New-York tribune., 1901-12-08
TIE Financial World.


as a prominent operator expressed II, taxa thai,
cruel with the rest; which being futeruret.d
means that when people who have stocks tb.v
cannot take care of are being sold out the ma,
who must expect TO see his good secur,t,s,
marked down in common with the poor ons,
His strength is. that the good stocks viii rea.,
the decline most and be the first to rally vb.,
the turn comes.
1t will probably be argued that when the m.,
ket is ready for a decline. 1t never fails to n,s
some stock to take the lead that way Thi, ),
about the present situation. Amalgarnated Con-
per has done the business. A stock Of 15O MIL,
ions. scattered all over the country-or th. r.,
vestment sections of it-and cut in halves ron
the price it sold at only short time back !,
calculated to make big hole IN margins and =
make even investment holders feel pretty sck
This stock, 1t will long be remembered, was a.
fered originally to the public at par with mue,
pomp and circumstance by people regarded a,
leaders in finance Later, after selling ten points
or so below par. it rose to $50: in the course q,
which rise the number OF stockholders Increases
from a few hundreds to many thousands ths
aiming of which is that insiders became out.
siders. the public taking their holdings.
Yesterday this stock sold at 64A. It had q
fine rally after this of two points So finally
closing at G61a Now if any one will reaee,
tude scattered. falling as much as u points
between Monday and Saturday Gor it sold above
I6 last Monday. this decline following altar
other rapid breaks from par down. ne viii have
difficulty in understanding why every COM
mission house in the Street yesterday was call
Ing upon ITS customers for more margin, and
selling out those who could not respond.
For it must be borne In mind that when large
losses made in one department of the
market. they force down other parts OF the list
through the Gripping Of accounts People have
to sell better things-if they have them-to pro-
tect themselves on things not so good So the
whole list goes down, and have liquidation
such as yesterdays transactions showed
The question most asked now is-where Is the
bottom for Copper? Sixty seems to be the figure
most generally agreed upon; but 1t was only
short time ago that I5 thought would be
the bottom price. The next quarterly dividend
should be declared IN about ten days The COM
nany after starting with S per cent dividends
fs NOW paving g. A food Of ruInors about the
next dividend put it at f. or pass It alto
gether.
One is prepared for anything after what has
happened-even to the declaration OF the regular
6 per cent and a sudden rally IN the price OF the
stock on the strength Of IL. In fact II would De
a smart trick to play this card. because the
stock is getting down now TO level where there
cannot be much profit IN selling 1t: whereas IL
1T were suddenly run up. another killing could
be made at the higher figures
The constantly reiterated assertions that the
nrfce Of the metal has not been reduced, and
will not be, leaves one in wonder why divi-
dends are reduced and the market price OF the
stoclx fs cut in halves II there is good reason
for this then the explanation must be that
while The prtce of the product is artiicially he'd
m the sales Of it have dropped away. One OF
rho other must be true. The talk about some
one being "gunned for" as the reason Tor the
collapse Is moonshine
Had II not been for the deU1oraHzing lnHUence
of AmaIgamated Copper, we might nave nat
son,ethiug very much resembling genuine oui
market the past week AS 1t was, there "efe
some smart advances after the ffesloehtiai
Message was published Prominent amons
these was Manhattan, which rose 70 l1o u
,oo;. q droD afterwards in the common trouble.
ard touched 135, but at its closing hgule yes
,ersav Of 1885, it is ten points or more ABOVE
,,,.rs 81 xvas onIy a short time since. New YORK
r,a,troy and PennsyIvania had notable advances
cd Pock Island shot up in the erratlc sIEie
,-bicb that stock has taken on slnce tne Mooi0'
bsc,p,e rowertui in the company Union
oieo fornd good support when the is1 senei"i'
,,-as u,sals and Southern Pacific was steaos'
Fvan in the worst moments OF the maihe"
there were ready buyers Tor all soou ''OeA-'
the dividend payers. the stocks lha' '"'
- b.- y veak market gives them the chanee
m huv cheapIy. Any one having secui'
tbis class. and under the necessity Oh seii'-.
them had no difficulty In finding takers ioI a-.
.r,,or,t So we are a long way from any seiiO1'
trouble vet The real bad time IS WHICH NV
or securities go begging for ouyers-
The bank statement was one VI NN -.-.,r,
,,,r- factors in Yesterdays market suf'l1s
1-'7 - -o5,,ces bv one-half and down to a0oe.
&c ooo onO with foreign exchange at the So
r,to, notnt seemed to have disQuielns
$50 After IL appeared there was fehe"11
,,.ss,,r. IN sell. At this time last year 'ne 81
r,,,s vas about the same. but the excnahs
l., was In different shape. We ought 10 De ~
porting gold at this season rad
Somehow or other. we senerany oo 7 -
hit rs Christmas approaches I"o ~,
the market was getting somewnal SNNA,
,v.v II is now and 1t was tuTnoieo o'0 " :,
don going into collapse on bulie - IN
C,o,a,so london sold everything Il A
Americans. and our market could not So
sudden weight. It had bad sfriaS. 80.
neonIe thought the boom was all over "- -
hut in time couple Of months oi - ,.5
-, ,,o again. and since then we have na.
the biggest bull markets ever known ,-..dv
-. comforting to believe that we have ai' -,
had all the decline this market Is soihs
this winter, very comforting But tne
things looI, very much the other way
time TO have sails close reefed, ror the Oa :,
etsr is certainly falling. and 1t penooVeS 0Ao
look out for a squall.
There is no trouble about railroad cru :.
ttey are immense; nor about lne !,
trade. for it IS great beyond preeeden'' az
-, tavs had 4 short corn crop. We have excra'.'