidation on talk OF gold exports and by eX-
aggerated rlnors in regard 10 the illness Of
President Mckinley. Selling did not come from
important banking interests. On the decline
stocks were absorbed for the account OF the
leading capitalists in the Street, and the effect
of this buying together with well defined reports
of new railway deals. doubtless induced the
active covering movement in the late trans
actions Buying Of the coal stocks was again a
feature with further active bidding for Della
ware and Hudson. This stock has been entitled
20 an advance on its merits but the real cause
for the active demand is based further
extension Of the community of ownership plan
which now includes the Delaware and Hudson
system. The Southwestern stocks were promi-
nent in the speculation. Missouri Pacific gained
over five points on buying for insiders and for
well informed Wall Street houses This stock
will begin dividends this year, and other South
western issues will follow suit. The Pacific
stocks became strong in the final dealings
F-,,-tber good buying Of Rock Island and Bur-
lington was reported -@H07''0<
Wall Street is not disturbed by the possibility
of gold exports Gold that goes abroad as loans
10 foreign countries increases the credits of the
lending country and, the United States al
ready has a large accumulation OF credits IN
Europe it can readily be seen that the control OF
The money markets Of the world is gradually
concentrating in New-York. So much money is
returning 70 New York from the South and
West that the big cash increase in January and
February a year ago will undoubtedly be eX-
ceeded this year. and in consequence the local
market will be able to spare a large amount
Of gold if London needs it. Inferior bankers
are sending surplus funds TO this centre for en-
plovnnent With the end of the crop movement
period the interior demand for funds has sub
sided and the flow Of money should continue
in favor Of New-York for many weeks to come
In the last twelve months money in circulation
has increased S192 100000. About half of the
gain has been in National bank notes, and ii is
due in great part TO this item that the enormous
financial transactions Of the last few weeks
have been handled without disturbance in the
none, market. Foreign monetary conditions
are not critical but help from New-York would
relieve the situation Of it's current strain. In
the summer London counted upon a resumption
of gold shipments from South Africa by the
first Of the current new year. but present pros
poets extend little announcement for gold
movement from that source for many months
70 come.
Traders will doubtless work for lower prices
if gold goes abroad. but passing declines only
many be expected. The market could stand
gharp setback similar that which took place
last Thursday and profit from il. People who
are now preaching short sales and talking about
q topheavy market forget that sharp reactions
have taken place for the last several days and
-. .1z haz-e hee he
market is so big that declines are not noticed.
Sharp recessions took place Thursday. Fri
day, Saturday, Monday and yesterday. but they
only served 10 induce heavier buying. Some
startling adverse development-a development
that would upset the plans Of leading railroad
and banking interests-woud bring the bull
market 10 a sudden end. The interests named
are not counting on any interference with their
plans, and they certainly will oppose big de-
cline in values at this period Indeed, il is
necessary that every effort should be made to
preserve values at this time for the successful
prosecution of certain far reaching railroad
undertakings. 1t is the biggest market in the
history Of Wall Street. II is too large market
for poor man. Margins should be large in all
stocks With large margins no operator has
cause to worry. The January investment money
is beginning 10 find its way into stocks The
market q bull affair at yesterdays close
THE DAYS OPERATIONS IL BONDS.
GOVERNMENT BONDs.-Market firm Final
faffo foflo