Evening star. [volume] (Washington, D.C.) 1854-1972, 1905-11-23
BULLS AND BEARS
special Dispatch to The Star.

special Dispatch 10 The Star
NEW YORK, November aaa2.-tThe resoiu-
ton OF the governing committee OF the
stock exchange adopted on March e. 1vu2,
in relation to Interest charges. says nothing
about the necessity of showing that inter-
est rebates to customers have amounted TO
a rebate of commissions In order 10 prove
violation Of the rules and regulations of
the stock exchange, although this is said to
be the reason for the governing committee
In its refusal to take any action as the re-
suit OF certain matters brought to its at
tention this week. What the March 26
resolution does say Is this;
Amy agreement or arrangement entered
into between a member or his firm and his
or their customer. whereby special and un-
usual rates of interest are stipulated for.
In connection with the conducting of an
account. with intent thereby to give special
or unusual advantages to such customer.
TOT the purpose OF securing his business,
shall be deemed violation OF Article
xxXIV OF the Constitution: commonly
known as the commission law
The plain terms of this resolution would
seem also to dispose OF the contention ad-
vanced today that any stock exchange
house IL free to discriminate I'm favor of one
or more customers Tin respect to interesO
X the man who pays the smallest amount
does not pay less than Is Of / per cent
tcommissionJ on all stocks bought for his
account and not less than the same amount
for all stocks sold
There Is nothing particularly good in the
statement OF the Federal Mining and Smelt-
ing Company for the year ended August 81
last. In comparison with the correspond
ing period OF 134s-19o4 VIGOROUSLY q poor
year In every branch of trade and industry,
falling off In every item. from total re-
cedpts to Improvement expenses is shown,
and the final surplus, si24o, sos. is a de-
crease of S1dS92e.
1t Is probable that the company's posi-
ton and condition is better than might be
inferred from the report bat IL Ia also
probable that the magic that is now attrib-
uted to the name of Guggenheim, and that
inspires confidence In everything which rep
Tesents even modicum OF Guggenheim
interest, has been an important factor In
the remarkable advances in the Federal
Smelling shares. The American Shelters
Securities Company, which is controlled and
guaranteed by the American Smelling and
Refining Company, acquired control of Fed
eral Smelling last May.
An interesting analysis Of the American
Smelling and Refining Company was made
today which shows that the company has
become an important factor in the copper
industry as result or recent acquisitions
{and there are those who believe that the
Amalgamated Copper Company will be alb
sorbed in time), and that II dominates and
even monopolizes the smelling and refining
industry In this country from the time the
ore leaves the ground until il fs converted
into metal, besides controlling mining com
panias which own almost limitless supplies
of lead copper. gold and silver ore.
It Is the fact OF domination and monopoly
which gives point to the criticisms that are
now being made by way Of example OF the
way In which the stocks of the American
Smelling and Refining Company have been
advanced in the market so that In two
years an appreciation Of $50. 100000 Is shown.
This, 1t is said. 10 excessively advertising
prosperity In the face of the tax assessor,
regarding the state legislatures in that un-
pleasant capacity. It Is believed in some
weli-informed Wall street quarters that eff
forts will certainly be made in western state
capitals this winter to impose lower smelt-
ing rates.