New-York tribune., 1901-09-29
financial.
The Financial World.

m
Amalgamated Copper for more than half the
past week. Everybody discussed Copper stoct
and the copper trade; and as result the Street
is in a fair way to get more information on the
subject than II ever had before-which how
ever was not great deal Boston has been the
copper speculative centre; and until the City
Bank brought out the Amalgamated stock little
interest was taken here in the copper industry.
either as a speculative or investment ouantftv
Even when the Bank launched its IS million en-
terprise on the Street. matters did not mend
much. because the thing was swallowed biindly
as far as it swallowed at ALL on the
strength of the names appended TO the ad-
Vert1sement. Now. however with a reduction
OF the dividend on the stock from to per
cent; with reduction of the dividend on Ana
conda. controlled by the Amalgamated; with a
fall in the price Of the latter stock of u points
between Monday and Thursday. and of about 10
points In two weeks: and a considerable demon
alization of the whole market as an effect Of
this-now,' Wall Street is waking up and de-
manding vigorously to know what the company
is doing, what it's earnings are what it's pros
poets may be, why the dividend was reduced
and number of other things. The two per cent
taken off the dividend has wiped all the glamour
off the big names
The question beginning 10 be asked with in
| creasing frequency. Is whether the managers OF
tiic CopPeI company are not pursuing the
actly opposite policy to that which made the
Standard Oil Company a success. viz. trying 10
keep up the price of the product against market
conditions and restricting output to do it, 1t
was announced when the company was or
ganized that the policy would be to sell largely
at the lowest possible figure, and thus discour-
| age competition. 1t was to follow the Standard
OIL Company in this line. and eventually gain
/ control Of the copper market. Now it is an
nounced that the managers preferred to reduce
| the dividend rather than the price of copper
/ and will cut down the output. This looks
/ Ominous The Amalgamated Company is only
one among many copper producers.
/ According to figures given, the worlds output
/ or copper last year was, in round numbers, 450.-
| 600 tons. OF this, the United States produced
100000; and of this amount the Amalgamated
/ Company supplied 10000 tons Now COM
pany which supplies no more than 10000 tons
| out of 100000. would seem to be a long ways
| from position to control prices.
! The working up of the stock from below par
| to $50, which figure was attained in June last. is
| commonly reported in the Street to have been
! accompanied by wide distribution of the shares
| from insiders to outsiders; that the number
| of stockholders, instead of being hundreds. 1t
! was, is now thousands. The figures of our ex-
| ports Of copper show that there has been during
| the year heavy falling off. indicating greatly
/ decreased consumption or the metal, abroad at
| least. The insiders of course knew this perfect
| y well. II is reasonable inference, therefore.
/ that their knowledge of the condition of the
trade made them willing to part with their
shares TO the public
IL is not a little talked of in the Street that
/ regard for their regulations should make them
| support the stock around present figures.
i Whether they may consider their regulations
/ or their cash the most desirable. is ques-
| tion which the market will soon answer.
! After AmaIgamated had been knocked down
| to ssh. which figure was made Thursday
! morning. the rally came; and the whole list
had accompanied it down. more or less. the rally
| carried the list .lp. Tue leaders were the VAN
/ derbilt stocks. st. Paul the steel stocks, and a
number OF minor securities not very often
| tive. The improvement lasted till after the bank
| statement came out yesterday when there were
| signs of realizing in various directions.
Rumors. reports current in the Street
about an impending deal of considerable magni-
tude in the Vanderbilt securities. were referred
to in this column last week. 1t was stated that
these reports had been sent all over the coun-
| try in the form of New-York dispatches. and
! might he read in the Salt Lake City papers two
weeks ago. More has been heard of them in the
| past few days. The bringing out of the new
| deal was originally set for the first week OF
| October. 1t is row postponed till the last part
of the month. beginning Of November
Stocks OF the Lake Erie & Western. Big
Four Nickel Plate. and Canada Southern are
TO be taken in. A new and comprehensive com
| pany is to be formed; in which all these prop
critics are to be taken under the protection Of
| the New-York Central New stocks. and Sis
per cent guaranteed bonds. are spoken of as 10
be issued Stocks of the various companies
named have had great advance on the strength
of the reports.
Far be II from one without official information.
to hint that another postponement may be in
order as November approaches. The plan may
actually be on the stocks, and ready for launch
ing. But rumor connects the plan most prom
inentIy with the name of Mr.. Twombly. who is
an exceedingly smart gentleman. He is cred
tied with knowing few things in the way Of
market manipulation. Has any one heard that
the New-York Central has taken in the Della
ware & Hudson at a guarantee of per cent on
it's stock? Not yet.
Nevertheless. it was not so very long ago that
| Delaware and Hudson scared above $50 on the
most reliable reports that the New-Yorb Cen
trail had acquired a sufficiently large interest IN
the property TO do this and that the tact wouio
be announced in a week or ten days. So skill
fully was this worked as to deceive even the
elect Mr.. Twombly is reported. how true OF
not there is no official information. TO have ar
ranged the whole scheme of the guarantee; but
as obtaining the consent of some people neces-
sary for it, was inadvertently overlooked ne u
is said deemed il expedient TO part WIN HIS
D & H. stock at top figures.
The L. s Steel Corporation will declare It's
dividends the coming week 1t is announced IhaO
| the rate will be the as before ana + per
| cent 1t is to be hoped that a statement u
earnings will be given out. The public derallu
for it is becoming more pressing-the eAPeiT
loom to6