New-York tribune., 1901-12-27
BONDS.
THE DAYS OPERATIONS IN STOCKS

Stock market values were strong IN the greater
part Of the day moderately heavy volume
of business Transactions, however. were not
evenly distributed, the major part of the deal
ings being in the more popular speculative IS
euee such as Sugar Refining. Amalgamated
Copper Manhattan. the Reading shares, 81
Paul and Missouri Pacific. Evidence of good
buz,ing in a number of shares induced active
covering of shorts throughout the list. The short
interest in Sugar Refining and Manhattan was
large and as a consequence the demand FOR
stock was followed by sharp upward moves In
both Issues There were no new developments
affecting either issue, while the general course
Of stocks was unattended by important incl
dents bearing on the value OF investments The
local sugar trade situation presented no change
in prices or conditions, but Western dispatches
reported a reduction Of % cents a hundred
ronnds on all grades Of refined sugar at San
Francisco and Pacific points. This cut was
doubtless made to bring Western prices to the
level established by recent price reductions in
the East In the early trading unfavorable
r,yn,o-s were circulated on sugar stock. with re-
ports from Washington indicating opposition in
Congress TO the abrogatiOn Of the Cuban sugar
duties At the close however, sentiment IN
sugar trade circles showed distinct Improvement
Money market conditions at this centre remain
unchanged but indications point toward better
supply of funds before the middle OF January.
Currency Is moving this way from the interior
in fair volume, while after the turn of the year
there Will doubtless be a rapid increase in the
movement. Call money rates were easier yes
terday. 1t is expected that the market viii
continue moderately firm up TO the middle OF
January at least, as the banks are in no hurry
20 reduce rates until reserves again expand.
According 10 the known course OF money this
week the banks will probably lose in cash hold
inss although a further contraction in liabili-
ties should offset the loss in cash as an influence
on reserve above legal requirements Offerings
of commercial paper not heavy, while time
money is only in light demand. Washington re-
ports state that the Treasury has purchased
over s., 100000 OF Government bonds sold by
local banking house.
In the afternoon dealings the shorts in Sugar
Refining stock were severely punished, the stock
running up rapidly and closing at 1124. net
gain of 634 points. Buying Of Amalgamated
\ Copper was doubtless encouraged by the ad-
vance in Sugar, although II was said that in
siders were taking the stock on information re-
garding copper trade prospects. Attempts We're
made early in the day 10 depress the railroad
shares on the traffic reports for the third week
in December which showed a number of large
declines from the results in the same week a
year ago. Bad weather. rather than any serious
development affecting the underlying position
the TdllTOdQ business, NdS IespoIlslbIt lile
losses reported. Railroad earnings compare
with record breaking results OF 1900, and even
II the returns in the year should fall under
the receipts Of the corresponding periods in 1901
the companies would still make handsome
profits In January OF this year earnings were
: per cent heavier than in the same month in
the preceding year and u per cent heavier
than in 1899 Efforts to reduce quotations Were
unsuccessful, and at the close gains of l point
and above were common. The so-called Gould
shares were strong features; also the Hooking
Valley issues, st. Paul. Atchtson. Rock Island
the coal shares and Union Pacific. On small
transactions westinghouse Electric advanced l.
points. Many large buying orders appeared In
the market in the afternoon.