New-York tribune., 1901-09-28
BONDS.
THE DAYS OPERATIONS IN STOCKS.

Stock market trading light in the greater
part of the day, but prices were generally strong
and higher. Sentiment was more cheerful over
the outlook in the copper trade. especially after
the announcement by the treasurer of the
Amalgamated company that the prospects did
not favor a reduction in the domestic price of
copper In the London market a firmer ten
dency was noted in the price of the metal an ad-
vance on the ton equivalent a rate of 1872
cents a pound developing. This is against
quotation of from 1611 to IL, cents in the Ameri-
can market. 1t is pointed by friends Of the
Amalgamated company that the stock of cop
per is not excessive. all things considered, and
that the attempt to compare the present situa-
tion with the situation in France at the time
of the Secretan combination is absurd. 1t is
contended that in the case of Secretan and his
associates there such control of copper
production as exists to-day, the interests named
being forced TO buy everything that was offered.
while in the present case the leading copper IN
terests in this country control enough or the
production to permit if necessary, a closing of
the mines and a rapid reduction in stocks. The
production of copper this year will fall we'll
under last years record. and if the companies
able TO maintain prices. in spite of the lower
price abroad. the profits on domestic trade will
be large. Under present conditions, however
the export trade is uncertain
The copper shares made no extensive progress
in either direction. but the railroad list moved
toward higher level in the greater part of the
day Active buying of the so-called Vanderbilt
issues again feature, and reports We're
heard regarding a deal for the more complete
unihcation of the Vanderbilt properties. 1t is
not unlikely that some plan is under considera-
tion by which the junior Vanderbilt issues will
he taken up and replaced by securities with a
New-York Central guarantee. New-York Cen
trail stock is already Of the best railroad in
vestments. but its future value promises to be
largely increased through the extension and con-
solidation of the Vanderbilt lines, with the New
York Central the chief beneficiary of the sur
plus earnings of the constituent companies. AS
q per cent stock New-York Central is selling
at a fair price but stock with a future
that promises a higher rate, and, perhaps. yalu-
able rights to the stockholders its present
quotation is cheap. The industrial list outside
of the copper issues. Sugar Refining and the
United States Steel stocks was without feature
From the known movement of money In the
ately heavy gain in cash holdings in to-day s
bank statement. On bond account and deposits
Of internal revenue receipts IN depository banks
the city institutions have gained upward of
So, 5000 which. however, is much less than
a week ago. when the known movement indi-
Gated a gain OF nearly $4,000 000 The average
system showed at that time gain Of only
Sc. 800 000 and IL is possible that to-day's state
ment will contain some of the cash gain that
was not reflected in last Saturdays figures
Sterling exchange shade weaker yester-
day, but rates continued to rule well above the
gold importing point. The money market posi-
ton created a cheerful sentiment in stock trad
ing circles although a good part of the days
business represented purely professional opera
tors The whole list, with only a few excep-
tions, closed higher the more important gains
being in the unimportant shares.