For example, in a bear market some years ago the stock of the Amalgamated Copper Company was depressed several points in one day on the report that the dividend was to be reduced. Next day the report was denied and upon supposedly good authority it was stated that the regular dividend had been earned and would be declared. Whereupon the traders--who were mostly bearish--argued that a declaration of the regular dividend would be a bear argument, because it ought to be reduced and if the usual amount were declared it would be only for the purpose of furnishing artificial market support to the stock; consequently it was again depressed a dozen points or more. Later when the trend of prices had turned upward this stock advanced sharply on the report that the dividend was to be increased. Although the report met with prompt denial, the stock was nevertheless bid up several points more on the theory that if the dividend were not increased it at least ought to be, and if only the regular declaration were made, that would be evidence of a commendable policy of conservatism. EVEN THE STOCK MARKET HAS ITS FARCICAL SIDE Some of the stock market philosophies and inventions are quite amusing to the unsophisticated onlooker. When the Amalgamated Copper Company and the Anaconda Copper Company were under separate management a clique of traders became interested in advancing the market price of the latter stock, and forthwith the tipsters and rumor-mongers circulated a report that Amalgamated was buying Anaconda for control. This device proved a profitable asset for the pool members, who were thereby enabled to sell out their holdings at much higher prices. When this was accomplished and the story had become threadbare, another ingenious story was circulated, to the effect that the Anaconda Company was now seeking control of Amalgamated, whereupon that stock in its turn became the favorite of traders, who succeeded in lifting the price high enough to let the pool unload its holdings at a handsome profit. While these two monster companies were performing the act of trying to swallow each other the traders greatly enjoyed the comedy, in consideration of which they contributed generously toward swelling the purses of the promoters. The final outcome was that the great Anaconda succeeded in devouring its competitor, which appears still to be in process of digestion--or rather indigestion,--judging from the internal agonies expressed in the market action of the stock. [Illustration] SPECULATORS ARE SLAVES OF SENTIMENT