New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1906-02-18
The Financial gVorLd.

| we nave sharp recessions in the stock mart..
some quotations have fallen materially Graw
some tales circulate In abundance: all t,a
'eieht OF the Street is of a sudden ranged upo,
t"e Dear side. Gaioping prophecies of evil swim,
tales Of disturbance on every side: all The tan.
ers OF Wall Street are pessirnists. II Is nor =.
all strange that quotation recessions are regis.
tered. for, supplementing the plethora or ,of-s-
ana tips and variegated recftations NE -
the exhibit OF manipulation absolutely reckless
AL tunes during the week It looked az II All
professional Wall Street was betting against tba
intelligence back OF national prosperftv-betrir,
actually that national prosperity is an irnposs.
ton, disaster
At the start OF the week we had disclosur,
OF the extraordinary contamination in AraIea-
mated Copper afairs-al the great copper nm
ducing properties brought finally into friends,
relationship, wars settled strangIin~ utlgatio,
ended. net profit assurance increased tremen-
dously In hundred quarters. Close following
came Union Pacifcs dividend increase NJ,
trenching upon the S15OOOOOO0 of tnvestrosu,
profits. and. thereafter, a roll OF other davalo,-
ments on the right side. Per contra. tiebta-
money market conditions registered and f,o,,
Washington and elsewhere come tales o. nsu.
adventures proposed in Investigation" Rut
coal strike threats diminished, and international
exchange rates shifted into gold import pros
poets. though. meanwhile, important CORPORA.
lions announce new capitalize ton issues Tbs
balance sheet can be considered in no sense mr.
favorable. Professional Wall Street however
began to SILVER over the discovery that a score
Of leaders were bent upon vacation. some IN
Europe. some to Florida-this graveIy synpto-
matte OF distress. That anybody should vor-z
over Mr.. Morgan going to London. joining Mr.
Stillman and Mr. William Rockefeller there doas
not challenge sensible cODsfEara+Io-
affairs DO not go upon pleasure cruises when
their interests are In peril That men OF largo
Wall Street consequence are choosing Febrlarv
for a holiday indicates something very dinerep,
than that there is reason for nervousness or
alarm over intrinsic conditions This though IA
an issue sane folks viii not waste time discuss
ing. As stock market bugaboo, it has bare
consequence enough for evaporation.
Last week in this review was said. "a veritabl.
copper boom is in sight" And there IS a conner
boom everywhere except upon the New-York
Stock Exchange. News of the highest impor-
lance comes TO hand regarding the affairs OF the
Amalgamated, guaranteeing increased produc-
ton of the metal at time when there is world
wide demand for every pound that can be pro-
duced- Vexatious litigation ceases, legal ex-
penses are cut of. and the way is made clear
for utilization of production 10 the limit OF
capacity However, an energetic bear combina-
ton has seen fit to sell the shares Of Arnalganat-
ed Copper; and the record for the week Is a
decline Of five points and decline from highest
of nearly eight points Upon what theory these
sales have been made is not clear. IL IS not
conceivable that Standard OIL fnanciers and
other proprietary interests have seized the Occe-
sion Of so fortunate termination TO long dis
putes to throw their holdings overheard. There
is not the least apprehension in any quarter that
Amalgamateds dividend is in danger-there IS
every warrant to believe that there VIII be in
crease Of dividend The AmaIgamated is now
in undisputed control of the most profitable cop
per mines in the world BY actual or majority
ownership. 1T is in the most commanding posi-
ton possible at a time when there is urgent de-
mand for its product. The actual value OF
Annalgamated stock must be far above any price
which has yet been recorded for 1t upon the
New-York Stock Exchange
Insiders appreciate these facts. and absorb
stock when it is recklessly offered for sale. In
view OF this situation, there can be but one con-
clusiOn-the decline Of the week must represent
enormous extension of the short interest
How these short sales are to be covered profit
ably is conundrum- There IS only one way
of bringing a bear campaign TO success, and
that is TO scare out actual holdings. Nothing
ket
Copper metal maintains its high level. pro-
ducing profit TO copper producers far greater
than ever before achieved. and while this basic
trade condition is maintained prosperity must
crown all the copper companies Wall Street
bears who think it a short and easy road to
fortune TO sell the COPPER stocks will, believe.
find themselves brought up with a sharp turn. A
cabIeSram from a prominent American 1nan-
cter now in Paris. answering question to
the situation, reads: Bears are selling copper
short rumOrs Of no demand for the metal IN
the United States.' Such fantastic rInors are
entitled to what consideration? The demand
for copper in this country was never greater
the demand all over the world is unparalleled
There Is not one symptom in any quarter OF ces-
satlon OF copper prosperity.
From the standpoint OF this review the stock
Exchange market is filed with bargains The
United States Steel shares Cffar opportunities for
Patient investors to reap exceptionally large re-
turns Steel common being fairly entitled 10 sell
above 90 before the year is out In the Industrial
list are scOrs of other attractive tssues-ineud-
ed in this list being representative stocks Ike
American Ice. American Wooden, American Cot
ton Oil. Central Leather. DistilIers' Securities,
International Paper. National Lead. Pressed
Steel Car American Car Foundry. Cast Iron
Pipe, Railway Steel Springs. United States Rub
Der, United States Reduction and Virginia Iron,
Coal and Coke. OF these. three espeCia Nv seem
entitled 10 early large Observation-Disclosures,
Ice and Virginia Iron Assurance Of vastly in
use IN manufactures. forecast such an eXpan-
sion IN earnings as will warrant early enlarge
nleht or the Dtstiliers per cent. dividend rate,
which has now been established for the past
value yielding approximately S per cent TO the
investor Increase to per cent dividends Is
not improbable.
In Virginia Iron. Coal and Coke what "a sure
Is that dividends of 10 per cent could now no
paid out Of the current earnings with st.u a sur
p4us TO be shown. This property is 10 some ex-
tent mystery-but what Observant investors
can count as significant is that the control
practically the entire property is owned by the
group or hnanclerS. who. durtng recent months,
nave SHOWN what they are ready 70 do in the
81 In Of " NN