The Washington times., 1901-12-19


The character of the manipulation that
is in progress in Amalgamated Copper
was illustrated in a very convincing way
yesterday afternoon. when the price
jumped sharply several points. The ad-
vance is one OF the most important since
the break. and occurred Immediately af-
ter the announcement was made that the
price OF copper had been again cut to
il cents.
The cut in the price OF copper 3 cents
within week confirms all the bad things
that have been said OF the Copper situ-
alton, and shows that ostensibly at least
the Amalgamated company has been
wofully beaten In its fight TO control
prices. II leaves the inference very plain
that the company h:ls lost millions by the
game. It might have been supposed that
1 the result of this would be a further de
cline In the price of the stock to a new
low level Mary, when they heard of the
cut in the price, predicted that AmalEa-
mated would break to so. Instead, the
stock began Immediately to boom under
heavy inside buying and forced short
/ covering. This Is. most suggestive g a
! scoop in the stock. There have been
| $1,000 shares short IN Amalgamated.
Directors Meeting To-day.
Today the directors of the company are
expected TO act on the dividend question.
But with the experience that the street
has had with the stock recently it will
not be willing 10 infer much OF anything
from the dividend declaration, no matter
what it may be. This stock may continue
| 10 advance even If the dividend is passed
entirely. 1t may drop off sharply if the
| dividend is not cut from the per cent
rate. The stock is moved TO suit the
whims of the insiders, and people that
use any conservatism in their market
operations are letting it severely alone.
General Market No; Affected.
Fortunately for the general market, 1t
is little affected by the vagaries OF Anal
gamated. The public and the smaller
spectators who have been holders of the
stock have been frozen out already, and
the further break does not hurt them or
even interest them particularly. The
holders that stlll have their shares have
carried them so far. down that there is no
probability that there will be any further
forced selling of Importance. This situa-
tion has been shown for several days now.
The fluctuations of the stock have had no
effect that could be detected on the gen
eral list.
Money market conditions are still i'm
tant factor, in fact Call money has been
distinctly easier this week. and the bank
statement outlook is more hopeful than
it was 4 week ago. Cail loans yesterday
were made during the greater part OF the
day at per cent, and there was no dis
moTeen Of fdnaas mohey ti2 i2e rafs ahs As for the
to the ub-Treasury only half as much
as they did last week to Thursday, and it
is believed that the cash showing will
be very much better this week. The loan
account is in doubt, and II is not likely
that It viii show any great decrease.
The January Disbursements.
The other factor that is having its eff
feet on sentiment is the near approach
of the first of the year. when the January
disbursements will be made, the largest
on record by many millions OF dollars
The professionals are buying stock in
anticipation OF an advance OF prices when
the dividend and interest money is rein
vested. The holders OF securities are do
ing the same thing. making their invest
rnents in advance.
There was a strong market nearly all |
day yesterday. and the general list showed |
excellent net gains at the close, though |
during the last half hour OF the session |
there was some realizing and shading OF /
priees.
Standard oil and Hartman nuyinE |
News aside frcm the Copper business !
was generally favorable TO the market a /
number Of earnings reports were pub
lished. among them that Of the 81. Paul |
for the second week of December, show
ing an increase of S77 900 over last year
It was said that the Union Pacific re-
port for the fiscal year might be out any
day, and that it would show more than |
per cent earned on the common stock |
after all charges and betterment expendi-
lures.
The gossip regarding these two COM
panies was generally hopeful. and in the
case of st. Paul there was indeed. per-
sistent tip that the stock would be ad-
vanced sharply by the Standard Oil in
terest. Kuhn, Loeb 6S Co. were given
the credit for buying considerable blocks
OF Union Pacific.
Buying of Wabash Bonds
The Wabash directors will meet on Fri
day TO take action on the question OF
dividend on the debenture b. bonds. II
is not believed that there will be any
dividend declared 1t is not inn ossible,
however. that there may be a refunding
plan under consideration, involving the
retirement Of both the and the bonds
1t is said that the recent purchases of
the bonds have been made by the Goulds
largely and 1t IS inferred that these pur-
chases have been made for the purpose
of obtaining control Of the issues.
Mr.. carncgic's Interest.
The recent activity fl the Wabash Is
sues has caused many rumors, and those
regarding the debenture bonds are not by
any means the most important or inter
esting. There IS a persistent suggestion
In certain quarters that Mr.. Carnegie has
a most unfriendly feeling toward the ]
Railway. and that as a re- }
guilt he is buying into the Wabash with |
the intention of helping that company in
It's rivalry with the Pennsylvania in the
territory Of the latter.
Yesterday II was said that Mr.. Carnegie |
had been instrumental I'm securing for
the company the right Of way TO Join the
Bessemer and Lake Erie, which will give
il an entrance TO Homestead and the Car
negie Steel Works.
Another interesting rumor yesterday |
was that the Wabash has obtained a route
10 the seaboard and an entrance to New
York by traffic alliance with the Della
ware, Lackawanna and Western. Both the
Wabash securities we're strong yesterday.
as they have been for several weeks past. |
Trust Meets arbuclllc's Cut.
There was a reduction in the price of |
refined sugar yesterday by the Sugar
Trust to meet the cut made by tho Ar
buckles earlier in the week. The news of ,