New-York tribune., 1901-09-05
BONDS.
THE DAYS OPERATIONS IN STOCKS.

After an irregular movement Of values In the
early dealings. the stock market became hrnl'
with an advancing tendency in the greater num-
her of issues Transactions were confined in
great part 10 the professional element commits
sion house business being light and without i'm
portant feature. The advance signifed little be-
yond technical market conditions Traders how
ever. professed TO be most cheerful over the
money market outlook. owing TO a lighter de-
mand for currency from the West. There is no
element of danger in the money market stua-
tion with speculation on its present quiet basis.
Monetary conditions are sound but Of course,
they do not encourage active operations IN
stocks that have 10 be carried on borrowed
money. Later in the season the banks may
find il necessary 10 contract their loans 10 an
extent that will force some stock market liqui-
dation. and in view Of this possibility. large
margins ought to be provided in all operations
at the current level. Stocks bought now may
sell lower before any extended advance develops,
but. barring the appearance Of adverse factors,
higher prices should be made some time this fail
Underlying conditions are favorable and present
so-called adverse factors viii not be permanent
market influences.
Stock values were helped in the afternoon by
a report that arrangements had been made 10
import s5.0000O0 gold. conditional however,
upon a further decline in sterling exchange II
IS estimated that the market will have 10 drop
over one cent on the pound sterling before gold
may be brought in al a profit. And then il
should be borne in mind that a still further de-
cline may be necessary as it is likely that, with
an approach Of rates to the gold import point
under present conditions. the selling price OF gold
bars and American eagles in London will be ad-
vanced The lighter demand here for currency
for Western and Southern account is not in
dication that the out Of town needs have been
supplied. The movement Of money this year for
croD purposes began earlier than in preceding
years and smaller shipments in the last few
DAYS as compared with last week reflect most
likely nothing more than a temporary let up in
the demand. The banks have lost over $1,000
600 Sub-Treasury operations since Friday
night but payments for gold received at San
Francisco will modify this movement TO some
extent.
There were few features in the stock market
An advance in Tennessee Coal and Iron and
Colorado Fuel were accompanied by reports that
the companies would be absorbed by the United
States Steel Corporation while il was also re-
ported that there might he a combination be-
tween the last two named companies. and the
Republic Iron and Steel Company. Efforts have
recently been made TO create bear sentiment on
Republic Iron and Steel because OF a reported
falling off in the company's surplus While il is
understood that the surplus has been reduced,
the company Is. according to officers reports, in
b splendid physical and financial condition, and
has spent in the last year s.. .500O 600 for
struction. In the railway list Mexican National
was again in demand: also Denver and Rio
Grande, AtchisOn, Erie and Chicago Great West
ern. Railroad earnings received yesterday
showed noteworthy Improvement over the corre-
spending periods year ago. especially heavy
gains being made by Pennsylvania and Burling
ton for July, AMI Canadian Pacific. ST. Paul and
St Louis SOuthN estern for the last week in Au-
gust The market closed strong.