The Washington times., 1901-12-22
AMALGAMATED'S NEW WAR
HELPS THE STOCK MARKET.
END PUT TO WILD SPECULATION IN THE DARK.
Dealings Resume Frmer and Stronger Money Con-
ditions Show Distinct Improvement Attack Made
Sugar Refining With Success
Many Fractional Advances

NEW YORK. Dec. 21-ln spite OF the
excited speculation in Amalgainated Cop
per this week, there was falling of in
the transactions in stocks, rs compared
with the previous six business days. Of
nearly % per cent. The dealings in bonds
have been about a third smaller.
This contraction of interest in the Sc
curity markets is tracable in part to the
unsettling OF confidence pend ng action on
the Amalgamated dividend. and also to
the spasm OF activity iE the money mar
ket. still another factor rcpressing spec
ulation and to an extent Investment op-
efations is the near approach Of the holi
day season.
Present Strength Of Tone.
Notwithstanding these circumstances,
the market for railway stocks and bonds
has displayed a very hrm tone. and since
the declaration OF the Amalgamated divi-
dend 1t has betn positively strong This
condition is due in part to the covering
of shorts. At the same time there has
been a moderate revival OF commission
house buying. some OF it without doubt FOR
actual purchasers.
Although the Amalgamated Company
r has formally declared war upon its COM
pettors. the speculative situation ap-
pears to have been distinctly improved
by the event. To an extent the mystery
in which the affairs OF the company have
been shrouded has been dispelled, and
with it an Incentive for buying the stock
on a speculf tive basis has disappeared.
At the same time the plight in which
the company finds itself and the confess
sion of errors of judgment by the man
agement are likely to deter any further
investment buying of the stock
Improved Money Market.
Simultaneously with the collapse of the
wild speculation in Copper. the money
market has begun TO improve. Today's
steamer took out the final remittanees on
account of interest and other obligations
due abroad on January /. and in conse-
quence the foreign exchange market is
beginning 70 follow the course that it
ordinarily does at this season.
The local monetary situation is i'm
proved by the extensive contraction in
bank leans shown by today's statement
of the clearing house banks. The loss in
lawful money is more than one and one
half larger than was foreshadowed by
yesterdays compilation OF the known
movements Of money during the week
Prior TO the publication of the bank
statement the market was comparatively
quiet. but in the main firm. After the
clearing house figures were made public
prices advanced sharply. and the ma
jority of the list closed fractionally high
er than last night.
The greatest net advance was that of
nearly points in Metropolitan Street
Railway. Missouri Pacific Reading com
mon, and the United States Steel stocks
were exceptionally strong.
The selling of Sugar.
On the other hand, a vigorous and et-
fectiye administration was made against
Sugar Refining that lowered the price
nearly 3 points, The professional selling
OF this stock is based upon the declining
market for refined sugars and indications
that the production OF beet sugar in this
country may eventually become an i'm
portant factor in supplying the demand.
The sales of Amalgamated Copper we're
barely 1900 shares and the fluctuations
in IL were within range of IL per cent
These circumstances were perhaps the
most favorable features OF today's mar
ket
Though the dealings were comparatively
small, their distribution indicated a
broadening interest in the market. Less
active issues that made noteworthy net
gains we're American Cotton Oil. Ameri-
can Locomotive issues. the Hooking Val
ley stocks. New York, Chicago and St.
Louis common. and ST. Joseph and Grand
Island common and second preferred.
Hond EnriHei Active
The bond market was relatively more
active than that for stocks. with the
heaviest dealings in Continental Tobac- I
co As, az a further advance to 65i.; in I
Union Pacific convertible As and Wa
bash debentrre bonds. which we're ex-
ceptionally strong
In the outside market there was fur I
ther recovery in Standard oil to ss on
very Hight transactions. The only ac- 1
tigity WAS Eackensack Meadows. at a {.
further advance TO f9i
New York stock Exchange. Dee. "a