The Savannah morning news., 1903-11-02
WALL STREET GLEANINGS.
Bond Buying By Financial Institutions.
BY w. G. NICHOLAS.

$3.50 a share. But then operations in
Wall street are not conducted along
logical lines so what's the odds. At
present quotations the Amalgamated
Copper properties have a market value
Of approximately $55,000,000, as against
5000, 100000 two years ago or there
abouts-a shrinkage of more than $l45,-
600, 900. 1t is notorious that the insid-
ers worked out of the bulk of their
holdings up around top figures. They
may have reinvested at the lower lew
els, but upon that point there is diff
ference of opinion among those who
should be advised to a limited extent
as to the facts. Copper experts are
widely at variance in their estimates
Of the future of the Montana Copper
properties. Some hold that they will
be practically abandoned in the next
few years, and that the center OF cop
per production will be in the territory
partly occupied by Senator Clark in
Northwestern Arizona-and a district
almost as great in Mexico. Clark's
United Verde properties are said to
have over $500, 000,000 worth of copper
in sight, much of which carries $40 to
sac in gold. Under such conditions
copper becomes a bi-product, and can
be laid down at tidewater for next
to nothing. Senator Clark is a MEM
Der of the copper combine, but If it
pays him best to break away from
that organization he may be depended
upon to do so. Thus far he has been
merely burrowing in his United Verde
mines. When he gets the property de-
veloped sufficiently to make it an OBJ
ject he can cut loose on production ana
command the trade of the world. The
Senator is the dynamite in the copper
situation. Because he is for the mo-
ment dormant must not be accepted as
proof that he will always be in an nom
explosive state.
The statement made by an authorized
railroad bureau of information that
there are approximately 100000 owners
of the stocks and bonds of railroads
in the United States confirms the claim
frequently made in these letters that
the number of security holders In this
country is in excess of 1000. 900. 1t Is
entirely safe to say that the stoekhold-
ers in industrials, number at least ESQ.,
600. United States Steel alone has a
round 100, 900. American Sugar Refin-
cries has the next largest list of share
holders with Western Union close
third. Recent computations show that
the shrinkage on industrials during the
last two years amounts to $t.7OO,000.-
600. The shrinkage in railroad securi-
ties during the last fifteen months Is
In excess of that amount, approximate
ing 81, 000, 900, 900. How much Of this
depression is a paper loss and how
much actual loss to the speculative
community can never be known. There
is no way of making a division between
the permanent investment class and the
speculative element.
Wall streeters have been taking
very lively interest in the New York
municipal campaign. Opinion has
been decidedly mixed on the result, and
for two weeks the betting was prac-
ticaily even as between Mcclellan and
Low for Mayor. A large sum of money
has been staked on the result, quite az
much as on most presidential elections
A good deal of the big betting which Is
heard of, however. is of the Intangible
sort. The money put up Is Of the stage
variety, that is 1t lacks the essential
element of value There is also good
deal of conversational betting which
begins and ends in the cafes. and rs
chiefly alcoholic in its inspiration.
There has rarely been an election In
New York where the chances were
harder to estimate. The field is chop
ped up into factions and stirred by a
variety of influences which make II all
most impossible for even the most ex-
perienced in the game to form an IN
telligent Judgment. This imparts to
the campaign more than ordinary ex-
element, and has stirred up the finan-
cial district considerably.
Foreign exchange continues strong
and there is still a possibility of gold
exports Should the friction between
Japan and Russia end in a war in the
near future the gold movement toward
Europe will begin Immediately there
after. In the event of a peaceful con-
clusion to the trouble the expectation
of gold may be deferred until long past
the new year. There has not been
time since the elimination of the
Northern Pacific corner two and half
years ago. that American Indebtedness
in the European centers was as small
as now. The aggregate. both for ac-
count of exchange bills and collateral
loans Is believed now to be under $1T5,-
100000. 1t has been in excess OF $780,
0O0, 900.
Gossip continues to shift the control
OF Atchison. Interests identified with
Union Pacific and Rock Island make
specific denials that these two great
systems are looking to either joint or
separate ownership of the property.
There is, Notwithstanding, a well
grounded belief that ultimately Atchi-
son win be merged or affiliated with
other systems. The popular belief is
that a community of interest will final
" be formed in which Rock Island
Union Pacific, st. Paul and Missouri
Pacific will dominate. thereby remov-
ing the road permanently from any
danger of passing into unfriendly or
piratical hands. AS long as 1t re-
mains unattached this danger must be
considered in a discussion Of the West
ern railroad situation.