New-York tribune., 1901-12-12
BONDS.
THE DAYS OPERATIONS IN STOCKS


The general stock market was heavy yester-
day. with net losses in the greater numoer OF
issues at the close. a tighter money market was
the leading influence in the days speculation,
the copper situation attracting less attention
while the course of Analgamated stock failed
10 have an important bearing on prices Copper
shares were cratic At the opening Auaaiga-
mated sold at 20. while throughout the day IT
fuctuated between that figure and !22, closing
at 703s net gain of Is point. Money on call
ruled at 61s67 per cent, with exceptions at 1u
per cent; but the strength in rates caused an
appreciable easing off in foreign exchange quo
tstions. which ruled below the gold exporting
point from start to finish Despite the ease in
exchange, S1,100000 was engaged for export by
to-day's steamers It is likely that arrangements
were made for these shipments several days
ago when rates were higher. at yesterdays
figures gold could not be sent out at a profit.
Trading in stocks was light and mostly profess
sional. Heaviness that developed in the morn
ing continued until the close, but rule de-
clines were not important and seldom beyond
fractions. The anthracite coal shares showed
a fair degree Of strength at times, Lackawanna
being feature. Fair support was reported in
the local traction group while at the low points
Of the day railway shares in general were
taken by good class of traders St Paul sold
=
opments affecting the stock
The position Of the stock market while not
especially encouraging at the moment for the
advocates Of higher prices, contains few elements
of weakness and little upon which an important
bear campaign can be conducted. Bull activity
among substantial interests will doubtless be
postponed until after the turn Of the year.
Money market conditions will at that time be
more ir favor Of speculative activity, and unless
there should be a radical adverse change in the
country's business prospects higher prices for
securities will doubtless prevail in the first
months OF the year Stocks are not in weak
hands. The public has not been in the market
TO any extent since the spring. and, conse
quence the heaviest owners of securities the
strong financial interests who generally buy
when prices are cheap and sell when prices
dear. There is always certain amount Of COM
mission house trading for public account, even
in the dullest periods; but the greater part of
the business il stocks since the Northern Pacific
corner has been professional in character Eff
forts TO depress prices have met success at
times. although z rule losses have been easily
recovered. The copper situation and the manfp-
ulstion Of the copper shares have been the lead
ing bear influences for several months. and the
fact that these with heavy gold exports and
low bank reserves have not been more effective
in reducing values reflects that the market is
based on sound conditions and that stocks are
In the hands Of people who protect them
Railroad earnings making records in
respect to gains. both in gross and net, and
the prospects favor heavy traffic throughout the
next twelve months. The effect of the corn crop
shortage this year on the railroad earnings can
not yet be determined, but it is not believed by
railway managers that the reduction in yield
viii cause an important falling off in traffic re-
ceipts, owing to the fact that the wheat crop Of
1901 is large, while general merchandise move
nents are enormous. Naturally, the purchasing
power Of some farming sections will be curtailed
through the loss on corn, but ii should be borne
in mind that this loss will be offset in part by
the higher prices prevailing for grain Of all
kinds. and that the general farming community
in the West is in better financial condition to-
day than ever before in its history. The outlook
does not suggest the necessity OF doleful predic-
rions regarding the future of railroad earnings.