The Washington times., 1901-11-26
Gn,crnment Honds.

The pools that have been buying stocks
heavily for two or three weeks were
heavy sellers yesterday on the sharp ad
vance at the opening Of the market. The
bears taking advantage Of this realizing,
began TO attack the market viciously. The
Amalgamated Copper developments,
which had a most unpleasant look, what
ever the truth may be regarding the at
ttude OF the Government TO the company,
helped the bear campaign materially.
This in brief was the history of the de-
cline IN the market yesterday afternoon.
The opening was very strong, the Van
derbilt securities, the soft and hard coal
ers. and some of the industrial securities
all advancing buOyantly. The public
bought stocks more freely and some of
the stronger pools continued to boom the
market The net result of the session was
irregular, the declines being trifle mere
numerous than the advances.
As usual when a liquidating movement
begins, it is impossible TO foresee how far
il will extend. and there was much uncer-
tainty in the street last night Conserva-
tive people generally. however did not
lCok for much Of a decline at this time.
considering the reaction yesterday an en-
tirely natural one after the recent ad-
vance. The news yesterday. aside from
the Amalgamated Copper business. was all
most hopeful.
Some Amalgamnted Copper Facts.
Amalgamated Copper made a new low
price record yesterday afternoon, getting
a fraction below so The lowest price
previously recorded by the stock was So
and q fraction in last February. Five
months ago it sold at 130, and the break
therefore has been exactly so points.
The entire recent history of Amalga-
mated has been sensational, and yesJer-
days contribution to the story was quite
On a par with anything tnat has gone be-
fore TIE comment in the street yester-
day was, for the most part extremely
ill-natured.. to apply no stronger term.
The general impression seemed TO be that
the worst kind of stock-jobbing only
could cause such a violent advance and
then such a sickening tumble as the stock
has had in considerably less than one
year. II Is quite certain that if IL was
worth 13O in June it has not lost a third
of its value aud more since that time.
For the most part the disposition now
seems to be to believe that the advance
was unwarranted. and that it is only now
tha; the price is getting TO something like
its legitimate level.
The Public Heavy Losers.
Inc most unpleasant feature pI LHH ell
>--4-ea--- - >L~t-tha nuhlic has heen
a heavy holder of Amalgamated from the
first The wonderful stories ioated By the
promoters Of the company were most sue
oessful in inducing the public TO buy it,
and during the entire dizzy advance of
the price there was much speculation in
it. for the most part on the long side.
When no one could be induced to buy
the giIt-edged railway securities, and the
market was passing through its dullest
periods, there was always some invest
ment in this stock. During the past five
months its holders have been letting 20
on every sharp decline, each group TAX
ing larger loss. Yesterday a vast num-
Der OF stop orders were cached. In some
cases stock was sold out that had been
bought far above par
The blind pool nature Of Amalsamated,
as far as the public is concerned has been
pointed out in this column on numerous
occasiors. The company makes no state
ment officially. and the unofficial "infor-
nation" that is allowed to reach the pub
lie is so widely divergent in its nature
that some OF Il manifestly must be en-
tirely untrustworthy, II II is not all So
The insiders know and the public does
not
One Brokers Cnustic Comment.
One Of the brokers said yesterday, dur
ing the worst OF the break in the
stock: 1T seems to be impossi-
BILE to learn the truth regard
ing the alleged intention Of the Depart
ment of Justice to proceed against the
company. Some Of the reports from the
Department deny that any proceedings
against The company have been thought
Of Others say that the story of last Sat
urday was premature, but that there is
in reality a large probability that the
question OF proceedings will he taken up
shortly. The news agency that first put
out the story insists that it is correct. !
believe | am expressing the general senti-