New-York tribune., 1901-12-18
BONDS.
THE DAYS OPERATIONS IN STOCKS

The stock market was irregular in the greater
part Of the day, with net gains. however, in the
majority of issues at the close In the early
dealings renewed weakness in Amalgamated
Copper was responsible for active selling
throughout the list but in the subsequent trans
actions covering Of shorts carried prices above
Mondays last quotation. Amalgamated Copper
made new low record at G012. but closed at 4
net gain Of is. at 631a. The buying Of the
stock ct the low price was said TO represent
further accumulation of this issue by inside in
terests. and it was noteworthy that the char
acter Of buying induced short covering, and in
some cases a commission house demand for the
shares. Commission houses. however, do not
advise their customers TO speculate in the cop
per securities. and. a rule, purchases not
made except cash transaction. Amalga-
mated Copper ut its present price has doubtless
discounted trade conditions. but if the dividend
should be passed at the directors meeting to-
morrow the stock Will probably sell under yes
ter6ay's lowest quotation 1t is generally be
l!eved that the dividend will be reduced TO
per cent basis. In some quarters of the Street
It was said yesterday that the people behind
Amalgamated Copper stock might even surprise
the speculative community by restoring the
dividend 10 the rate prevailing before the last
dividend declaration Such action. however,
seems totally improbable.
Commission houses were not active buyers of
stocks. and, a rule, transactions were con-
fined TO the operations of board room traders.
On the decline made in the early dealings. q
fair demand developed. but in the greater num-
Der OF professional traders operations
We're responsible-for the rally. Bear operators
find 1t extremely difficult TO force heavy nquida-
tion for the simple reason that stocks are now
IN strong hands while weak holdings have been
eJ1- .eliy Cd zrlCe
that securities ara now so well held suggests
the belief that higher prices will be made be-
tween and the end of January. The money
market still remains factor in speculation.
and it is possible that before the end Of the year
there may be a further furry in rates. incident
TO the preparations for January interest and
dividend disbursements. The amount Of money
that Will be paid out in January this &C
count Will be heavier than in any other dividend
period on record. and il is reasonable TO expect
that good part of this money @il eventually
seek reinvestment in the stock market.
IN yesterdays money market call rates did not
rule above per cent. It Is understood that
the leading banking interests have taken meas
ures 10 prevent squeeze in money, but it Is
also understood that loans will not be made
az important concessions from the rate that
prevailed in yesterdays loans. The sterling ex-
change market WIS frner. on a good demand
for remittance. No gold taken for export,
and IT was said in foreign banking circles that
further shipments Of the metal would not be
made except as special transactions. The
strength in tLe exchange market has not ad-
vanced quotations 10 the gold export point. and
as long as money remains the current Level
sterling rates will doubtless rule under the level
at which gold shipments be made at
proat. The fact that money did not reach an
abnormal level influence in inducing
covering OF short contracts in stocks. Note
worthy strength shown by Atchison, Chi
cago Great Western preferred shares, st. Paul,
Rock Island, Long Island. Louisville and Nash
vile. New-Yorf Central, Metropolitan, St Louis
and San Francisco I'd preferred. Southern Rail-
way preferred. and Union Pacific. Last prices
were generally at the best of the day.