New-York tribune., 1901-09-10
BONDS.
THE DAYS OPERATIONS IN STOCKS

Early prices in the London and New-York
stock markets reflected confidence the part
Of financial interests in the ability of business
and financial conditions 10 Withstand the shock
Of the attempt the Presidents life the
shock of his possible death. The strength ex-
hibited at the opening fully maintained
until the close. the general course of values in
dicating that the foundations of the market
are too strong to be pulled down by the work
Of brutal anarchists Coming at time when
the country's business is established such a
healthful basis, and when the country is lead
ing the world in money and business, the at
tack President Mckinley must necessarily
affect the stock market in a sentimental way
rather than in manner that might actually
damage the speculative and investment situa-
ton. President Mckinley and his administra-
tiOn have done so much to safeguard the inter
ests of vested capital that fatal ending of the
Buffalo crime would of course, be a sad blow
10 Wall Street. but. even his death would not
stop the progress of the industrial activity
which had its foundation in the first election OF
William Mckinley as President. Fortunately
every bulletin from Buffalo encourages the ex-
pectaton that President Mckinley will live
The money situation presents radically
weak points. despite the loss in local bank hold
ings and the higher rates for call loans. Gold
imports will be made. and if the necessities of
the local market demand further assistance the
Secretary Of the Treasury may be depended
upon to prevent serious trouble at this centre
The Clearing House Committee is authority for
the statement that no trouble will develop
Assurance from such a source should carry
conviction. but at the same time it should not
be assumed that the statement is warrant
for reckless speculation in stocks. People
who buy outright or carry stocks on safe
margins need have no hesitation in holding Sc
curities at current prices. In nine cases out of
ten securities are cheap, especially in the in
dustrial list. in which many issues selling
at abnornally low quotations. International
Paper preferred. for instance. per cent stock
sold at 1S Saturday and advanced to so in
yesterdays recovery. Two years ago this stock
sold at 90. which was still we'll under its in
trinsc value The actual value of Interna tional
Paper preferred is far greater to-day than 1t
two years ago and if it were selling on
level commensurate with its actual worth its
present price would be above par. Talk of
competition seriously affecting the companys
earning power Is purely the raving of bear de-
structionists.
Call loans ruled at per cent. rate at which
a large amount of money was put out by banks
and important individual lenders Upward of
100000 was lent call, while Clearing House
bankers stood ready ii was said, TO furnish any
OF reaSOnaDie assistance required. COM
mission houses have protected their customers
much possible in the last two business
days, the chief sufferers having been the traders
who found more stock their hands on Satur-
day morning than their financial means warran-
ted them in carrying. In the of banks that
were compelled to call loans, owing to their
condition disclosed by Saturdays bank state
ment, help was afforded in the way of renewing
loans by the banks that were more fortunately
situated. No gold engaged for import yes
terday but further weakness in the foreign
change market indicated that shipments could
not be postponed much longer. London bankers
advice was in effect that only moderate exports
10 this country would be made. The extent OF
the movement will doubtless depend entirely
upon local requirements.
Final changes showed net gains of from one
10 three points throughout the list. with even
heavier gains in number OF issues. ST. Paul
closed at net advance of over six points; Rock
Island. four points, General Electric.
points: Lackawanna, four points, and North
American five points. Total dealings We're
der Saturdays two hour record. Substantial
market interests were active buyers through a
prominent Broad-st. firm. while all the leading
houses were buyers for important accounts.
Trading in Erie common was heavier than in
any other railway issue on the list. There
no new developments affecting the railroads, al
though earnings received showed further evil
dence of growing traffic business
THE DAYS OPERATIONS IN BONDS.
GOVERNMENT BONDs.-Market steady Final