The sun. [volume] (New York [N.Y.]) 1833-1916, 1901-12-08
FINANCIAL AND COMMERCIAL.


and by q bank statement WHICH VIM i'e'"
more unfavorable than the least
ing of tho preliminary compilations OF
tho known movements Of money. Inc
declines in security prices will obviously
orerate TO lessen the immediate demand
for money and, as not ~infrequently happens
when the monetary outlook II CLOUDY, r.
lief may be forthcoming from unenpecteo
quarters Al the moment. however, the
indications point TO a flrmer money market
and TO a more precautionary attitude py
the banks in making loans. Pension pay
ments will be larger next week ana
the Sub-Treasury holds credits for large
sumo Of gold, approximating S,Oco,ooo ana
upward. which should soon be available.
To-day's statement Of bank averages
showed a decrease In surplus reserve OF
90, zoe, 900, reducing holdings to s6,eO7 go
compared with surplus Of i3,4li, 575 a week
AGO. The surplus reserve atShis time a year
ago was IS, 70I ,i25. The loss in cash was
a., 29i, 500, which was over 81 10000 larger
han had been expected even after allowing
for a shipment OF gold coin 10 Europe during
the week by one Of the larger banks, which
had escaped attention. An increase in loans
Of Is. 3s2 800 was distributed between three
PROMINENT lHsNlNutloIt, dilu Nlhce D'' -
the larger banks individually decreased
deposits about $4,000, 600, the general show
ing Of that item was a decrease OF only
81 40, 400.
Rates for money at the principal interior
commercial centres have steadily ruled
lower than the figures obtaineble In this
city, and in banking circles the opinion
is expressed that any appreciable hard
eninR in money rates here would largely
stimulate a movement of money 10 NOW
York, despite the increased demand for
funds in the interior incidental to the de-
cided activity in speculation in the gram
and cotton markets. At the same time
it must be borne in mind that preparations
will shortly be begun for the unusually
heavy disbursements for interest and
dividends Jan. /. The sterling exchange
market developed extreme weakness, de-
mand declining y to n cent, partly owing
70 a more liberal supply of cotton bills
and M a result of the unfavorable bank
statement. Higher rates for money would
ia all probability efectually debar ship
ments of gold 20 Europe upon a purely
commercial basis. Whether sufficient in
ducements will be offered TO draw the gold
as n commodity can only be conjectured.
Regarding the statistical position Of
the copper industry the most conflicting
circumstantia theories ore current, but
in some usually ~well-informed quarters
il is claimed that there has recently been
decided improvement in the situation
and that consumers who had been holding
of in expectation Of a sharp decline in
the price of The metal until their require
ments have become urgent have bought
considerable quantities OF copper under
guarantees against a possible cut in prices.
The continued exceptional activity in
Amalgamated Copper and the violent
downward course of the stock are regarded
by the financial community at large as
foreshadowing more or less heroic action
on the dividend for the quarter, at the
meeting of the directors about two weeks
hence. Three months ago. il will be re-
called, the usual extra disbursement Of
- per cent. was withheld. placing the stock
upon a 0 per cent. annual basis.
Amalgamated Copper accounted for over
ia 900 shares Of transactions a~ggregating
Cos 600 shares. The stock opened ~ per
| cent. below yesterdays closing figure at
8sLs. 1t developed fresh weakness under
a pressure Of sales for both accounts and
| eventually touched 6i's. an extreme net
| loss Of So per cent. and just al the close
rallied on covering Of shorts about ? points
from the lowest, figure OF the day, showing
a net decline Of 81, points. The move
ment was ACCOMPANIED by a variety OF
| distressing rumors. some of which had
reference TO the financial position of a
Boston operator who has obtained of late
l. ~. A,tllta nRtns
AT to-day's extreme decline Amalgamatcd
| Copper showed a los of over as points
from the high figure Of about the middle Of
! June. The potential influence of the de
preston. aside from th" statistical position
| Of the copper metal itself, is a. great a
| mystery as ever. but one theory Is advanced
| that the decline in the price Of the stock
| has actually strengthened the insiders In
\ the Amalga mated Copper Company IN
what appear- to he an incorporating
| contest for supremacy ~ she copper market
Of tho world. " the supposed objective
point has not been reached IL IL not ~ilogi,a
90 eNuact further uniavurablo develop
mani- l-aung directly upon the price Il
| the stock
III. grn.rai market reflected foundation
Which was practically uninterrupted MA
a.. lasi few minutss IT bu-ir'-- When
purchase Co cover rh"ftr CAUSED sllgl'
rall,r. from ihc i1wc'i figure w. 'h" rail-
~aV lst. leadership iu N'luu" of dcaIinfs
va held hy ManhaltaI Hallway, sii'h.
| Afri ru,.uhtiuE within q iansr ~ "'rt
. tainis. ,lu-ri a. % fractional No. decline.
I niuu rarif. 'tWr rrAt boz extent ui fIHi.
| ,nE aud aftst az rhtrrms 49, 'r-iuI Hi alHH'
49, orut hfI ~ utI q I,Hf ID. Ia
Iuiayr mad nglt' 'iI.'f ri.fta n.'
rsruf l~i iaifl, afrr i'i.l- IH|.ti.i -'
paul wrlrh rrifst u'aft 70 lalrir Iu''I.
~.uth.u pa,ifr aid -.4 I.fU i~lHIIvay
/ H,tuli. Nilrn Sustained Hu' Na' nai
to- De- uus- Nls=sYI ialf Ne l"t
! t.tfuaI sisl f. usst'd 70 Is.H .f aI '"I.N
/ tt.p g I t-f ssH N.tl-I i..I.I
Aia.stn la NJ. alI i.fIs Es0a o..
rat H,sllI,u isid lIsI @
tb.u Iotas Hat'- arIs .I DOL.
u.fiu. o. sI.ar. ..f re-
I4.sH i4y fia. U.
b. ts bodice ua. o. tstIHIf
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t4an.- a .Hi I aaI Isf
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