The Washington times., 1901-12-17
Uncertainty Prevails in the
Trading.
HEAVY PRESSURE MARKS OPENING.
Railway List Experiences Rallies
After the First Hour London
Strong, But Not a Factor on the
New York Bxchange-Amalga-
mated Declines to New Figure.

NEW YORK, Dec. 16.-The stock market
week opened with spectators confronted
with tho same discouraging influences
that have prevailed for the last ten days.
namely, the dubious monetary outlook
and the conditions existing in the Copper
trade, the latter. of course, being vir-
tually focused N Amalgamated Copper
stock.
Inasmuch as the directors of this con-
cern do not meet until Thursday to take
action upon the quarterly dividend, it is
evident that the intervening period must
he one Of irritating doubt and uncertainty.
There were no other positive develop
ments Of importance following upon last
weeks belated reduction in the selling
prices for the company's product.
Everybody seems TO be more or less
relieved that the artificial trade condi-
tions brought about by reason of the obsti-
nate and futile stand assumed by the
Amalgsmated Company have been termi-
mated hut the markets interest is only
shifted now to the management's decision
respecting the dividend.
May Reduce Quarterly Rate.
II seemed to be the bulk of opinion
that the management would reduce the
quarterly rate TO / per cent, but no
great amount of surprise would be felt
should the dividend be passed altogether.
OF, indeed. should some other rate be or
dered. In fact. IL is somewhat difficult
TO conjure up any possible action by the
management that would either further
shock or surprise the Wall Street COM
munity.
Fortunately or otherwise according to
the point of view. ii is probable that by
far the greater part OF what may be de-
scribed as outside interests in the stock
has now been shaken out" and It's yir-
tual elimination will tend to hereafter
lessen the effect upon the market at
large OF the course of the Amalgamated
stock.
Amalgamated Copper struck still an
other low level of quotations in today's
dealings, and the stock seemed 10 enjoy
little support, except that arising from
the occasional covering Of short contracts
The general market opened heavy, not
withstanding the encouraging tendency G..
the London market, but with the course
OF the morning an irregular disposition
toward recovery developed
The Strength at London.
The strength of the London market was
owing entirely to the more definite pros
poets for an early termination OF the hos
tilities in South Africa and the reports to
this effect were re-enforced by the an
nouncement of the resumption of mining
operations in the Rand on a large scale.
These circumstances naturally led TO a
lively and buoyant speculation in the Kaf-
fir stocks in the London market. and this
detracted somewhat from the interest in
fits other quarters.
There was also a sharp recovery in con-
soils based upon the same general causes.
The operations here for foreign account
were upon a comparatively small scale
and on balance amounted to very little.
Local dealings continued largely pro-
fessional, and IL is evident that the coll
lapse of Amalgamatcd Copper and the
other several disturbing features OF the
past and present market situations have
put an effective quietus, for the time be-
ing at all events, upon public interest in
the speculation.
Some Recoyerics Scored.
There were a number OF exceedingly
rapid and extensive advances in prices
after the unsettlement of the first hour
Conspicuous movements were in Long
Island, New York Central, the St. Louis
and San Francisco shares, and St Paul
although the last named was in the early
dealings under particularly heavy pres
sure.
Other firm features OF the railway list
were Missouri Pacific. Reading, Atchison,
and the Wabash stocks. The junior Van
derbilt issues did not participate in the
strength OF New York Central and New
York, Chicago and St. Louis common was
decidedly weak. Other price movements
in the railway list were limited and isreg-
ular.
Local fractions Strong.
Local traction stocks were strong under
the leadership OF Manhattan, which scored
Il particularly rapid advance. although no
news OF gossip OF particular interest at
tended its course. The Industrial quarter
was generally dull. and moved in line
with the railway list.
Apart from Amalgallated Copper. there
We're some material declines among the
specialties particularly in Consolidated
Gas, General Electric, and Pressed Steel
Car. There was, on the other hand,
sharp recovery in Colorado Fuel and Iron.
and the American Car Foundry shares |
were steady.
New York stock Exchange. Dec. JG. |