The sun. [volume] (New York [N.Y.]) 1833-1916, 1901-12-01
FINANCIAL AND CONUERCJu
SATuRpAY. Nov q

Ramated Upper this week, tWo-tlfr5.
of which occurred yesterday and ,n
day. has overshadowed all other moy,-
ments on the Stock Exchanrn IT,,
capitalization of the Amalgamatoi com.
pany il 50 large, and its stock has an.
parently been so well dist ributed. that rlis
last oclin added 10 the 5O-point prpyious
depression from the top price last summer
has had an unsettling effect upon the eutira
market for securities. without dr.lt
tenacious speculative holders of the stool
have had to sell other securities. thor IN
protect their ventures in tho blind pooj
in Copper or 10 make good losses they have
sustained. Moreover. the possibility Of a
further shrinkage in the market value OF
Amalgamated has induced conservatism
that is, it has restricted buying Of other
stocks and infue reed some liquidation
II Ii currently reported that the principal
selling of Amalgamated yesterday and
to-day was by a speculative pool that va,
responsible for the last rally in the price
and which was left with som. soon or
90 1000 shares on hand when reports Of action
against the company by the Federal au.
thorities and rumors of sharp reduction
In the price Of copper became current.
None Of these reports has AZ yet been
confirmed, but those regarding a rpdur-
ton in the price are so persistent and have
such a logical basis that il would not bo
surprising II there were foundation for
them. II has been difficult for the publo
TO understand why the Amalgamatci
company should persist In its attempts %
hold the price of copper at comparatively
high figures, while, according to all &C.
counts, its policy is TO compel all other
producers to join with it IN a trade agree.
ment either to restrict production or 10
supply the demand on a pro rata basis.
The answer TO this view that comes from
some quarters is, that it 10 vital TO tie
Amalgamated company 10 obtain 10 or
II cents for its product in order 20 earn
dividends upon its immense capitalization.
The distressing feature Of the whole bu-i-
ness Is, that the public does not know what
the Amalgamated company paid for the
various properties which it controls. nor
has II any knowledge Of it, finances or of
the amount Of copper which il has on hand.
Investors and spectators have bought
the stock largely on the strength Of the
names Of the directors, and they have
apparently made no allowance for tho
possibility of errors Of judgment on their
part.
The public is also ignorant OF the relations
between the Amalgamated Copper company
and the United Metals Selling Comuanv.
which Is practically a creature Of the first
named, and owned absolutely hv insiders.
Ii IL such a close corporation that none q
It's stock has ever been upon the nark,',
and no quotation has ever been made Tor
II. The extent of its profits in marketing
thesoutput Of the Amalgamated company
IL purely a matter of conjecture. The
transactions in Amaigamaicd this week
were In excess Of eO0. 600 shares, OF about
40 per rent, Of the entire capt. ali2aripu.
While the decline in l. has unsettled the -
mainder OF the lis, It has resulted Ga oulv
a few noteworthy net losses. Brooklyn
Rapid Transit, Baltimore and Ohio and
Metropolitan Street Railway, 90 the active
stocks, ore the only ones hat CLOSED materi-
ally lower than last SATURDAY A~a matter
Of fact, the market for the great majority =
stocks has shown a tendency to ADVANCE.
and n number Of them, notably Sugal Re
hning, Manhattan Railway. Louisvlll" AMI
Nashville, Peoples Gas. Pennsylvani1 aIi
the United Slater Steel 81 ocks, closed h'fh,r
than a week ago. ~
This mornings market was moderately
active, with ~Amalgamated Copper sup
plying rs per cent Of the transactions.
After a fractional rally at the opening.
II broke TO M. and at a recovery 4 o.,
per cent closed a point lower than ,a-f
night BROOKLYN Rapid Transit was eN-
ceptionally weak. az a net decline Of e.,
per cent. The S-iling Of II vas based upon
the u~nfavorsble showing Of earning, fr
October. In explanation of Tho state
ment il IL said that the company L. NV
pursuing the policy Of charging improve
ment- TO operating account o'h"r V"1s
features were ~ Paul, metropolitan ~'r~t
Railway, New YORK Central. American
Smelling and Refining and Union P1.'
ON IN. other hand. ManhHffai b. aHV
made q further advance. closing uH. .
net gain - a point Norfolk ali Western
and sugar Refining we're alsp -,.'r ..
strong and the lnIt"d State ~r... :
held very firm lea spite ~ tho alm.-r I'd
r-artiuusry tendency
While thr dralng- in sto,k- iH., .Hn
smaller than lart v,rk those DOB
have l--u considerably large ..
t..u a good demand fYr iu,'-iU. .. .
tuIu-uaduStug probably su eve. 20
arlNr inquiry wL"n luyc-iarr |a"
auupIAt" llr r"luNr-imrut ~ o..
iisuur-auruts fur dl,Id'ui- ami
inr Hul-ii" market fui r.s.luir.
.--'u iaIr, active tni- u,st aI s
fuaiu rrrlul IIr larg s-f r.
tsru co. lhs U,s -tuuHr. .f.
au National itaIIr.ai Col. 900
.' tu t+ lssu~i ursi,I a., I.r ..
Nesting tis ,%aIHtal - iH.f u..#..
49, u tir ~urlr.a.rs l....
- urIrs ispaHI'rI .UI.I
IHIir'" ifi f. ils N.aI ia..