New-York tribune., 1901-12-31
BONDS.
THE DAYS OPERATIONS IN STOCKS.

The stock market was extremely irregular
throughout the day. and while prices showed
considerable resistance TO operations for lower
quotations there were more net losses than
gains at the close. A decline in Amalgamated
Copper and higher rates for call money encour-
aged bear operations in the forenoon dealings
AS rule stocks did not make extensive losses,
while in the case of the coal shares decided
strength was shown. In the afternoon the last
named groups exhibited renewed strength,
pecialy the Reading issues, which were heavily
dealt in for the account of substantial market
interests. The anthracite coal shares are pOpu-
lar owing the strong position of the trade.
In the current year about 100000 tons of
coal were produced by the hard coal companies.
as against ~ 0G00G0 tons in the preceding year,
while prices averaged nearly 81 a ton higher
than in 1900. The advance in price and the
enormous demand have placed the coal COM
panies in a strong financial condition. while the
prospects for the coming year encourage the
belief that the market value of most of the coal
stocks must be advanced many points before
striking level commensurate with the intrinsic
worth of the securities. Reading is earning at
the rate of 10 per cent on its common stock.
Call money rates advanced to l. per cent. but
The greater part OF the days business was done
under that figure. An advance in the last days
OF the year is not unusual 1t indicates no ad-
verse change in the money market, merely
hecting the pressure for funds incident to the
final preparations of the banks for the January
disbursements. There disturbance
stringency in the market yesterday, despite the
high rates. and all the money needed was sup
plid at the ruling quotations. The banks have
gained over S2.Oo0.000 on Treasury opera
tions since Friday night, while the movement of
currency from the interior has been in favor of
Thaf
irmer, with demand sterling we'll above last
weeks closing figures. The prospects of gold
exports I'm January being discussed in for
eign exchange circles, and some bankers believe
that further shipments will be made. This
opinion is based on the theory that money will
grow easier here and that commercial bills will
continue in light supply. There ought to be
enough money in New-York in January and
February 10 handle stock market requirements
and possible gold shipments
There was better demand for stocks in the
last hour. The advance in the coalers and par
tal recoveries in Amalgamated and Sugar Re-
hning attracted commission house buying in
various issues of merit, including certain low
priced stocks that selling under their actual
worth Colorado and Southern issues were taken
by good class of buyers and predictions were
made that the common would sell materially
higher. The company has had a prosperous
year and increase the dividend the
first preferred is likely Southern Pacific was
taken by careful buyers. This stock is picked
~ Sood market Judges 10 sell many points
higher in the new year. Near the close of the
market prices again developed great irregular
ity, and Reading sold down point from its best
price although ending at a net gain of 3 points
at "a The buying of the issue in the last hour
enormous and Ii said that the accumu-
lation OF the shares for definite purpose.
The collapse Of the Asphalt Trust had no effect
on the market. the affairs of the concern have
been common property for several weeks past
A shrinkage of y per cent in grain deliveries at
Chicago in The last week compared with the
same week year ago was not talked OF on the
Stock Exchange.