The Montgomery advertiser., 1901-12-22
WALL STREET REVIEW AMALGAMATED COPPER CON-
 TINUES QUIET. The Relief Afforded by This Turn of Affairs is Shown by the Nor
 nal Aspect of the
 Market.

NEW YORK, Dec. 21.-Amalgamated copper showed the same stable tendency yesterday. and the relief afforded the general market by this turn of affairs contlhu9d in evidence. The bank state ment gave evidence of satisfactory com prompted some buying of stocks, but the sympathetic strength in the general market was taken advantage of for tn active hquidation in sugar, which forced settled the market and made the clos ing easy. Net results are not generally important, and changes run both ways.
 The recent cut in the price of sugar leaves narrow margin for profit on its production, and fears are entertained for renewal of the sugar and coffee war. The bank statement showed much larger decline of cash reserves than an- ticipated, the loss running to $4, 200, but the decline in deposits by reason of loan contrac ction of SIS, ,S6S, 300 was suf- ficient to reduce the reserve require- ments by an amount greater than the decrease in cash. leaving gain for the surplus of $3So,S00.
 The strength of the day was most marked in the local fractions and in the coalers, both soft and anthracite. Hook ing Valley added 5-S to yesterday's principal rise and the preferred gained l 1-2 There was report of the pend, | Ing acquisition of another railroad and rumor of the proposed retirement of the preferred stock.
 | The enormous speculation in Amalga- mated Copper was an unsettled influence on the general market during the whole | week. Dealings in that one stock con | stituted from one-Quarter to one-half or the aggregate on each day of the week, | and its incessant and yiolsIt fluctuations | baffled the insight of the most slillful operators. The successive cuts in the price of raw copper, while doubtless ot | vital import to the ultimate value or the stock, seemed to have a soothing ef- feet upon the stock, while adding to the unsettlement in the general market. Late l in the week the dividend action on the stock overshadowed all other conditions. | The one per cent declaration had been pretty accurately expected, in spite Of l the flood of rumors constantly set ansat by the professional traders for manipu- The oficlal statement by the directors of the Amalgamatcd Company after the dividend declaring, threw very little light upon the! situation beyond that lndicated | Ly the previous course of events, but if | had the effect of formulated authorized | information. as against wild surmise ana F1moE,. which had prevailed for long 1 time previously. The statement IS ac- cepted as a proclamation that the inde- pc ndent producers having declined to maintain prices, the Amalgamated Cop per Companv-ts prepared to make such 1 prices as are necessary to secure mar ket for the product of Its companies 1 Such action IS regarded as promis'1 1g | favorable results in general business and I | the copper trade itself. By stimulating consumption at the lower prices and de l creasing production by wtplng out the profit for the more expensive producers matters are set in train for an adjust | ment of equilibrium between demand and l supply by the operation of natural law. | As for the effect upon the value or
 Amalgamated Copper stock itself the | fluctuations in that stock indicate con | tinued uncertainty. The p;ice adjust
 nlent in the copper market has had a parallel in that for other staple commo- l dities There have been cuts in the price
 of lead, linseed oil, sugar, petroleum and
 in the speculative markets Tor grams | and cotton
 The iron market affords strong con | trast, where strenuous efforts are re- | ported making to keep down prices ana ] prevent a runaway market. With pro | ductiOn in the trade at record figures | the conEumptive demand is still so UT
 gent as to offer abundant opportunity for asking advanced prices. The domt- nant interest in the trade urges the bene-
 fit of stability of prices and points to
 resulted from the bouyant rise of prices l in 1899.
 In the railroad world. the anomaly is presented of a pressure of traffic which | equipment is inadequate to accommodate. | according to continued complaints which continue to come from all sections, while reports of cutting of rates are more and more frequent The logic of cutting prices to compete for business where more business is offering than can be | carried is not clear to the speculative
 mind in it's efforts to fathom the future
 effect on railroad earnings. Even rail | roads which are included in newly formed | communities of interest are affected by
 rate cutting. according to reports pub | Ushed in Wall Street. The directors O;
 the new Chicago, Burlington and Quincy l Railroad as announced. reveal the ex- | 2ected representation of Union Pacific interests and the delayed annual report of the Union Pacific is awaited with in- interest to disclose the process of fnanc- ing that companys interest in Burltng-
 ton and the Northern Securities Com
 pany. Early in the week there was rather urgent pressure in the stock mar ket against Union Pacific and St Paul
 and the stock of the Northern Securities
 Company was depressed to neSf par m
 the curb market.
 Railroad earnings continue to show in
 creases over those of year ago, Dul
 with some important exceptions and the
 ratio of average increase is less thar
 ket has made good headway against tht
 unsetthng influence of the Amalgamatet
 Company disorder and the other items Oi
 uncertainty indicated. The growing con
 fidence that the money market would
 work safely through to the period of re- taxation after the annual settlemens has | encouraged the firm holdings Of stock
 Prices as a whole are higher for th' | week.
 TheFe has been a broad and a"-E,
 bond market this week, showing the et
 feet of the investment demand in anticl