The Houston daily post. [volume] (Houston, Tex.) 1886-1903, 1901-09-11
TROUBLED OVER MONEY.
Stock Spectators Unable 10 Size Up
the Situation Satisfactorily.
MARKET WAS EXCEEDINGLY IRREGULAR
Vigorous Support Was Offered Upon Any
Sian Of Reaction, and Offerings to
Realize Met Every Advance.

New York September 10. There WINS
some uneasincss reflected In the stock mar.
ket today over the money outlook. but Il
was resisted with degree Of success and
was Offset by other factors, the most not
able and effective of which was the graft.
flying news of the continued improvement
of President Mckinley at Buffalo. The
market was papably artificial to degree
owing TO the continued influence of the pre-.
cautionary measures put in force after the
attempted assassination OF the president on
Friday. These consisted Of free buying on
reccsSlons with the sole purpose OF stem.
ming the tide OF detection aud the lending
Of money freely 20 keep down the rate.
While vigorous support WAS offered the mar
ket upon any signs of reaction, Il was also
true that heavy offerings to realize met any
advance In prices. The consequence was
constantly varying movement up and
down which gave the market an exceed
ingly irregular appearance at all times.
The closing was heavy and the extre me adj
yances were much curtailed and IN some
cases entirely wiped out
Opinions differed widely as to the effects
which would follow from the proposals OF
Secretary Gage for releasing government
funds to the money market, It Is the opin-
ion that banking interests VIII be able to
command a sufficient block OF government
bonds for offer to the secretary on terms
which he can accept to prOiect the money
market from any real crisis But IL Is to
be remembered that the Offer for redemp-
ton of government bonds at a price fixed
near to the present market value, which
has been strong since last April, has been
responded TO for some time past With only
dribhe of small offerings Of nsiGnih-
canoe ON the money market The other
part of the secretary's offer to increase
government deposits up to the par value of
the government bonds left with the treas
nry ms security tends to increase the dis
position TO hold the bonds and thus dimin-
ish the offerings.
the banks can only be made out OF future
receipts ON account OF Internal revenue,
which runs rather less than S1,0OOVO a
day altogether. While possible Offset Is
thus provided against any stringency Of
money that would affect the commercial
transactions of the country. there Is some
skeptlclSm in the stock market whether
the measure VIII insure borrowers on can
who hold stocks for speculation against the
calling Of loans and forcing of liquidation
TO pay the loans
There was a hardening tendency Of ster-
ling today also with the rather easier rates
for money here and the prospects OF addl'
tional supplies, which carried the lntlmatlon
that It must be a substantial need Tor
money Wulcn Will uIlnE gnu iiblh. "''''
yet Payments on account Of gold depos'
tied in San Francisco and Seattle TO the
amount of $7sss35 were made at tbs, sub
treasury today, while S15oOO0 was depos-
ited 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 were used with ehec'
10 support the market. the stocks most I'm
mediately affected leading the advance on
each occasions The Pacifcs, Almagamated
Copper and number of the Junior WANDER
bills and minor railroad stocks we're als'
advanced sharply. -.
railroad bonds were only moderately nc
tive aud itm. Total sales, par Yaiue
S1,Gio,0oo.
Stocks.
Following are the sales of stocks am
closing prices for the New York stock mar