New-York tribune., 1901-12-20
BONDS.
rHE nAY,s oPERATIoNs IN sToCks:

The stock market dull and irregular
tbrougbort the day. with small net gains in the
greater number of issues at the close. Uncer-
1aintv over the dividend on Ama1gamated Cop
per stock doubtless served to restrain traolng
in the general list. although in the STOCK named
transactions were heavy, amounting TO nearIy
one-half the total dealings in all issues. The
-esrlr of the AmaIgamated directors meeting
was not announced until after the close OF the
market but the stock moved throughout the
hest mart of the day on the theory that the divi-
dend would not he passed. In the last hour'
however heavy sales of the stock forced the
mice down from $685. to 641A while at the close
Il WAS fractionally under Wednesdays final quo
ts+ion The directors decided IL reduce the dlVl-
dend 10 per cent for the quarter, as against l12
rer cent at the last preceding dividend Perloo.
This action was in line with the predlcuons OF
conservative interests, and 1t was not uloush'
probahle that the price Of the stock would sulIer
anv material further decline in consequence OF
the lower rate St. Paul, Manhattan People s
Gas and Union Pacific were the only other STOCKS
in which transactions ran above lu'ooo shares-
pressed Steel Car issues. Rock Island, Colorado
Fuel St Joseph and Grand Island on srnail oeal-
nrs were noteworthy strong features Peoples
cas- WAS exceptionaIly strong on an excellent
class of buying.
Nancy market rates ruled at a relatively easy
level and. despite the fact that the Sub-Treas-
urv operations with the banks showed gam
nf nearly S2,0o0,000 since last Friday IN laVor
If the first named institution, there was little
uneasiness OYER the monetary SITUATION IN
some quarters il is still thought that there VIII
ne q suueeze in rates before the END or the year
h,,+ - is no+ however considered likely that
acute disturbance will develop. The money mar
Le+ Is feing carefully handled. Last week the
tbe situation and there is. therefore, no cause
to- axnec+a+ious Of a money panic After the
.,,rn of the year currency ought to come 70 fnls
,entre in large volume from the interior, Whlie
bv the end Of January bank reserves shouid
stand ct figures large enough 10 encourage an
active February stock market The impression
& unite general that the January market will
oe a bull affair." but il should be borne IN naino
hat in January rises the expected upward move
nent has seldom developed before the secono
week in the month. Stocks are so well held that
aigher prices in the next Two Ihonlis aie i
1raIly looked for
The cbeaper railway and attractive industrial
,bares rresent opportunitir- for profits. These
.bares are selling under their actual worth. ano
,rless there should be a radical adverse change
n conditions governing the countrys business
+, better price level ought to develop before the
winter is over The splendid physical condlton'
he heavy earnings, the promising outlook ana
he dividend records OF such companies as Amer
can Car and Foundry, International Paper and
International Pump suggest the purchase Of the
.on,nsnies, nreferred stocks for investment pur-
,oees In the railroad list the low priced coal
tocks. the Hooking Valley issues and Southern
Railway shares are attractive at ruling prices
Colorado and Southern issues are also worth
watching. There was no demand for this class
# stocks in yesterdays market, as trading was
kholly professional and confined in great part
70 the leading speculative securities