New-York tribune., 1901-12-10
BONDS.
THE DAYS OPERATIONS IN STOCKS,


THE DAYS OPERATIONS IN STOCKS
Stock market values were weak in the morn
ing but there was little heavy liquidation ana
no indications of panicky conditions in any part
Of the list In the last hour covering OF shorts
caused a rally throughout the list, and at the
closa the greater number of active issues were
above Saturdays final figures Amaigamateo
Conner which was last weeks leading weak
feature was one of the few conspicuous strong
stocks in yesterdays trading. its strength pelns
due TO a heavy demand from the shorts and
doubtless from some substantial interests VINO
believe that the decline in copper shares has
more than discounted the exaggerated trace
conditions and a possible further reduction In
the dividend rate Of the Amalgamated company
Many unwarrsnted statements have been put
ont regarding the position of the copper trade
Much false information has been disseminated
and fearful losses have been made through the
rnanfnuIarion and general course of the Anal
eamsfed shares And. incidentally, too much
r,rorninence has been given to the position OF an
overrated Boston speculator, whose career IN
stocks has never been an important influence
in general speculation. The copper trade is not
in the bad condition represented by many mis-
Informed people and interested spectators Con-
sunption of copper in the United States is on
an enormous scale. and, according TO a leading
trade authority. the home demand has been
greater this year than when copper sold much
below present prices The demand from Ger
ranv has fallen off and exports have been
greatly reduced, but the copper consumers
abroad have been operating their works on
srch small stocks that requirements between
now and spring will doubtless exhibit marked
expansion.
The money market position much Of a
factor in speculation yesterday as the copper
situation and fear of much higher rates for
loans was responsible in part for early specu-
lative liquidation. The heavy speculation in
grain in Chicago apparently has been effective
in keeping money in the West that otherwise
would now be coming to this centre. while ship
nents to the South and losses On Sub-Treasury
operations have been factors in causing heavy
declines in bank holdings. reflected in Sat
urdays statement of bank ages An ad-
vance yesterday in call loans therefore not
surprising, while higher rates before the end of
the month. incident to the preparations for
the January interest and dividend disburse-
n1ents, We're thought likely. Already, however,
the dearer price of money has had its natural
effect on the foreign exchange market. rates
falling yesterday below the gold exporting
point No fast steamer leaves this port until
Thursday. and unless there is a material ad-
be exported Offerings of cotton bills are heavy,
while the inquiry for remittance is growing
lighter The heavy drain from the banks by
the, Treasury last week due in great part
to a large retirement Of circulation by interior
institutions. and it is likely that the bonds thus
released will be sold to the government, and the
proceeds eventually coT1e to this city Specula-
ticn in cereals seldom lasts long. and the check
to the interior flow to this centre Will proba bly,
socn be removed.
There is enough in the money market position
to restrain the activities of bull operators for
a time There is however nothing in the situa-
ton that suggests the sale of well protected
stocks at a loss investment liquidation. II
may be wise TO change the form of some in
vestments. as, for instance selling q per cent
Sugar Refining at 10 for some Of the 6 and Z
per cent industrials that are selling under par,
such rs international Paper preferred and Amer
lean Car and Foundry preferred. General busi-
ness conditions are surorg- Industrial pros
perity is not passing away. and the intrinsic
worth OF good securities is not being reduced.
Sales yesterday intrenched stocks in stronger
hands while the general course of values was
not disquieting to banking interests There
was good demand for bonds. especially for the
wabash debenture Bs and Union Pacific con-
vertible fours In the afternoon An1algamated
Copper sold as high as Il. closing 7o1s. net
gain of 4ss points. Transactions in this issue
We're above 100000 shares out of total in all
stocks Of over 100000 shares. Manhattan. al
a fractional net gain. g leading active feat
,re while all of the so called Gould stocks were
in demand. Missouri Pacific closed points
higher and Texas and Pacific 1s points. Atchi-
son. Union Pacific. Erie. Delaware and Hudson
New-York Central, Pennsylvania. Southern Pa
cifc, United States Steel preferred and the Wa
bash issues were strong features at the close.