New-York tribune., 1901-10-11
BONDS.
THE DAYS OPERATIONS IN STOCKS

Dealings in yesterdays ;securities markets
were larger in volume than on any day in sew
eral weeks, while prices ere strong from start
TO finish Active buying orders We're received al
the opening. and for the first time in several
weeks commission houses were able TO report
a demand from good class of buyers Interest
in the high grade issues a prominent feat
ure. The fact that so-called Morgan brokers
took round amounts of stocks. induced active
covering of many short contracts especially in
the shares that have recently been easy marks
for bear operators. Buying lfy the shorts was
of course, the chief reason for sharp advances
although in Issues a legitimate inquiry
from outsiders had much to do with the rising
movement. Sentiment was cheerful in most
quarters but there were a few instances where
predictions were made that the advance was
due entirely to technical conditions. and would
not hold 1t is too early TO judge of the lasting
qualities Of the current movement. 1t should
be borne in mind. however. that stocks have
suffered a period of declining values that has
carried prices in most cases well under intrinsic
worth while il has created a short interest OF
large proportions.
Money more freely offered, both call
and time, in yesterdays market. Sterling ex-
change was higher. but its advancing tendency
without effect upon stocks while. on the
other hand the comparative ease in money
was one of the factors that contributed TO the
upward course OF quotations. Opinion differs
about the probable movement of money rates
in the next few weeks. although there is general
unanimity in the belief that the local banks
hold enough reserve funds TO prevent disturb
ance in the monetary situation at this centre -
the current month. The demand from the l.
terror continues. AS a rule. cessation of the
outward flow of money is looked for in Novem-
Der: but it is thought by some observers that the
the holding back of cotton and 10 the increased
Industrial activity in the West The shipment
of money to the West and South is purely a
reflection of the eountrys business progress.
and it is therefore bull argument invest
ment holdings. 1t naturally serves to check
speculative activity in stocks but It strengthens
actual values. From estimates made yesterday
the banks apt to present decrease in cash
holdings in to-morrow's statement. It is
thought likely, however, that loans will show
p contraction, owing to the heavy payments by
the city TO the banks for money advanced in the
spring.
The report in the afternoon that plans had
been completed for the future operation Of the
Great Northern. Northern Pacific and Burling-
ton roads attracted outside buying of stocks and
further covering by the shorts. Great Northern
stock advanced points and Northern Pacific
preferred 2l9 points result of buying based
On reports regarding the properties. Many NOTE
worthy gains made in the day in the gen
eral railroad list while the industrials also
shared in the improvement. In the last named
class noteworthy advances were made byInter-
national Pump common, International paper
preferred, American Car and Foundry preferred.
Peoples Gas and Amalgamated Copper Ex-
ce1lent buying was reported in International
Paper preferred. The stock is of the good
industrials, and, view of its intrinsic worth
il is selling at a ridiculously low level. And the
may be said of American Car and Foun-
dry preferred and International Puulp. The
market closed with prices near the best of the
day. Car and Foundry issues sold ex- dividend
yesterday but the payment was recoV cred be-
fore the close.