The San Francisco call., 1901-12-22

the dividend declaration threw very little light
on the situation beyond that indicated by the
previous course OF events, but it had the ad-
vantage Of formulated authorized information
as against wild surmise and rumor which had
prevailed for long time previously. The state
Inent Is accepted as a proclamation that the
independent producers having declined to main
tain prices the Asnal gamated Company is pre-
pared TO make such prices as, are necessary TO
secure q market for the product Of its COM
panles. Such action is regarded as promising
favorable results in general business and more
trade itself. BY stimulating consumption at
the lower prices and decreasing production by
keeping out the profit for more expensive pro-
oucers matters are set in trim for an adjust
ment OF equilibrium between demand and sup
ply by the operation of natural law. As for
the effect upon the value Of Amalgamated Cop
per stock itself the fluctuations in that stock
Justment in the copper market has had par
allel in that for other staple commodities
Ihere have been cuts in the price Of lead,
llnseeo OIL sugar, petroleum and in the specu-
latiye markets for grains and cotton. The iron
market affords strong contrast, where strenu-
prices ana prevent runaway market. With
production in the trade at record figures the
consumptive demand is still so urgent as to
prices. The dominant interest in the trade
urges the benefit Of stability of prices and
points TO the sudden collapse in demand which
resulted from the buoyant rise of prices in
1899 In the railroad world the anomaly is
presented OF a pressure of traffic which the
equipment is inadequate to accommodate, ac-
cording TO continued complaints which come
from all sections, while reports of cutting of
rates are more and more frequent. The logic
OF cutting prices to compete for business while
more business is offering than can be carried
Is not clear to the speculative mind in its
efforts TO fathom the future effect on railroad
earnings. Even railroads which are included
IN the newly formed community Of interests
are anected by rate cutting, according to re-
ports published in Wall street. The directors
OF the new Chicago, Burlington and Quincy
Railroad, as announced, reveal the expected
representation Of Union Pacific interests and
the delayed annual report of the Union Pacific
IS awaited with interest to disclose the process
OF financing that company's interest in the
Burlington and the Northern Securities Com
pany, Early In the week there was rather
urgent pressure in the stock market against
Union Pacific and ST. Paul and the stock of
the Northern Securities Company was de-
pressed to near par in the curb market on al
most nominal dealings. Railroad earnings con-
tinue to show increases over those of a year
ago. The growing hope that the money mar
ket would work safely through to the period OF
relaxation after the annual settlements has en-
couraged the firm holdings Of stocks. The pas
sage Of the time for gold shipments to be
available for use in the annual settlements
abroad without further outgo this week has
helped this feeling Of confidence Prices as q
whole are higher for the week.
There has been broad and active bond mar
ket this week showing the effect OF the in
vestment demand In anticipation Of the Janu-
airy disbursements
United States refunding 2s advanced Il the
3s (old and new), As and 5s (reEistered) x and
do coupon q per cent over the closing call Of
last week.