New-York tribune., 1901-12-22
Financial
The Financial World.


8 to 10 per cent money rate one afternoon which
rirnad II sharnIv: but the rate fell again quick
Iv and the advance was resumed Yesterdays
hank statement was called good. because II
showed small increase in the surplus reserve
1t is open to question, however wnetner IL was
as good as it looked; and any one VINO IS not
prepared for sharp nips in money between now
and the middle of January will be lucky II he
escapes disagreeable surprises
The market took on actual appearance OF
buoyancy after the Copper dividend declaration
had established Temporarily at leasO the status
OF that stock. The declaration was made after
the close of business on Thursday afternoon.
and the next day the general list started Up
with great vigor. The bull argument seemed to
be that this Copper trouble was out Oh the
way other things could be attended TO- AS to
Copper stock itself while there is no guessing
what manipulation may temporarily do. the
signs point to lower prices for it. IL It were
sure that the present per cent dividend could
be maintained, a price of 90 would he reason
able; but there is nothing to show that it csns
and when the next dividend day comes round.
the directors may be under the necessity Of issu-
ing another statement. to the effect that owing
to the unfortunate conditions of the trade they
considered the best interests of the company re-
quired a suspension of dividends but they hoped
when these conditions improved etc, etc.
There virtually only one comment on the
statement the directors did issue. viz, that it
much worse than the reduction of the divi-
dend 1t interpreted concession that
a Corner in the copper market had been at
tempted, and that it had failed, with serious
loss to those companies whose stocks the Anal
gamated company owns Plainly, it was the
old Secretan business over again, in different
FORM There is one differenc.. however. In the
Secretan affair what may be called the insiders
were ruined in this Amalgamated speculation,
the insiders got out of their stock before the
public woke up the fact that there
trouble in the trade. When they did they had
the stock and the other fellows had their money
Compare the confessions made in this directors
statement. with the positive and repeated de-
malls made up to within couple of weeks of
it's issue, that the copper trade in cOndi-
ton which threatened fall in the price of the
product, We hear a great deal of loose talk
about Standard Oil methods being followed
breaking down comp EDITORS, and all that sort Of
thing There is just thing 10 remember
about this-the man who made the Standard oil
Company was the Rockefeller kn Jwn as John D.
Mr. John d. Rockefeller refused from the start
to have anything to do with Amalgamated
Copper.
So far from the present managers of this
company inspiring confidence. with their cloudy
talk about Standard Oil methods the fact Is
vivaI of confidence in the concern if they were
thrown out; and different class of men. men
who are known 10 patiently build up properties
they are connected with were put into the man
agement AS the case stands, their own con-
fessfon discredits their ability TO conduct mer-
camille operations a scale of loo m1IIionsi
while a widespread impression exists that they
were just smart enough to make the pubic pear
the losses chargeabIe to their own incapacfty-
Outside of this special trouble, the Market
seems all right If it broadens out much before
money eases there is danger of those quick COL
Iapses which come when it is flashed through the
Street that money is 10. money IS 10 bid. money
is Ioaning at o. etc Ease in the money markec
should come after tne middle of January. That
| is the calculation among those who pay special
| attention to this department of finance. Mean
| time We may look for a fair degree OF strength
! in the stock market Reference was made here
last week to the coal stocks. They are likely 10
! make holders feel satisfied with them The coal
/ trade is in first class shape. Rate cuttings. and
the eating up of profits in selling agents COM
! missions have been largely eliminated Even
| # the winter were mild the earnings OF the an
| thracite companies would be very large unoer
| the conditions prevailing: but the winter Is
| rot mild. II is severe. which is bad IN soih@
| respects and in respect TO the coal companies
makes their harvest 1t is likely. therefore tna[
eraI anthracite issues will be active and nlgner'
| with possibilities that in not distant future
| some new financial developments VIII De seeH'
| which will account for what now seems unreal
| scnably high prices for some OF these stocA'
| unreasonable. that is, measured oy the dlNit7l-'
| they are at present paying. though not with tne
! earnings they making
| The steel stocks promise to do better Inc
trade conditions here are most satisfactory ana
there has been good buying of the stocks lateiy'
| while the general market was so adversely al
fected by the Copper episode. 1t is considered
bull argument OF these stocks. that an effort OF
a comprehensive nature has been made 10
establish A national board of arbitration Tor
labor disputes The iron and steel industries
are of such ma magnitude that the men empioSeu
are to be reckoned as armies; and they are also'
concentrated forces. being gathered IN iocalI-
ties. Hence. agreement in opinion and union IN
action as the result are perhaps more character
istic of these trades than any others. great
court of arbitration at all times conspicuousS
In the public view. would naturally be the place
to which the men would look in the annual SET.
tIement of their wage scale; and the danger oi
strikes would be greatly lessened- This Is
good thing for employers and employed. DOUBT
less however. the more immediate cause OF 'h0
buying of the steel stocks is the big earnings
and the amount of orders on the books OF th7
companies for future execution
In relation to this, it may be said that reports
of business from every quarter continue to show
a constantly increasing volume of trade II
seems incredible it should be So but so it Is
Merchants generally have complaint only tnaI
they cannot get transportation facilities; ana
4 str