The times. [volume] (Richmond, Va.) 1890-1903, 1901-12-11
"BiE Combination to Regulate Copper IN
dustry OF the World.
announcement Expected Soon Of ALL
anco of RockcfcIlows and hoth-
c.1ilds, With Senator Clark and T.
A. Heinzc Probably -EcluGed.
DEMoRaL1zED BY COPPER

The market was stronger when Cop
.>er wcntcrp to "a SIS, but before tradetS
couid get their breath Copper began TO
go down. and steadily declined until the
close. DUST before the close money was
bid up to I, and even per cent ana tnis
had a chilling effect. Prices OF all STOCKS
then sacged off and the closing was
weak, in some cases considerao!? choei
the closing prices Of Monday.
One of the strongest stocks on the
hoard Yesterday was American Can. The
preferred which closed on Monda" at %
10 sold Yesterday as high as %, ana the
common went up from 10 to II.
A quarterly dividend of "a per cent.
has been declared on Sloss preferred.
1.-THE IRON TRADE.
The Philadelphia Press prints on Its IL
nancialrrpa the following interesting
article, on tho iron situation:
THE market for IRON and steel keeps
people guessing all the time. but even
the best guesses need frequent revision
The present is about all that 1t is safe
to talk about, and even that is not east
ly defined. Articles such as pig iron
bilets. sheets and structural material
are so closely sold up that it is almost
impossible to place new orders with any
definite assurance that deliveries will
be made in anything like reasonable
time. while in some other specialties new
business would be gladly welcomed
Plates bars, sAelp, pipe and wire nail
mills have been running very close to
the end OF their order books. and prices
would doubtless, have been considerably
lower but for the community OF inter
est principle which has proved to be
OF great value in securing uniformity in
prices.
..The difficulty In harmoSlizlng these
conflicting influences makes it impossible
to size UP the situation satisfactorily, al
though. of course, present conditions are
regarded as being exceptionally favor
able. Many of the best-informed men
in the trade are inclined to look for
higher prices during the first half of the
coming year, as the amount OF finished
work to be turned out during 1902 is by
far the largest on record. AS an offset to
this, however, must be placed the loss
Of an export demand OF not much less
than a million tons per annum, and an
increase in production to about the
same amount, with every Indication of
a similar Increase during the next
twelve months.
There is also quite a good deal of pig
iron coming in from Cape Breton. Cana
da, and also steel in its various forms
from Belgium and Germany. 1t will be
seen, therefore. that if the country is go.
ing to consume all the iron that can be
produced during 1909 the volume of bust
ness VIII not only DE unparalleled, but
beyond any tlains5 that the most pro-
nounced soplimists expect. In regard to
the imports OF, pig iron, it should be
stated that a, god portion of it is re-
exported, and does not, therefore, COM
pete with anything but pig iron. The
nodus operandi is as follows:-
1.-The pig iron is brought in paying 4
duty OF four dollars per ton; it is melted
mostly into cast iron pipe and is then
exported, receiving 4 drawback OF SO
per cent. Of the amount paid for the raw
material as duty. This probably works
out saving of a dollar or SO, per ton to
the importer and manufacturer, besides
relieving the striaGency In our own mar.
kits temporarily. Without going into
further details it is evident from what
has already been said. that 1t is not
altogether o one sided market At a
superficial glance it woul1 probably be
taken for granted that there is absolute.
Nv nothing to prevent q year Of unlirait-
ed prosperity. but after looking into ali
the holes and corners, such opinions
would be somewhat modified. for as IT
is written in the good book, tho little
foxes spoil the vines.,'