Evening star., 1901-12-20
Squirt in Copper Over the Dividend
Declared Yesterday.
ATTENTION TURNED 10 RAILROADS
The Coalers Especially Were in
Good Demand.
GENERAL MARKET REPORTS
pecial Dispatch to The Evening Star.

Special Dispatch to The Evening Star
Me-. YORK, December 2o-Early inter-
est centered in Amalgamated Copper, as a
result OF yesterdays reduction in the divi-
dend rate to 1 per cent. and first prices
were made on 5000 shares of stock at 64ls.
Later a rally to Us was recorded but new
selling forced further setback. London
has reduced the selling price of copper to
iols cents per pound for spot delivery. and
the American trade is expecting further
cut in the near future. Now that trade
conditions are being met instead of artif-
cially ignored the street is hopeful OF more
satisfactory results
The stock market made a strong effort at
shaking of the depressing influence OF
Copper, and was moderately successful for
time. The coal stocks were advanced
under a good speculative demand, and
seemed to meet with little selling pressure.
Erie issues advanced to the best levels of
the week, and confident dividend talk on
the preferred shares was heard. Reading
showed a willingness to respend 10 the de-
mand, which quite vindicated recent pre-
dictions as to the natural tendency OF these
shares.
The higher priced coal shares were strong
under a fair demand based upon the profit
able business now being done. Among the
soft coal properties Hooking Valley was a
a demand better than the average. In a
favorable market .he coal stocks seem Ger
tain Of conspicuous places.
The railroad list generally was strong at
times, Union Pacific and Southern Pacific
making advances under mixed trading.
while covering in St. Paul forced that
stock up substantially. The Traction
group was strong and weak by turns. trad
ers operating on both sides OF the account.
Among the iow-priced stocks there were
signs of increasing activity concerning
which there were numerous rUmors. but
which were active primarily because they
were cheap and easily carried.
Rumors OF compact between Denver
Southwestern and Colorado Southern to
construct a cutoff between Denver and
Grand Junction made those issues active.
This project is regarded as an effort to
force satisfactory agreement with the
Gould system, the actual building not being
desirable except as a last resort.
7 Predictions as to tomorrow's bank state
ment indicate that the banks have lost
l,a0,ooO In money, but have reduced loans
considerably.
Three banks doing Wall street>business
report reduction of over sJoo0. 900 in their
loans. Should this reduction extend over
a sufficient number of institutions deposits
should show a falling off and again the
surplus reserve may be saved from a con-
siderable reduction. as was the case last
week There is enough In the figures at
hand to indicate a lack of material for an
extensive advance in the price of stocks
The call rate today was advanced to 8
per cent. and bankers are again cautfonfng
against naSte IN acquiring new
speculative risks There is a widespread
belief in better prices after the first of the
year, due to an easier money market and
the splendid earnings of the railroads. An
other factor relied upon Is a restoration of
the banking relations with Europe. par
ticularly with Germany, where loans have
been paid off and few new accommodate tions
offered.
Final prices were irregular under a re-
duced volume of trading, In which the room
alone was interested.