The Washington times., 1901-12-17
Gnrcrnmcnt nann..

| net advance in prices yesterday in the
| face of the extreme weakness in Amalga-
mated Copper should be considered an ex-
cellent indication that there is little stock
for sale and that the market is sound.
around its present level.
During the first half hour of the day
| there was a decline in many securities.
| with the first break in Amalgamated, but
| before noon steady and important ad-
vance began. which continued in the after
noon, although Copper was attacked again
and closed at the bottom level nearly four
points on net for the day.
The only trouble with the general busi-
ness Of the late afternoon was its dull
ness. This shows that the Copper cpl
sode is still a drag. and of course this is
| TO be expected but il shows also that few
people are willing to SELL even under cir
cumstances that might well be considered
most discouraging to enthusiasm.
Call Money Loaned Mt IL Per Cent.
The monetary situation yesterday was
somewhat easier, as had been predicted.
The opening rate was per cent for call
loans, and no higher was charged at any
time during the session. In the late af-
,ernoon the rate was as low as 2k per
cent, but this should not be considered
particularly significant, as business had
almost come to a standstill and there was
no demand for accommodation.
The bank statement last Saturday was
better than had been expected, and there
is fair chance that the statement of the
coming week viii also be not bad as the
money from the Treasury for the advance
payment OF the January interest on Gov
ernment bonds will be paid this week,
most Of it TO New York banks.
f-+ t,nv ~,
market was more cheerful tone in the
London market. London was purchaser
of American securities on balance and
there was a revival OF interest in the Kaf-
fir stocks, due apparently to a more hope
full feeling regarding the South African
war. The purchase Of American stocks
by London is not only encouraging in
itself, but il helps the financial situation
by making gold exports less likely.
scarcity of Iron.
General business news is most encour-
aging in all directions. In addition to
matters already commented on in this
column it is interesting to note the won
derful showing of prosperity indicated by
the monthly report of the iron furnaces.
There were at the beginning of the month
sss furnaces in hlast- with a weekly ca
pacity OF $4,000 tons, the best showing on
record. Despite this fact the supply OF
iron was considerably less than enough
for one week ahead. The stock in the
furnaces was only 223 coo tons at the be-
ginning of the month. as compared with
273 600 tons at the beginning OF November
and 36l 600 tons at the beginning of 0c-
tober.
The Car Famine.
The continuance and accentuatioD of the
car famine is another evidence of the
activity OF business that hardly needs
comment 1t is said that the famine is
worse than it has ever been before, and
this is despite the fact that the increase
in the number OF freight cars has been
extraordinarily heavy during the past
three or four years. The car companies
are working to their full capacity and
have orders far ahead. At the same time
freight is piling up in the yards in car
load lots all over the country.
comparison of the railway earnings
of the past calendar year with those OF
other recent years made by one Of the
Wall Street agencies is interesting. The /
earnings of 100 lines for eleven months I
show an increase Of S6s, ,0O0, 900. On the 1
same lines for the same period a year
ago the increase was So. 600 600: in 1899
the increase was So. 2.OO0. .Oe0. and in 1893
the increase was S3s,500.o00.
As to a Vanderbilt "DcnI.-
The Vanderbilt securities were the
strong features OF the market yesterday
New York Central opened at Is2 and ad-
vanced to 1e5k. II closed at 1sf1a. There
was concerted buying in the stock. and it
was said that insiders we're responsible
for it to 4 large extent. The other Van
derbilt securities all showed strength also. |
The rumOr OF a Vanderbilt deal is |
still heard. or rather was revived again !
after dropping cut of sight last l
week when the Vanderbilt meetings we're /
held and did not develop anything start |
ling. There is no reason to believe that /
there is any foundation for the story. 1t |
is a fact. however that the Vanderbilt |
people propose 10 raise a considerable |
sum, TO be expended on the Central, and |
that this plan is likely to develop |
rights" for the Central stockholders |
that will be valuable
The Tumble in AmaIEnmnted.
Amalgamated Copper continues TO oc-
cupy the centre of the stage. Its move
ment yesterday was not cratic however,
but all in one direction. steadily toward
a lower level. The stock opened at G5,
and after a fractional advance begun to
tumble and did not stop until the close
Of the day, when its price was Gl1s, the
lowest OF the day and in the history of
the company The belief expressed last
that the bear campaign in the
stock was not get over seems to have /
been fully justified.
1t is impossible for people on the out
side TO form an opinion worth anything as
10 the future course of the stock The
meeting of the directors will occur on
and the dividend is likely to be
cut to 4 per cent. or even passed This
may not result In any further tumble in
The price, or II may cause a break to
around 50, as some people were predicting
One of the Copper Theories.
Despite the apparent friendlessness of
he stock. there are still many people that
refuse to accept the theory that the
Standard oil people have made a grievous
and are now saddled with a rot
len. and diseredited, and unsuccessful
venture. These people state that the
Copper stocks OF the world are not abb
normally large, and not nearly so large
as they we're when the great French syn
licate went TO pieces.
They estimate that the United States
Metals Selling Company has not more
Lhan 100 000, 900 pounds OF the metal, and
that this Is practically all that there is
In this country. They say that there is
not more than 100000 pounds In Eu-
rope.
Basing their theory oa these estimates.