New-York tribune., 1901-11-26
BONDS.
THE DAYS OPERATIONS IN STOCKS,

Great irreguarity prevailed in yesterday
market and despite an active demand for Sc
curfties last quotations showed more net oe-
clines than net advances Weakness In the al
ternoon was induced In great part Dy the shaIp =
decline in Amalgamated Copper, "hch was
heavily sold on the reports from Washilis 'oii -"
tinating that the concern would De proceeue"
against under the provisions OF the 9'ei THAI
Antitrust law. This report was circulated sat
urday and subsequently denied, but IN appeaiiiie
again Yesterday It carried conviction to some
minds that an official investigation or the coi-
nanv by the Department of Justice was to be
undertaken. In the early dealings activity ana
advancing prices were reported in the so-cailed
Vanderbilt shares, while many high priced Sc
curities notably Pennsylvania, enjoyed IN
creased speculative and investment attention.
Traders bought Pennsylvania stock on the the-
ory that its price was relatively. low ana 'idt'
in view OF the advance in NeW-for Centrai'
which has not paid much to stockholoers III
the last two years as the Pennsylvania has palo'
the quotation ought to move many points higher
In we'll informed quarters it is said that New
York Central is on its way TO 200. dscounting
| future increases in dividends and other valuapIe
distributions to the stockholders. New-York
Central sold at 1741. and Pennsylvania at los
Based on their respective merits Pennsylvania
appears 10 be the more attractive purchase at
nresent prices Both stocks. however are SOLID
investment issues; in fact the best In the rail-
way market.
Further indications that gold exports are over
| for the season helped speculative sentiment IN
the morning The local exchange market was
easier in tone. while in Paris exchange on Lon
don failed to show any evidence OF need FOR
| further gold imports for the liquidation by
| Iondon of its obligations in the French capital.
mt hon =
| 600 900 in the last few weeks. but the position
OF the New-York banks has not been weakened
| by the shipments. Indeed in the last two
| weeks despite exports OF over S12,oD,oo, the
| local money institutions have gained both in
cash and reserve holdings. Ably handled ana
we'll protected the New-York banks are IN a
position to withstand n foreign drain OF gold
and to promote stock market and general bust
ness activity. Currency to the amount or S35o-
600 was transferred to New-Orleans yesterday.
The movement OF money for cotton crop pur-
poses is not yet over. but receipts OF currency
from the West more than offset the shipments
to the South. An active bull market was con-
Quoted last year with money conditions less
| promising than they are at present.
The decline in Amalgamated Copper and pos
| sible proceedings against the company will not
upset industrial financial conditions in this
! country People who sell stocks at a loss on the
basis that ali Industrial companies are organized
| to restrain trade and check competition, and
! that all are to be disbanded through the courts.
/ will merely play into the hands of professional
| operators for the decline. The greater number
| of new industrial companies are organized on a
| basis that complies with the law. Legislation
| against them on the ground that they check
| competition will fall fiat. inasmuch as they not
only do not restrain competition, but actually
| encourage it. Already the biggest industrial
combination In the world. the United States
| Steel Corporation, is threatened with competl-
| ton from proposed S25OO00oo0 steel COM
| nany The good industrial stocks are worth
| buying. They cheap as investments at their
| current level and they are for many reasons
| more attractive than the high priced railway
| shares There many more net declines than
| gains at the close, but. with the exception OF
| Amalgamated Copper. there were no important
| losses while in a number OF active shares sub
stantfal net advances were recorded. New ork
! Central Pennsylvania, Lake Erie and Western.
| General Electric and Hooking Coal and iron
| made noteworthy gains The volume of bust
| ness was heavy amounting to over 1.2O0,uoO
| shares Sentiment remained bullish. despite the
| reaction in the last hour.
THE DAYS OPERATIONS IN BONDS.