The Washington times., 1901-10-28
Surplus .,.............
s6.osl.s25

Wall Street and Eastern financial CEN
tres have been deluged with adVices OF
the shutting down Of copper mines and
the curtailment OF production. Not only
haY" the Amalgamated Copper Company S
properties reduced their output, but many
OF the concerns which have been lined IN
in opposition to the trust have pursued
the same policy. Rumors are rife of q
cut in copper. but according to the large
/ consumers positive assurance has been
given by the United Metals Selling Com
pany that there would be no reduction.
There is very strong party at work
on the bear side of Amalgamated Cop
per, and II was their effort which brought
about a decline IN Saturdays market Of
points net, to S5ss. AS far as can be
learned the American Smelling and Refln-
ing Company IS wrestling with the same
proposition in silver and lead as the Anal
gamated in copper Many of the mines
supplying ore TO the Smelling Trust have
reduced their consgnments to the smelt-
ers, under an agreement with the trust,
which guarantees them against serious
loss According to the last animal re-
port Of the Smelling Company there was
81 .VD0. 900 inyoiced value Of stocks on hand
carried over. This consisted of lead and
silver principally. Should an effort be
made 10 market Immediately the supplies
on hand both lead and silver would
tumble precipitately but ii is the hope
Of the friends Of the company that no
such move VIII be necessary.
While OF late public Indifference TO
stocks and to stock market movements
has been quite pronounced, except for
occasional spasms of interest excited by
developments or promised developments
in the Northwestern railroad situation,
there are some signs that at least one
group Of stocks is attracting attention.
with indications that this may increase
rather than subside. This group en-
braces the anthracite coal aggregation,
and the reasons for its coming into prom
inence would seem. from view of con
trolling conditions, to be near the sur
face. These stocks have certainly dis
appointed many who looked for them to
maintain a position In the front rank az
leaders In activity, but no more disap-
pointmcnt. perhaps, has been experienced
on this account than has been &C.
casioned by the course Of the stock
market in general. But apart from this
there are features with regard To the
roalers particularly the lower priced
spaCialties (the Eies and Readings,
which are in course OF development and
worth looking into.
Anthracite trade conditions are highly
encouraging, the roads are free from in
iiuCuces Of the poor corn crop, earnings
are encouraging, and n little later O!
can hardly fail to show very liberal ad-
titions 10 profits. as well as TO gross re-
ccipts, the point being. with especial ref
ercncc to the companies just named, that
the strike last year. whose effects were
most acutely felt in October operated
against Readings surplus to such an ex-
tent as practically to wipe out the amount
accumulated during the previous three
months, and that Erie for the same
period (OctOber) sustained a loss which
gave its net earnings a serious setback.
In that month of unpleasant memory 10
the coal companies and 10 tho holders nf
coal stocks, the gross earnings OF Read
ing. Erie, Lehigh Nauty, Jersey Central
and Ontario and Western fell away IN the
most appalling fashion, $l0.is3,Gn taking