New-York tribune., 1901-12-13
BONDS.
THE DAYS OPERATIONS IN STOCKS,

Securities values were weak in the greater
part Of the day, with net losses in most issues
st the close. Liquidation was moderately ac-
tive in the more prominent issues. and IN a
number of stocks maximum losses were heaVy-
The market was without substantial support
Stocks sold, OF course, passed into strong hanos'
tut there was no attempt to check the decline
rallies. when made. coming entirely from trad
ersy covering movements Money rates were
again high with call loans ruling at y per cent
while some loans were made up to IL per cent
The strength in the money market was the con-
trolling influence in speculation. although 1t was
mt effective in inducing extensive liquidation
sn4counmissiou houses Commission houses are
not carrying heavy lines of stocks for pupilc
operators. as the majority Of outside TRADERS
have not been in the market to any extent since
the panic of May 8, when so many operators
lost their money, and all desire to renew ohelr
interest in securities. Stocks were widely dis
trfbuted among investors, and whatever invest
ment selling has taken place in the last week
has been for the account Of people who ma II
more protab BILE for the time 10 use thelr lhoHeS
IN the loan market
The higher rates of money at this centre snoulo
serve TO attract q large amount Of funds from
the interior Foreign exchange rates have al
ready responded to the advance IN money ana
s-old Exports can no longer be made at a
profit Gold the amount OF SovocVo was
taken yesterday for export by to-rnolroW
steamers but the operation was q special trans
action irrespective of exchange market conoi-
tions It is probable that the decline in STOCKS
ir the week has caused heavy liquidation in
bank loans. and II this proves to be the case
the bank reserves may not be materially af-
fected by the loss il cash that has marked the
movement of money in the last FIVE days At
,l5s time q wear ago the reserve above legal re-
nuirements of the Associated Banks amounted
10 Sc 325 $40 while money rates did not rule
above 61A per cent throughout the month OF De-
cennber And the stock market at that time dlo
not decline. AS recently pointed out IN thls
,olprnn there is more money in the country
than ever before recorded. There is more gold
In circulation and in the Treasury, and the pros
pects for increased home gold production ana
recepts from the Kiondil0e grow more pron!s-
ing every day There is in general circulation
In the United States about S91O00O0o more
money than there was at this time year ago,
and the low position of bank reserves at this
centre IS therefore not reflection Of adverse
changes in the country's supply Of currency
Current monetary conditions in Wall Street are
not permanent in character. The money mar
ket has been ably handled this fall, an indication
OF which is seen in the present amount OF re-
serve which. despite gold exports aggregatinS
S1oOg0Css0, and shipments OF funos 70 -tfle IL
terror. has declined from the last week in Oc-
.ober only SS, 3055 Many loans were called
yesterday
The course of Arlalgannated Copper IN yester-
DAVIS market was not at all encouraging for the
roston operator who believes that the stock
ought to sell at $50. Opening at Il, this issue
sold as high as 71&, subsequently, declining 20
s7 and closing at 6Slt. a net loss Of Pa points
frona Wednesdays final quotation All the hlgn
,,-soed issues were weak New-York Central Tor
instance. breaking 3& points, with recovery
~ half the loss before the close. It was reported
5bat insiders were heavy buyers on the decline
Bevond an increase IN the dividend rate on
Canada Southern shares. there We're no develop
-,ents Of Importance at the Vanderbilt directors
-,eetine After the dividend announcement Can
ada Southern advanced sharply. while the whole
Vanderbilt group enjoyed rally The Erie is
s,,es were srm features the first preferred clos
,,p 81 Of a point above Wednesdays last price
Tn the fiscal year ended June so Erie earned
ner cent on the first and second preferred, with
a surplus for the common. Erie common ano
Reading common are attractive stocks 10 hold-
The break in the price of COPPER abroad caused
renewed liquidation in Amalgamated stock
which declined in the afternoon points from It's
forenoon level A copper trade panic apparently
EXISTS abroad General Electric made maxi
r,z,rrn decline Of points. Colorado Fuel anc
Iron esz. and Manhattan Elevated 3& Efforts
to 6enress the United States Steel shares result
es in only fractional net losses. The general
market closed little above the lowest prices
os the day
D.y.s OPERATIONS IN BONDS.