New-York tribune., 1901-09-22
financial.
The Financial World.


public had the stocks and not the big men an,
financial institutions. there would be M ana,
support given es Is now manifest Prices wor,.
be lower all round AS 1t is whenever the mar
ket gets a bad blow. sthe big financial tnt.-.,
rally 70 Its support. and the rebound from ,,.
Hrst depression Is rapid. Thus II was tha, I,s,
Monday morning. the market having cio,eo :.
the previous Friday In a demoraized cono,,,on
there was eoncerted buying action by the rr..,
interests which otused prices to open from ons
10 hve points above the last of Friday and ,,,
ievei was raised still higher through m. A.
oi course some reaction came day or ,ro
after, as was to be expected; but this was ,er
porary only. Yesterdays prices were sen.r,,,..
up 10 and ABOVE the best OF Monday To ,b,,
rule the exceptions were few. and from speci,,
causes The big men. it is apparent are hru,
oecause 'hey nave to be- whether they like the
situation or not
Danger from the low state OF the ha,L -
serves was something which had TO he me,
promptly when the market was struck hv ,hs
: ceath or the President N was ,re+ - :,
united action of the banks IL needed o,I, =
pie should know that money was 70 ba had
ana then 1t was not wauted-nathing bavo,z
an aniount which only temporarily raisad e.
rate above the legal figure; and since ~ =.
has ruled well below il: while yestordav.s -.
statement showed the surplus reserve 70 h. -
ly doubled; which may be assumed 70 ba 60
feet of the various Treasury disbursement,
| The market seemed threatened yestsrsav ~,
! tIie reduction IN the dividend Amalgamated
copper, but it stood up we'll There is ouia, ,.r
/ IN well Informed quarters that AraIear,,,,
Copper is one Of the stocks which has ha,r. s,-
/ tripused Every one remembers how =, w,,
! hrst introduced to the publie-iust q ravr H..
or advertisement by the City Bank inviting srh
script1cns for $4,000 600 of stock Of a rono,,,
: winch mad purchased various amounts Of t,s
: shares of other companies. Nothing more T,
! was another case of blind pool The n.u.,
: made it sc. But it did not go altogether usr
coming out as II did just when there wa,
! reactonary wave starting. When this wave
! had spen' irs force, the tide carried Amalgamat
: ed Copper and everything else forward ap,,r.
! and the theory is that the insiders made ,,s
! distribution on that movement. The stock has
since been Increased to 100 millions bv ,,r,
: in the two Bo7ton properties. Now the dividend
is reduced from 3 to per cent and no particu-
I lar reason given for IL: that is none which uss
! not equally good when the last quarterly divi
! oehd was declared IL is. however, rurnored
! that company has large amount of conner n,
! hand for which there is a very slow rnarka, =,
present quotations II this be true it goes tn
'ie rool OF the mater. since IL evidences declin-
Ing trade conditions. Also. IL would be sufficient
reason for the more sstute OF the insiders IN
| part with their holdings to the public after
which they could view reduction of the divi-
dend with equaninity. Some observers venture
! the opinion that Amalgamated Copper will re-
new To the Street the recollections Of Sugar in
its early days-the most violently fuctuatinc
| stock the list.
| The steel stocks have shaded off somewhat
| since the collapse OF the steel strike probably
on sales of stock accumulated while the strike
was on 1t was necessary to give them good
support at that time. seeing that the strike Lead
ers counted their decline to frighten the man
ayers into surrender. One OF the small steel
| companies-Republic Steel. which the trust
would apparently have nothing to do with
makes creditable showing on its six months
| business. This is the company which, when it
was made UP. said TO be organized by the
refuse material of the other companies But
| even this concern earned money for while Just
as the poorest workman can get job when
\ rush Is on. only to be discharged as soon as it
lets Up.
In the railroad list there has been good buy
| Ing. The support given Union Pacific BY inside
interests last Monday was specially conspicuous;
| and Southern Pacific ST. Paul. Southern Rail-
road the Vanderbilt properties. the Eries. Man.
| haitian and Metropolitan. all well bought.
The Vanderbilt properties are particularly
strong: and the Nickel Plate issues have ad-
| vanced about ten points. 1t has gone all over
the country that the oft-talked Of deal by which
all the Vanderbilt roads are to be merged in a
new company. is at last about TO be accom-
pshed. This information, in the shape of New
York dispatches. was to be found in local papers
on the other side OF the Rocky Mountains ten
days ago. Nevertheless may take leave
to doubt whether the plan Is just ready to
spring the public; save. possibly, in the mind
| of Mr.. Twombly.
| Southern Railroad and Southern Pacific evi-
IDENTITY find plenty of people to buy them when
ever the market has bad SPELL For invest
ment purposes they are first rate purchases
For short turns. they may be bought when they
drop back with the rest OF the list For one
looking to make handsome interest on MS
| money by waiting. they may be bought any DAY.
| The traction stocks have been irregular.
| BROOKLYN has had some very weak spells. Win
no very good rallies; Metropolitan has oeen
| steady to strong. and Manhattan has been wen
bought Yesterdays buying OF the stock misn'
without much difficulty be traced to MI frahA
Gould
| AS said above the big men are bulls oecau'7
| ,bav have the stocks and so perforce rnus1
stand by the market whether they IKE '
| situation or not. 1t must be confessed no
! ever that one comes across many evidences y
| a doubtful state of mind among them- '"e'
| are little uncertain about the future, and give
| one the impression OF men who are Just at TINS
| time content to so slow and feel their way
II the business Of the country Kept up 70 Us
present standard. everything would De weii' o.,
the bad blow the drouth gave to a large seeuo'
/ of the West is still the uncertain factos'
| may hurt later