Evening times-Republican. [volume] (Marshalltown, Iowa) 1890-1923, 1901-12-23
INTEREST IN COPPER
Fluctuations in Price Of Product
and Shares Of Stock Elk.
cites Attention.
Amaleamated Shares Touched
the Lowest Point on Record
partial Recovery.
Decline OF $40. 0oO.o In Export.
In Ten Months..General
Foreign Trade.

New York, Dec. 23.-Henry Clews II
his Financial Review says:
Copper has continued the dominating
influence in the stock market. Anal
on record and afterwards made partial
| recovery. The raw material declined to
10 cents. and predictions are frequent
that it will drop to IL cents. At this
figure there is liberal margin between
the cost of production and the selling
price, and the copper industry, under
proper management, might soon be
brought back into a healthy condition
We're 1t not for the complications result
ing from excessive capitalization, excess
sive production. prolonged litigation and
blind pool methods. There is large de-
mand for copper with every prospect Of
its continuance; but the folly of contin-
uing production upon the old scale in
face of decline of over $40. 0000 600 in ex-
ports in ten months is now bringing
natural results. Very likely the worst of
the copper situation has been made
known, but confidence has received a
shock from which 1t will take time to
recover, and the financial losses which
have been incurred have had distinctly,
ir furious effect upon the stock market.
Holdings OF Amalgamated Copper had
been widely scattered, and the losses
have come hardest upon small investors,
so that the public is not likely to dis
play the same eager appetite for stocks
that 1t did in the early part of the cur
rent year. This is a factor that will
have to be taken into consideration later
on, as it will undoubtedly add to the diff
ficulty OF inaugurating bull campaign
The money market showed a some
what easier tendency, tho the danger OF
spasmodic stringency has not yet
passed. The treasury continues to abb
sorb funds very freely, owing to unnec-
essary taxation, and in spite Of all OF the
legitimate efforts of Secretary Gage to
prevent such accumulation, either thru
bond purchases or interest payments.
The course of our foreign trade de-
serves attention. Apparently we have
reached the zenith Of abnormally favor
able trade balances. Six times during
the current year our exports have fallen
below the same month last year. During
September, October and November our
exports declined continuously over $26,-
100000 On the other hand, our imports
have been rising since April; the In
crease since then amounting to about
$50 600, OOO This change in the current
is highly significant, and is likely toicon-
tlrue with more or less irregularity IN
spite of the confidence with which we
expect a good foreign demand for our
breadstuffs. In November last our ex-
cess of exports was only $64,OoO.0oo
against s71,3O0.0o0 year ago, and since
Jan. our excess of exports amounted to
but $52S, 100000. against SSH 600 the
same time last year. So far this year
the gold movement shows an excess OF
exports amounting to $2,7sO,GOO, COM
pared with s9,63O000 excess Of imports
wear ago. The present tendency OF the
merchandise movement. therefore, Is
rather towards encouraging gold ship
ments; tho, of course, the latter depend
somewhat upon elements in the, ex-
change market not expressed in trade
statistics.