Evening star., 1902-02-01
Action Of Amalgamated Copper the
Feature in Stocks
new DEVELOPMENTS EXPECTED
lndustrials Showed Strength
Unsatisfactory Bank Statement
GENERAL MARKET REPORTS
Special Dispatch to The Evening Star.

Special Dispatch to The Evening Star.
NEW YORK, February Trading In to-
days stock market was restricted in vol
ume and irregular In net results. Commits
sion house business was OF inconsequential
proportions, and the room was disposed to
take profits. In banking circles there was
an unmistakable undertone Of confidence,
and every stock in which such interests are
operating was given excellent support.
Amalgamated Copper was opened with a
rush up to 79 but reacted sharply under
liberal selling.
On the decline the buying was from in
side and rally followed. There are ru-
mors of a contest for the control Of the cop
per markets. in which the largest financial
interests In this country and Europe are
concerned. There are two distinct parties
and some interesting developments are
likely to mark the outcome of the Amalga-
mated Company's attempt to demoralize
the industry in its own interests Expert-
enced rivals helped to find a market for the
Amalgamated output around IL cents per
pound and the willingness to buy more Is
renected by the rise to over 13 cents in the
bid price.
The public has had an expensive experi-
ence with Amalgamated Copper but there
are indications that the officials of that
company may have a difficult time in avoid
ing an uncomfortable stock market epI-
sode Should it happen there Will be no
sympathy wasted upon the outcome.
GOOD buying was noted in st. Paul, and
some OF the best houses in the street were
given large orders in the stock around I64
This buying has been a feature on several
GAYS or the week, and many shrewd judges
believe that any decided revival of business
In the railroad list will be under the lead
ership of this property. Southern Pacific
was given good support, and Union Pacific
and 10 set,,
In the latter has reached fairly large pro-
portions.
The announcement that there would be
no increase In Rock Islands dividend dur
ing the present year resulted in some SELL
ing OF that stock, but this prospect was
never responsible for the recent significant
buying in these shares. The road is earn
ing about two and one-half times it's pres
ent dividend. and is making certain west
ern connections which will insure large re-
turns within another year
The traction shares are firm and evi-
dences of some important undertaking by
the surface lines increase. Sugar is strong
in spite of the possible delay in reaching a
conclusion on the subject of Cuban boun-
ties The industrial list generally has held
well all week
The bank statement was construed by
traders to be disappointing because Of an
increase of sl9.5S9, 100 in loans.
The amount is larger than was expected
and cannot be explained satisfactorily.
Leading bankers are quoted as saying that
the street will construe the transaction
favorably when II is better known. The
gain in lawful money has been $3.50 600.
the bulk of it in specie. Deposits are larger
by s26 6330.2 200. or fully a million I'm excess
of the amount necessary to balance the
report. The net result adds 81, 290. $50 to
the reserve bringing the total up to se6-
300, 900.
The action of the Northern Securities
Company in declaring a-dividend of / per
cent on the stock to stockholders OF record
last night prevents the Injunction mania
from extending to their action. Next
weeks market will hinge largely upon the
Supreme Courts action on this company g
pending case