The Washington times., 1901-12-12
TIGHT MONEY
RULES MARKET.
Copper Still an Active But
Secondary Factor.
DOWNWARD TENDENCY is GENERAL
Gold Withdrawn for Shipment De-
spite the Monetary Stringency-
Stocks Unqualifledly Weak -
Sharp Decline in the Railway List.

NEW YORK, Dec. 11.-Amalgamated
Copper did not furnish the extraordinary
movements in today's stock market that
It did yesterday. but its fluctuations were
still cratic enough to serve to reflect the
utter confusion Of mind On the part of
Spectators and investors in the stock.
The position Of the latter is made even
more puzzling, as another week must
elapse before the quarterly dividend on
Amalgamated is acted upon. and in the
meantime 1t is hardly possible to assign
limits to what may be expected. AS has
been the case heretofore, no word OF en-
couragement or enlightenment was forth
coming from the management of the prop
erty as TO its conditions, nor as TO those
prevailing in the trade.
The Injury Not AscertnIned.
Notwithstanding the volume of abuse
that has been leveled at the management
OF the Amalgamated Copper Company, It
is doubtful whether even as yet the extent
OF the injury which has been inflicted upon
the market for securities through the
course of this stock is adequately re-
allied
Some of its moro immediate market ef-
fects have indeed already been witnessed.
but an ever widening circle of evil innu-
ences must be the eventual result o.
what in effect already amounts to the col
lapse Of an ambitious project brought be
fore public attention under the auspices
Of names which. in the minds Of the out
side public at least were synonymous for
strength and singlcness of purpose.
II may indeed, be wondered whether
none of the gentlemen making up the
board of directors Of Amalgamated Cop
per ever feels It incumbent upon himself
TO say something in the way o. explana-
tion. Even an honest confession that
mistakes have been made, and misdirected
policies followed might be Of some So
lace to the present bewildered stockhold-
er in the company. but what is of vital
necessity now is definite knowledge as to
what has happened and what is wrong
Copper Dealing. obscured.
1t is pity that law embodying Presi-
dent Rooseyelt's suggestions that pub
licity be giver the affairs Of the great
industrial corporate combinations is not
already upon the statute books.
In today's market even AmalGamaicd
Copper affairs were more or less obscured
by the dismally contracting money mar
ket Rates opened above the so-called
legal rate. and advanced steadily during
the greater part of the day. Notwith
standing that circumstance. 81. 600 900 sold
was withdrawn from the assay office for
shipment 10 Europe.
The SubTreasury transferred large
amounts 10 the interior. particularly TO
Chicago. the shipments thither being ap-
parently induced by the heavy grain spec
ulation prevailing at tina; point. Today's
figures OF the transactions between tie
banks and the sub Treasury for redemption
and the prepayment of the January inter
est on the Government debt will furnish
Eome measure of relief, but no permanent
change in conditions can be counted On
during The remainder Of the year.
Market UnquaIiGediy Weak.
The stock market was unqualifedly
weak. few of the higher priced tissues.
like Lackawanna and Delaware and Hud-
son, were in good request. but for the
most part the railway list had sagging
tendency, and in number of instances
exceedingly sharp declines we're scored,
St Paul and Union Pacific retaining their
unenviable leadership in this respect.
Aside from Amalgamated Copper the
price changes among the specialities were
fairly well in line with those in the rail-
way list, and the Industrial quarter also
moved in sympathy with the latter. There
was no interesting gossip bearing on par
ticular stocks