The Washington times., 1901-12-16
COPPER BREAK
MAY CONTINUE.
Bear Campaign Not Over,
Say Experts.
THOUSANDS RUINED BY TIE TROUBLE
Stock M irlSet Not Likely to Be Af-
fected Further - Evidences of
Business Prosperity - Exports
From New York.


of the hopeful features OF the present
stock market outlook is the apparent dis
position of the street not TO consider the
Copper episode longer a factor of import
ance. The trade situation and the manip-
ulation Of the stock are regarded Of inter
est, but it is an academic interest almost
wholly. In such blind pool as Amalga-
mated has proved itself to be predictions
are not of much value. but it may be said
with entire truth that If il were believed
that the general market would be acutely
affected by a further break in the stock.
the holders of other securities would not
be nearly so complacent or cheerful as
the majority of them are at the present
time.
Lower Price Probable.
Copper again yesterday made new low
record, and despite the assurances sent
out from an institution known to be
closely associated with the inside pool in
An.algamated Copper that the bottom bad
been reached and the Copper war was
over, there appears to be a very fair
chance that the bear campaign has not
yet reached an end, and the conclusion is
irresistible that these stories Of a settle
ment were disseminated for the purpose
of allowing the manipulators to put out
fresh lines of shorts. in preparation for
a renewed attack upon the stock.
There has never been. conservative
fnanciers declare, more striking ovi-
dence Of the thorough unscrupulousness
Of those who control the movements OF
A1naleamatod Copper stock.
There is apparently some warrant for
the suspicion that the insiders in Copper
had been fully advised in advance Of the
action which the Rio Tinto directors
were to take, and that the support given
to the stock carly in the week vas solely
for the purpose OF getting the public long
OF the stock in the belief that the lew
point had been reached and that further
declines were practically impossible. An
officer of one of the corporations inti-
rnately allied with the Copper pool is said
TO have personally assured several Of his
friends in Wall Street that the stock had
reached its low point and was now a pur-
chase In Justice TO several Of the Stand
ard OIL magnates II may be said that they
have thoroughly disapproved of the
methods employed by some of their col
leagues in the Copper scandal.
The City Bank and Looming Rates.
The furry in money which took place
on Thursday last was, by significant
coincidence, accompanied by sudden
and violent attack upon Copper and the
withdrawal of the support which some of
the so-called Standard Oil brokers had
Seen giving the stock for four days. The
National City Bank on that day raised its
money rate from to 10 per cent. De
spite the mild denials OF some of its Of
ficers that the institution had loaned
money above s per cent, IT is generally
known on the stock exchange that one 4
prominent member OF that body paid the !
National City Bank 10 per cent for one 1
lean Of $500 600.
Thursday was 4 day of similar coinci-
donces. On that day the National City
Bank shipped $4,000 in gold TO Germany
notwithstanding that some Of the best 4
authorities on foreign exchange could not |
figure how the transaction could be car |
ried out at profit in the existing state /
Of foreign exchange. II was afterward 4
conceded that the shipment was in the /
nature of a special transaction The |
money was sent to the Imperial BInk of |
Germany for the purpose Of enabling 1t
TO bolster w its balances for The end OF
the year settlement.
Ruined by Copper's Trouble.
The widespread ruin which has been
caused by the smash in Coperr can hardly
be appreciated, conservative bankers say.
BY the casual observer Of events in Wall
Street II has extended to every quarter
Of the country and TO every community.
II has invaded the homes Of the rich and
poor alike. II has swept away the widows
mite and the heritage OF the orphan.
A prominent banker declares that he
knows personally OF many cases where |
oil lnfF l.n
Of their savings in the stock when the |
company was fioatec three years ago with /
such Flowing promises b. Its promoters. |
and. led on by their renewed assurances |
last spring had borrowed money on their 4
holdings in order TO make additional pur- |
chases on margin. an Of these pyramided |
accounts have been swept away by the
late declines.
one 81 the most striking evidences OF
the general business prosperity which un-
doubtedly exists. despite the troubles Of
the Amaigamated Copper Company, is
shown in the enormous incre7~e in COM
merce at the port OF New YorK. The an
nual report OF the Chamber Of Commerce
for the fiscal year ended June 30, 1901,
about 10 be issued. Will show an increase
IN the export and import business OF the
port Of New York OF S1s, 1903, while
The increase OF the total foreign com
merce Of the United States during that
period had been Si0l, ,512 i35.
Electrical Construction Active.
Despite the failing of Of electrical con-
struction in Europe, the business OF the
great electrical companies OF this country
is constantly on the increase. The Cen
aral Electric Company has been Sc pros
porous that Il has decided 10 distribute
sl7 .0o0 600 in stock to fits shareholders in
compensation to them for the reduction
IN the capital stock made necessary dur
ing the yicissitudes OF the first years Of
the present decade. The Westinghouse
Electric Company is equally prosperous,
and Il is now reported that plans for the
benefit OF It's stockholders also are being
considered.