The sun., 1901-12-22
AND COMMERCIAL.
FINANCIAL
SAruapAY. Dec. 2

In spite Of the excited speculation in
Amaleamatod Copper this week there was
falling Oh OF nearly Is per cent. In the
transactions in stocks as compared with the
preyious six business days. The dealings In
bonds have been about a third smaller.
This contraction Of interest In the security
markets Is traceable in part to the unsettling
Of confidence pending action upon the
Amalsamated dividend and also to the spasm
Of activity In the money market. Still
another factor repressing speculation and
20 AN extent investment operations is the
near approach TO the holiday season. Not
w;ths,anding these circumstances, the
market for railway stocks and bonds has
displayed a very firm tone. and since tho
declaration Of the Amalsamated dividend
Il has been positively strong. This condition
1, due in part TO the covering,of shorts. Al
the same time there has been a moderate
revival Of commission house buying. some
Of IL without doubt for actual purchasers.
Although the ,An,alsamated company
has formally declared war upon Its COM
petitors, the speculative situation appears
20 have been distinctly improved by the
event. To an extent the mystery in which
the affairs Of the company have been
shrouded has been dispelled and with II an
incentive for buying the stock on specula-
five basis has disappeared. At the same time
the plight in which the company finds
;,s4N ard the confession of errors OF tudg-
nent by the management are likely 10
deter any further investment buying OF
the stock As previously noted in this
column, the market for the blind pool GER
tifcates Is likely to he relegated to insiders
and the more daring professional operators.
simultaneously with the collapse OF the wild
spec,ilation in copper, the money market
has begun 10 improve. Today's steamer
took out the final remittances on account
of interest and other obligations due abroad
on Jan I, and in consequence the foreign
exchange market is beginning to follow
the course that 1t ordinarily does az this
season.
The local monetary situation IL i'm
proved by the extensive contraction In
bank loans shown by to-day's statement
Of the Clearing House banks. The loss
IN lawful money is more than one ana one
half times larger than was foreshadowed
by Yesterdays compilation Of the known
movements Of money during the week.
This probably results from the shifting Of
money lTOU lIt iil'p Niuc' Nohh-
panies preparatory 60 che January dis
bursements 10 be made by the last named
institutions: FOR. while the greater part OF
the interest payments are made by check,
small amounts. which in the aggregate
are large. are paid in cash. The decrease
in deposits shown by the bank state ment
Is about 81 10000 larger than Is called for
hy the decrease in the loans and in cash.
an Inconsistency that frequently occurs
owing to the system Of averages employed
in making up the statement. As the de-
crease in reserve required 10 somewhat
larger than the loss in lawful money. the
hanks are able TO show a small bookkeeping
increase in the surplus reserve.
Prior to the publication Of the bank
statement the market was comparatively
quiet, but in the main firm. After the
Clearing House figures were made public
prices advanced sharply and the majority
of the list closed fractionally higher than
last night. The greatest net advance
was that Of nearly points in Metropolitan
Stree, Railway. Missouri Pacific Reading
common and the United States Steel stocks
were exceptionally strong On the other
hand, a vigorous and effective denionstra-
ton was made against Sugar Refining
that lowered the price nearly s points.
The professional ceiling OF this stock is
hased upon the declining market for re-
fined sugars and indications that the pro-
duction Of beet sugar in this country may
eventually become an important factor
In supplying the demand. The sales of
Amalgamaied Copper were barely H.ooO
shares. and the fluctuations in II were within
- Thasa ffrf
stances were perhaps the most favorable
features Of to-day's market.
Though the dealings were comparatively
anal. their distribution Indicated a broad
.uing interest in the market. Lees active
issuss that made noteworthy net gains
we're American Cotton oil. American Loco
motive issues. the Hooking Valley stocks
New York Chicago and ST. Louis common
Lnd st Joseph and Grand Island common
and sec0ud preferred The bond market
was relatively more actiw than that fOT
stocks with the heaviest dealings In Con.
tin,utsl TobAcco q a. a furthef advance
D. esl. In tRion Pacipc convertible e. and
Wabash del,enture r.. which we're es.
orlti0BAIy strong. la tho oolslde fnaTkei
u.Ie Wa a further recovery Ia Standard
o. 10 o. on very l.ght uanssc,ions The
of.v Ef-i,ity we ~ Harksnsark Meadow
q urti.-f adsan fu ssh, bsgATdinS tis
Fui.fiy and oapitaiizAtion q che com
pals 10 lan.s1. Ii u ohAiany ,ta,sd that
- InrchAsad aboui Z sn arros - lAnd
a.. .Ih4lE lie NsIiuus raAfoais tfassrriu. !.
a." rsa1DSs AMI Las plaa.-l a mortgage
g. o. - os.l yfslH t,i- praf-fty Ito o.l,iial
1 80 ooilEaIy - o. DysSsl - sli~l ons.
i,a.f hAs ts-n is~gsd ara tisfrflrv fspfs
sI's 40 o.uiy in 10 mol-fty ahd ths
frr.sifd.f k b. 80 Treasury q i, sAld tLai
tfstusluis -. i--isdlis ts'fvosu -
o.unany and tiss la.Hlsyis ssas HIS aal
O. tla IJsl.s-u - = sifIp q lsnd a. t-
uarI lI osrIeslUu siil tts o.silsf fuftllf
' IIs-fsilfesd oouI.sis tunfsl af.dsf ffs
U Is.f go u.-' go issIsf.sI .tUs
's.a fi.is a. tl.sa-l siI 10 a--.d flf hiil,s
fsfif - 90 N.sdsss ,.siulsafF
t.... 90 tn 40 usas fst=Hts li.fI.nas
s..| fia ,ssi.tft ri.sss s.sss uIss.
=.. .Fts t. a. ~ lss.ss.s. .iral, 49,
llnaat usaf Niaassss t..r..
60 snlts ts fIf NsfH.a.l.a
o. 30 b fa..I.fi| ssus f. Uis
f.fIt -as.as s.s Efs|teI faat
.sf a ttHis lass 80 .sttf
t..H ~ fssI uoiIsa 60 90
Hs .aH# tsHfrr 49, ..aast Il
|H .m|.H. o.. ..#..F l# Il