New-York tribune., 1901-12-03
BONDS.
THE DAYS OPERATIONS IN STOCKS.

Great irregularity marked the course of stock
market trading yesterday. At the opening
prices were generally strong and higher, but
before the close the greater number OF issues
We're under Saturdays last quotations Irregu-
larity in prices induced in great part by
gold export engagements and by advance in
call money rates. in the last hour call money
advanced TO 6 per cent, although the majority
of loans had been made earlier in the day at
lower rates. Gold engagements amounted TO
Se109o0O The prospects are that further ship
nents of the metal, if made this week, Will
not be heavy, as exchange rates eased or in
the afternoon under the influence Of offerings
of bills against gold shipments. Conditions In
London and in Paris encouraged the eXpecta-
tion however, of additional exports to both
centres In London the price of bar gold ana
coin was advanced while in Paris exchange on
London again declined.
Despite the developments in the foreign eX-
change market within the last few days. local
bankers are not uneasy over the position OF
this money market The New-York banks can
snare the metal without inconvenience. The
movement OF money from the interior is in
creasing and if the foreign demand for money
should reach large proportions. the Treasury
rnsy be depended upon to assist the Newly ork
market Just as il has done in many past
periods of money disturbance There are many
operators in stocks who would welcome trouble
in the money market, inasmuch as higher rates
would undoubtedly cause considerable hquida-
ton in securities. The demand for money yes
terday was not particularly heavy and the ad-
vance in the last hour simply due 10 an
inquiry from belated borrowers.
There was good buying in the more prominent
issues and sales by commission house traders
were taken by a substantial class Of dealers
b,1Si WAS heavy. The
price movement of Amalgamated Copper was
extremely erratic and without significance.
showing the position of the copper trade. The
stock opened at advance, ruled strong in the
greater part of the day. but sold off in the
last hour, ending at net fractional loss. Bos-
tor houses were buyers. and it was said that
a good sized long interest had been created.
A further decline in the quotation of this stock
is talked of in certain parts of the Street. but
there are many people who believe that the
price has about reached its low level on the
current move. Many insiders parted with their
holdings when the stock selling at 125 to
l3O last spring and il is therefore reasonable
10 believe that on the decline below par i'm
portant market interests have again accumu-
lated this issue. AT the moment, however. 1t is
a good security TO leave alone
Louisville and Nashville was well bought in
Yesterdays trading. Notwithstanding a falling
off in the company's net earnings in October.
a large amount Of money has been put into
the property. and as a consequence operating
expenses have been largely increased, while net
earnings have been reduced. The company is
earning a large amount of money and it can
afford show big decrease in net and yet
earn much more than = per cent on the stock.
AT its present price Louisville and Nashville
is one of the attractive railway investments.
The general railway list was moderately active.
and as a rule lower at the close. The meeting
OF Congress served TO restrain trading, although
bear sentiment created by money market
conditions rather than politics. Western houses
and local room traders were active sellers
THE nays OpER ATIONS IN BONDS