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Gold/Mining/Energy : Naxos Resources (NAXOF) -- Ignore unavailable to you. Want to Upgrade?

To: citydi who wrote (5476)	11/10/1997 10:13:00 PM
From: kenneth w. calligar	Read Replies (1) \| Respond to of 20681

To All: Just a couple of comments on the current state of trading . I have the benefit of working for an investment bank where i am able to check the Instinet service multiple times daily. Instinet is an electronic trading system for use between broker/dealers and often has the tightest market available for NAXOF. First, imo today's close 0f $7.50 is as is often the case not indicative of the "market". For most of the afternoon there was a $8.25 bid out there. So it seemsto me that some of these artificially low closes that i've seen lately are possibly deliberate and intended to keep the price down. I have seen trades lately that were in effect 'expunged' in order for a dealer to not be seen as accumulating a large amount of shares. Also, in support of the "oxford margin call theory" i can say that the two days after OXHP crashed the was a larged block of stock (40,000 sh.) offered through instinet and on day three the stock was not offered. Probably this block was out there chasing the dealers lower as it was necessary to liquidate that day. Lastly, i have generally found it more frustrating of late to trade . I think dealers are really taking advantage of limit orders placed. I would suggest that we all cross reference quotes as often as possible and push management to pursue electronic trading more proactively. Reagrds, K.C.