The Houston daily post. [volume] (Houston, Tex.) 1886-1903, 1901-12-20
MOVEMENT WAS ERRATIC.
FINALLY CLOSED LOWER
Dealings IN Other Stocks Than AnaIoa-
mated Copper Practically Suspend
ed-No Uneasiness in Money.

New York, December 19.-AmalGamated
Copper almost broke stock exchange rec
ords for the cratic character Of its huc-
tuatlons today So great was the uncer-
tainty over the action to be taken by the
directors OH the dividend and the conse-
quent effect on this general market that the
dealing In other stocks than Amagamntcd
Copper were practically suspended, The
stock broke several times during the morn
Ing, going down Immediately after the
opening to 6s9s which wiped out the sud
den gain n, the close yesterday. From that
point II began an irregular recovery, with
frequent halts and reactions
A story got anoat that the full III per
cent dividend was TO be declared, TO be
paid IN scrip, for such proportion as was
represented by the dividends OF subsidiary
companies. which have been tied mp by In
5rnctlons. The outstanding short interest
became frightened at this rnmor and
bought to cover. The stock touched 69l3
before the directors had assembled at the
dividend meeting. 1t was only few min
utes after the hour Of assembling, when
the price slumped 10 6iA under q torrent
of ofers The rebound wGs to 6I15, aud
the stock then tended to equilibrium and
closed with net loss OF "a. The action on
the dividend had net been announced when
The further cut In prices Of new copper
was not unexpected, and there are predic-
lions that the level has not yet been
reached TO attract large buying orders.
The announcement Of the cut did Interrupt
the upward course OF Amalgamated Cop
ner which was then in progress. The un-
dertone OF the general market was nrm,
hut there were sharp declines In several
lending stocks when the cut In copper was
announced, and also when Amalgamated
Conner commenced its Wild movement in
the last half hour Very few stocks at
tanned a movement OF as much as pont
in either direction from last nights close.
The tone of the coaers was good and
there was some talk OF coming advance
10 the price OF anthracite. The principal
movements were In the speclalties. There
was good demand for Peoples Gas, and
the Pressed Steel Car stocks rallied sharply
from their recent weakness United States
Rubber and the Rubber Goods stocks were
weakened by the results OF the formation
OF large corporation 10 compete In that
There was no apparent uneasiness over
the money situation, although the subtreas'
ury continues to drain supplies from the
banks There was a deposit OF $4,000
nj he subtreasury for transfer 10 New Or
leans today. The sterling exchange mar
ket closed weak after degree OF hrmncss
during the morning. due 20 the hrmness or
the London money maxi Inc assulhp'
ton is general that the outward moyemeat
OF gold for the year has come TO an end:
The reports Of extraordinary level OF
prosperity maintained In the iron trade
and the weekly gross earnings OF railroads
which came 10 hand encouraged the hfm
holding of stocks. The cut ~ sugar ma al
were witinut notable effect. The market
closed Irregular and very dull
Railroad bonds were dull and steady.
Total sales, par value. s2,1s5,ooo'