New-York tribune., 1901-12-01
9iuaneiaL-
The Financial World.

Copper. There are 80 millions O., IL
has been scattered among investors an. -
lators all over the country. To such a. -.
bought the stock outright, and are nor h,-.-
ing money upon it, the fall in the narkA. ~.
is merely disturbing: being disturbins -
ever, it effectually dampens the incIina+,o~
invest in other stocks. Besides this there a..
not a few people who have been fri~hra,as
the continuous decline and have sold a..
stock at more or less loss. OF the class -
have bought the stock on borrowed MONEY .s-o
is. on margin. there has been great slaug1,a-
November last it was selling around so wt,,,
was ten points below where the price ar v,,.s
the stock was originally offered for public .,,s
seription. with great flourish of trurnuets ~
banking institutions In the Spring a b.'1,
movement was worked up in it. and the -
was carried up, from 90 to par from mar roo
which figure was reached in June last ys.,ar
day the stock sold at -. a drop Of s. n,,n+,
from the June price. and of IS points from, ,ss
original subscription price 1t is well updsr
stood that the actual distribution of the s,oo,
to the public was made on the big move O. III.
Spring and early summer. When the insi5s-,
were out, and the public had been loaded n,
with their holdings, the decline began, and.
has continued at irregular intervals ever sinn
The heavy selling of the stock started when fsa
exports of copper to Germany fell off owing n,
the industrial collapse in that country which
was particularly severe in electrical companies
a countless number Of which had been starred
for every object under the sun
During the past week copper shares on the
London market had fall. and so did the price
Of copper itself. On calculating the London
price per ton, It appears that copper is now
selling there at about IA cents per pound This
is the price at which It is persistently runored
the An1aIgamated company has been making
recent sales Of its product. It is true the list"
price Of 16 and II cents remains unchanged. but
the list price is now nominal The rebates
and discounts given make the ret price about Ii
cents.
How much farther the 80 millions Of Anal
ganated Copper stock is to decline in the mar
ket one can guess only: but unless the COM
pany is quite rotten. which no one asserts. the
bottom must be very nearly reached. People
competent to judge declare that the company
can make s per cent. the dividend it is now
paying. with copper at u cents per pound. If
this be true, the insiders who unIoaded their
stock on the public in the Spring, must be about
ready to take it back again.
Had it not been for the depressing effect Of
this incident. the steel stocks would have had :
substantial advance. since the earnings of the
company fully justify it. The syndicate sub
scription of S25,OOOO0O has been returned to the
subscribers. This amount Of money. Of the total
200 millions subscribed was called up. and the
cash used for working capital The company
has no further need for il. the earnings having
been so large as TO furnish all the money re-
quired for the purpose referred TO, over and
above the amount necessary for interest and
dividends Consequently, the subscribers have
,-=--,s. = 70 r1aT1
course there is not much use looking for an
advance in these metal stocks while people are
hurt or at least made distrustful by the great
fall in another and equally prominent metal
stock: but as soon as this dernoralizing infu-
ence has lost its effect, We may expect ID see
the steel shares advance. particularly the pre-
ferred which is a per cent stock
One Of the exceptionally strong stocks OF the
week was Manhattan, and il has been that way
for the past three weeks. recovering after
every depression and going higher than oeIore.
The runlors in relation 70 leases and OF guar
antees upon the stock. were referred 10 lasl
x,,aaL -Thcre are nothing more than rurnors
rov- Whether there is any truth IN them, OF
how much. one does not pretend to say; ou-
what does not admit Of doubt, IS that some oI7
has been absorbing Manhattan stock' persls'
entIy and at rising quotations II may a-so '7
said that very conservative Judges Oh Vd'u''
assert that Manhattan. on IT'S present car
with the prospects before the company IS "0''.
15o If The calculations of the engineers anu
-otba~s come ont correct. in the matter Of the
electrical worki1 g Of the road, price between
fe5 ard 10 will certainly be seen for the STOCK
as soon as experience daInoilSlfdr0 '--0
ness of these estimates
-rba ,oaI stocks gave a good account Of them
SOLVES the early part of the week; but Win tH7
eareraIftv of the list, they became quiet "HeH
tho smash in Copper threw a wet blanket Oh 'H
market There were some spasnaodic up"N4u
movements in some of the railroad SHARES a-'O'
az earnings were reported from time 10 'iA41
Conditions. however. were not faVoraoe I0i "D'
general advance, despite the continuous III
in railroad traffic The increase IS tnefe' 'A
money is made, and the roads are 'oettel Oi
tho ax+ant of it. The benefit remains. aIlhou7
tho sneculatfve situation for the day IS as3iI-'
q, Immediate response to IL in the marhel' We
must wait while till things clear up soAe
what The foreign situation is one oStui' '.Is
factor. Some more gold will have 20 ~ -
needs of Germany having been appareL'S =,
derestinlated by the bankers ana olNO' .ri.
ten days ago thought no more Wo"ia 81
year -,--,5ant's
CONGRESS- meets this week, and the PreSioeH''
Message will be awaited with interest I'
eraI. tenor is known and it is sa1ely c0ii9e- -.-
tive. 1t is reported that he recommends
publicity Of corporation accounts III - :,
10 the so called trusts-everythlns Is . '--o ,,d
these DAYS. If this be true. it shows Ms - =,
sense. Regular publication. at reaSONaD-. o--.o-.-
tervals. of the accounts Of these great uo' 'ss
tious whose stocks held by the pu'l-. p...-,on
once a check on the corporation ana p,O'.s
to the public The railroads have 10 .-,,y liaA9
and there is no reason why great rnahulAo'1-
concerns should not do the same
In connection with this it is pleasiHs ~
the common sense reply OF GoEeILO1 - q,
90, ~ the alarm call of the Governor %