The sun. [volume] (New York [N.Y.]) 1833-1916, 1901-12-15
FINANCIAL AND COMMERCIAL.

In Amalgamated Copper and by the activity
In the money market. Either Of these
occurrences was sufficient TO nave ordinarily
established a decidedly lower level OF prices;
but notwithstanding the spasms OF weak
ness during the last six days tho market an
q whole makes a much hotter showing as to
prices than was generally expected at the
beginning OF tho week. The noteworthy
net declines in the active list are very few.
st. Paul common Is 81 points lower thai
last Saturday, Manhattan Railway ~
and q few Others sustained net losses OF q
point or a little more. Certainly the ma
jorlty Of prices at the close to-day furnished
no indication OF the trying experiences OF tho
week. A~malgamated Copper. in which
speculative interest has centred moro
largely than in any other stock. rs only q
point lower thsn last Saturday. The
dealings In It this week were the largest
since the decline began.
The few noteworthy net losses In the
railway list are the result not Of conditions
affecting intrinsic value, but Of speculative
considerations. Pools in 81. Paul, Man
haitian Railway. Norfolk and Western and
New York Central undoubtedly took ad-
vantage Of the sharp advances In the prices
Of those stocks early in the mont to take
profits: and naturally when adverse specu-
lative conditions became operative, as
they did this week, the market reflected
the distribution Of those stocks and the
lack Of support. At the decline there
appear TO nave been repurc Iases OF some
OF these stocks, and also a quiet picking up
OF other railway issues. presumably by
operators who look for a revival OF active
interest In the market as 500 as the none
tary conditions become more satisfactory
which, II is generally expected, will be the
case after the first Of the year. The enor-
nous amount Of money that Is to be dis
bursed on Jan. 1 for dividends and
interest Is unquestionably an important
factor sustaining the markets for secu-
rites, particularly that for frst-class
and even second-grade bonds. Moro
over, the time is approaching when money
usually returns to this centre from the in
terror, thus providing funds for more ex-
~tensive operations in stocks than are war
ranted at present. The movement of specie
abroad appears to have been practically
completed. Germany has, according to
all counts, secured what gold It required
in order TO make a good financial showing
at tine emu Oh tHe ycdi' oiu P'cooh' 49,
tons are that the Indebtedness TO Great
Britain and France may. from this time on,
be liauidated by a freer movement OF cotton
and provisions. particularly the former
Moreover, London has been buying stocks
In this market on a small scale for more than
ten days past.
The weekly statement OF averages OF
the Associated Banks was much moro Ia
vorable than had been expected, owing
chiefly TO the large decrease In the loans.
Besides, the decrease in lawful money was
not as large as was f~oreshadowed by yes
terday's compilation OF the known move
ments OF money by about 1880 900. The
loss In cash and the reduction In loans have
affected the deposits TO an extent that re-
auired nearly $1,000, 900 less reserve than
last week, and In consequence the previous
surplus was drawn upon TO the extent OF
only 81 1852 900. leaving that item less than
81 .Ooo, 900 smaller than a year ago. Next
weeks statement will be shaped TO an
extent by the anticipation Of interest on
the public debt due Jar /. OF which about
81. 500 600 will be disbursed at this centre
on Monday. Transfers Of q considerable
amount Of gold from the Pacific Coast to
this centre are likely TO take place In the
near future. To-day's stock market was
quiet. and In the main firm, until after the
publication Of the bank statement, when II
became aggressively strong, In the early
dealings, Amalgamated Copper dropped
70 the lowest price yet recorded for IL.
and at n rally OF more than a point closed
/ per cent lower thar yesterday. Other
active stocks closed fractionally higher
than last night, with b greatest improve
ment in 81. Paul. That stock and Union
Pacific we're the leaders In respect TO ac-
tivity.
There wa comparatively heavy trading
IN Wabash ISSUES az advancing prices, and
the preferred enjoyed a net gain Of moro
thu a point. A smaller improvement is
10 be noted In 81. Louis Southwestern pre-
ferred and In 81 Louis and San Francisco.
Colorado Fuel and Iron advanced ~. points
on denial- Of reports Of discussions In the
management. Other inactive stocks that
made good showings were General Electric.
American Locomotive common and Rubber
Goods common The market as a whole
showed a disposition o. cut loose from
AmAlgamated Copper, still speculative IN
,ersst is IA ely 20 centre largely la tina, stock
nov that q war ~ prices has begun,
and nlso bsoause 81 IN. action thai will lie
takrn on Thursday ~ beI, we-k regarding
ia. UnArterly dividend The decision 81
the management q the Amalsamatod
c,mIABy 20 abandon Ute policy ~ holding
the pno. 81 its produc' ~ ~ cents a pound.
With tho fao that independent
pr.tuc.u have ALREADY L@sun IA cu, under
the pno. ns~i by ths A-mAlsamsted com