The Washington herald., 1907-09-13
WALL STREET NOTES
RumOrS Regarding Copper
Cannot Be Confirmed.
AMALGAMATED IS WATCHED
Up of Metal Believed to BE n
Mistake, but Reduction in Divi-
Condition in Philadelphia Reflect
ed an the New York Market.

New York. Sept l2-The continued
liquidation in Amalgamated Copper
brought out a new lot Of rumors, all OF
them interesting but none OF them con
irmed 1t need hardly be said thai
none of the whole batch was of fav
orable character, In the prevailing
temper. only an unfavorable report could
circulate. for the pessimism regarding the
stock was SO black that not a single
! bright streak could possibly be run
through It.
The traders, who, on the preceding aft
ernoon. had covered up on the ground
that the bad news was all out, fclt
rather Sheepish when they found will
what infinite variety those who remained
on the bear side could exaggerate th,
unfavorable factors IN the situation and
pile rumor on rumor, till everything that
was not unfavorable became either com
pletely hidden OF distorted until AL
semblance Of its real significance was
lost
Apparently the traders hardly thought
IL worth while to argue much on the
matter of a possible reduction in the
Amalgamated Copper dividend They
took it for granted that a reduction
would be made. and seemed to think that
by entering into discussions on the point
now they would be merely placing them
selves in the position Of appearing 10 bt
away behind the times.
ANY member Of the fraternity who ex-
pressed any doubt as 10 whether the divi-
dend would be reduced next month either
received a very emphatic answer that q
reduction was q foregone conclusion OF
was treated with the silent COmmiSeratior
which was even more effective in intiml
dating him from further advocating the
possibility that the company might for
some time longer. # not permanently, adj
here 90 its present rate of dividend distri-
button.
"A gigantic mistake" was the way the
alleged p.ling up OF the metal by the
AmalEamated Copper interests was spoken
OF, and it was said that in order 10 fectify
this mistake. or rather TO alleviate the
consequences Of Il, the company intended 90
order the closing down of a large number
Of mines In the Butte camp. At the same
-l.4t- III NAN Nei'l Ai4hL ttlf ff.lttF.ah i'tI
viding for a reduction in the wages Of the
miners would be forced. wages being put
back To the old basis from which they
were raised last winter The current esti-
mate was that 10000 men would be
thrown ont Of employment, but what the
bears failed 10 take into consideration
was that If all this proved true the mar
ket for the metal would probably become
r.rfr-a f44rrriI frF q
probability come in as purchasers as soon
as they saw indications OF q serious
shrinkage in the visible supply
Among the many stories as 20 the
source Of the liquidation in Amalgamated
there was one 20 the effect that a block
of 30.e90 shares had been taken over az
private sale on Wednesday. This was
current AT the opening. and led many t0
believe that for the time being the trouble
was over. II probably had a good deal 20
do with the rally in the first hour. but its
effect was lost in the day on the appear
aucs OF genuine liquidation coming from
several quarters.
stock which had been carried through
the panic of March last and through the
severe decline which eliminated about the
middle Of August was forced out 10y the
exhaustion OF margins. while the bears
continued 20 exert themselves on the side
of declining prices. In view of the heavy
volume Of selling and the absence Of any
thing like aggressive support, 1t was
hardly 10 be wondered that the stock suf-
fered severely.
The panicky conditions prevailing In the
Philadelphia market had the effect OF
forcing some holders Of Pennsylvania in
that city 10 sell this stock in order to find
additional margin for the protection of
Their holdings Of other securities Of a less
salablt kind. The stock Of the big rail-
road, however, held up fairly well. after
ward recovering easily, and it looked as
if oart of the short interest which has
existed in it TO an unusual extent FOR
some time past took advantage of the OPP
portunity presented 10 cover.