The Washington times., 1901-12-11

parently the supply from somewhere was
ineXhaustible, for the net movement oi
the day did not show any gain.
The stories and rumors and denials re-
garding the Amalgamated Company and
the copper situation in general were as
varied as the movements OF the stock and
as uncertain in their tenor Dividend
stories were told on what was said to he
good authority and promptly denied. The
story from Europe that the Rothschilds
have agreed to curtail the output OF cop
per in Europe was denied, but persisted
in by the people who first circulated it.
The superintendent OF the Greene Con
solidated Copper Company in New Mex
leo sent a telegram East that his com
pany had uncovered the richest copper
mine the world has ever seen"
Market Adversely Affected.
The general market was necessarily ad-
versely affected by the complexity of the
gossip regarding Copper and the wildness
OF its movements. Added to this, there
was a continuance of the uncertainty
over the monetary situation Opinions in
this regard were conflicting also. The re-
suit of the two disquiating factions in
the market was that the movements of
the general list were irregular and to a
There was some strength at the open-
ing. which quickly gave way to Iiquida-
tion OF an important scale. Later in the
day there was a sharp rally. with the
best upward movement in Copper. and
then al the close another break occurred,
which left the price level little changed
from the close of Monday
The street is at sea regarding the pros
poets for the immediate market. for the
most part not caring TO express any opin-
ion either way. Many careful people hold
TO the belief that before the end of the
year, however, there will h the begin
ming OF an important upwarL movement.
They base their idea on The hne general
business conditions. whicn seem TO be
growing better instead of less satisfac-
tory, as many expected with the begin
ming of winter.
Interest TO BE Paid Early.
The most important news of the day re-
garding the financial situation was that
Secretary Gage has decided to anticipate
the January dividend disbursements. This
news was received with favor in the
street. as the amount Of money released
in New York will be almost s.. 600 600,
which should be sufficient to give material
aid 10 the banks
The announcement was not made off,
cially until late in the day. or it might.
perhaps. have had more effect on the call
lean rate. The rate was stiff during the
entire day until Just before the close. get
ting at one time 10 per cent The close
was at per cent. but this quotation.
when the demand for the day was over.
was not regarded as significant
On the whole, the street tends to the
opinion that there will be no acute strin-
gency al any time before the end oil the
year, and that after the new year begins
there should be an abundance OF funds.
II is probable therefore that If the copper
situation were out OF the way there would
be much more cheerful feeling regard
ing the immediate situation.
Usual Dividend on Manhattan.
The movements OF Manhattan were only
less interesting than those of Amalga-
mated Copper 1t opened at 1879. an ad-
vance from the close of the night before,
but quickly declined three points An
other advance carried it TO the previous
high. and then again 1t declined 10 134 and
a fraction.
The announcement was made that the
use OF electric power will be inaugurated
on some OF the lines of the 81 stem today
and this was considered a bull argument
although it had been discounted largely,
probably. in the recent great advance Of
the stock
The directors OF the company met and
declared the regular dividend of ! per
cent quarterly. and this was a disappoint-
ment to many, though there has been lit
tie expectation of an advance in con-
servative quarters. 1t is considered en-
tirely likely that there may be some in
crease in the dividend rate next year.
however. as the company is doing a most
prosperous business. and much is expect
ed from the new motive power in the way
OF larger gross ear TlinRs and lesser op-
Grating expenses.
The movements OF the stock seemed to
be largely due to the operations of a
clique. said to include some of the
younger members OF both the Gould and
the Rockefeller families.
other Gould Securities.
The other Gould securities. notably Mis-
souri, Pacif4- and the wabashes, were
also active, probably under the same in
fuences. They were strong at times but
closed with no net gain for the dav. The
gross earnings OF the Wabash for the
first week OF December show an in
crease of $4,000; from July / the gross
earnings show an increase of $500, 600
The Wabash directors will meet on De-
cember 20 to consider a dividend on the
debenture "B'' bonds but none is looked
for.
Tennessee Coal and Iron.
Other securities connected with the
steel and iron business. directly or in
directly. were also active. and the subject
of much entertaining though not always
probable rumor There was a story that
the Tennessee Coal and Iron people have
decided TO begin the payment OF dividends
again at the rate established two years
ago and SO soon dropped The earnings
Of this company have been very large. but
Il has been the impression in conserya-
tive quarters that all the surplus after
fixed charge would be expended In the bet
termenis that the new management has
found absolutely necessary.
Colorado Fuel and Iron Rumor.
The rumor regarding Colorado Fuel and
Iron was that the Eastern directorn Of
the company VIII meet Mr.. Gates in Col
orado in few days, and make thor
ough tour OF inspection Of the plants Of
the concern. II was said in one of the
stories printed that the management will
push improvements and extensions so
rapidly that in a very shcrt time the Unit
ed States Steel people will be forced to
buy in the company. This sounds very
like the Gates stories put out several
months ago, and It is not known that
there is any more foundation for 1t now
than there was then.
The gross earnings Of the Northern Pa
cifc for the fourth week OF November
show an Increase Of $4,000; for the
he iugraaea wac Sl O74 ON0. for tho
fiscal year to date the increase was 81,
oil 600.
baltimore and Ohio Firm.
Baltimore and Ohio was one OF the
firm features of the market The stock