The Washington times., 1901-12-09


! Missouri Pacific ............. 1920 Adv.. q
! I : Stecl. l46,INI Dee. l-s
! L. s Steel pf............... li5 1Oi Dec. l&l
=. Paul ..-...-.-..-......... l+4.SSg Dee. -As
At, hisun ..................... ~ 10 Dec. 2ss
sugar .------'--..--.'''.....'. ll.."oy ilec.- %
Reading ........-..--.-....... ll',sJV Dec. 21s
| Louisville and Nashvilc....... III. .795 Dec. 25s
1t will be seen that six or seven securi-
ties furnished half the transactions Of the
week, and that two, Amalgamated and
Manhattan. furnished quarter Of the en-
tire business of the exchange for the
week.
The Copper Market.
The following. from the copper circular
of D. Houston q CO., regarding the con-
dition Of the metal market, is most in
tercsting at this time:
| The market for copper has been treat
ed to frequent and sensational reports re-
Gently purporting TO chronicle enormous
! sales. drastic cuts in prices and the
| tual or forthcoming modification of the
| copper situation of q most radical char
acter. There has been a perfect deluge
OF rumors regarding copper lately, some
OF them bold and startling in their as
| sertions and other dealing with quanti-
| ties and prices in such seeming positive
! terms as to exert unusual influence, par
| ticularIy in speculative quarters. Facts
have differed materially from many Of the
rumoTs put in circulation. and no such
cut in the price of copper as was current
ly reported a short time ago has really
taken place.
There has been a very large business
dcne in copper since cur last circular on
basis Of recent market quotations. with de-
liyerics up to next April. and said to ag-
gregate from S5.0O0,000 10 100000 900
pounds. but the understanding is that the
contracts include certain conditions which
may be cons sidered equivalent 10 a guar
autee. These recent important sales, con-
sequently. have taken very large guam
tity Of copper of the market
Consumption OF copper in the United
States this year has been on a great scale,
and there has been a fast moving current
of copper going regularly into the home
channels OF distribution. The great brass
and copper mills of the country have
been absorbing millions Of pounds of the
metal in the aggregate each week in the
course of Legitimate business. Consumers
lately have been compelled to run their
works at the maximum capacity, owing
TO the multiplicity OF orders. The home
consumption has been at higher level
this year than when copper sold much be-
low present prices. and an increasing
American demand for articles of copper
1T is worthy Of note that the copper
consumers Of the world have been operat-
ing their establishments on small stocks
Of copper and that trade requirements
must naturally be n heavy volume be-
tween now and spring The projected new
Pacific cable, having total length OF be-
tween 1000 and s. so niles. viii take con-
siderable copper. and new electrical prof.
ects on both sides OF the Atlantic will
also create further demand for copper
New York Central and Manhattan.
There is official confirmation OF the re-
cent rumors regarding closer relations
between New York Central and Manhat-
tan. These make the extreme activity
and the somewhat erratic course OF Man
haitian during the past week more than
ever Interesting. The reaction from 145 10
134is, which latter price Manhattan
touched on Saturday, has hurt a great
many people. particularly professional
traders. who. when the stock was above
140, heard from very good sources that
at least traffic alliance would be made
with the New York Central. But this
break OF the last two days has compelled
lot OF liquidation of speculative ac-
counts. the last of which liquidation
seemed to go on during the first hour Sat
urday. Not only has the speculative long
interest been wonderfully reduced. but a
substantial short account has been ere
ated. And now, after this has been done.
comes this official confirmation OF the ru-
NOR that the New York Central is after
trackage rights on the Manhattan sys-
TEN, and Is probably ready to make
far-reaching deal involving the latter
property.
The chief engineer of the New York
Central on Saturday lafter the close OF
the market admitted that a plan looking
to the running of electric cars on the
railroad had been under consideration,
and that experiments had been made at
the company's shops at Schenectady with
view TO changing the present motive
power on the suburban lines TO that of
electricity. Mr. Wilgus went even fur
ther, and said that a plan for con
tinuous suburban electrical train service
from Yonkers TO the Battery had been
and was still being considered. Mr.. VIII
gus did not regard the carrying out of
such an idea as at all impracticabie. and
added that II would be quite possible of
accomplishment This is decidedly i'm
portsnt II means an early admission that
Vanderbilt interests are extensively iden-
tilted with the Manhattan system.
The IndusfriRIs strong.
Ii Is TO be noted that in the slump in
prices on Saturday. the Industrial shares,
outside of Amalgamated. were relatively
the strongest on the list This is. of
course. explained by the fact that most
of them are now selling far below their
former high marks. and with but few ex-
cer'srsr are enjoying phenOmenslly large
business. American Car and Foundry
actually advanced Il in the face Of the
general weakness. but IL closed unchanged
al 2gL. American Locomotive resisted
stubbornly all effort to force II down
closing with a small not decline OF u at
SiA Pressed Steel Car lost only a frac-
tion to ll5s. United States Leather, Glu-
cose Republic Iron and Steel. and Rub
Der Goods preferred gained fractionally
There was some enfor.>d liquidation in
the United States Steel Issues. but the
syndicate behind these stocks. which is
still actively employed in protecting
their market position. took all Of the
offerings. with the result that both the
common and preferred rallied sharply
from the low points. although showing
small net losses for the day
A Prosperous steel Business.
The Colorado Fuel and Iron Company is
rapidly assuming more important posi-
iion in the steel and iron trade. As II IL
now the finished product Of the company
equals one-eighih OF the total output Of
the United states Steel Corporation. On
the basis OF capitalization, the odds are
all In favor of the Colorado Fuel and
Iron. which is now paying dividends at
the rate of per cent on its common
stock.
The earnings show very substantial
surplus above the dividend requirements,
Notwithstanding the fact that interest is