Evening star., 1901-12-19
Amalgamated Copper Showed
Strength at the Close.
SHORTS COVERED VERY GENERALLY
Good Demand for Union and
Southern Pacifics
GENERAL MARKET REPORTS
Special Dispatch TO Tho Evening Star

Special Dispatch TO Tho Evening Star.
NEW YORK. December 1a.-Tradine IN
teday's stock market was retarded by the
uncertainty OF the action to be taken at
the afternoon meeting OF the directors OF
the Amalgamated Copper Company. A con-
siderable volume ot short stock was repur-
chased for fear a rally might follow the
dividend announcement and new short sell
ing was postponed for a similar reason.
The predictions extend from the passing
OF all dividends to a. probable payment at
the rate OF per cent. When the worst is
known the street argues that the stock will
pass into less prominent place and allow
the railroad shares to move along natural
lines. London advices announced a further
cut in the price of the product. but on this
side little attention was paid to the action.
The heaviness OF Standard OIL stock and
the cut In the price of that commodity is
regarded az part OF a general scheme to
secure some advantage in both copper and
oil
The methods are severely criticised and
there is general wish that the movements
OF this faction might be eliminated from the
stock exchange and the field Oh possible in
jury contracted. At O'Clock the vice
president of the copper company was re-
ported to be attending meeting in Brook
question until the close of the day.
Union Pacific was strong under q good
demand based on earnings. the annual
port being said to show something close to
10 per cent earned on the common stock.
Now that Mr.. Hartman has recovered it
Is thought the report will be given out
early next week. The character of the buy
ing in Southern Pacific was called good,
and evidence Of accumulation are noticed
whenever the general market is firm.
Atchison again shows splendid support
and there are reasons for believing that
the pool In that issue VIII become active
and there are certain ambitious plans for
the property. which are relied upon to add
materially to its value.
The coal stocks were strong at better
prices, due to a reported increase in rates
January ], and the satisfactory condition
reflected In current earnings.
The rumor that Erie first preferred may
get its full per cent rate at the meeting
next month helped to attract some new
business to the Erie group. Readings held
well. and the higher priced issues found a
good investment inquiry.
The Steel stocks were very dull under a
mixed demand, but held well in spite of
the decreased business. A few of the out
side companies reflected a better demand
but the commission houses reported little
inquiry for Industrial properties.
Money ruled in fair supply around 5iR per
cent and there was less uneasiness on that
score. Brokers appreciate the fact that
oNSispcSuidliou NOulu utluo l1aI was
accomplished by last weeks liquidation
and are advising caution in consequence.
The more sanguine temperament of the
London market, due to improved conditions
In the Rand, while detracting from the in
terest in Americans, is regarded as a most
encouraging symptom and may develop
into an important factor next spring.
Copper was advanced sharply during the
final hour, and the character of the de-
mand suggested the best buying by insld-
ers since the price dropped below par