The Washington times., 1906-07-15
SLUMP IN COPPER
CAUSES INQUIRY
Weird Stories AflOat Con
cerning Both Mitchell
and Greene.

The excitement OF the past week in
local stock exchange circles was the
persistent decline IN Greene Copper and
the unexpected and highly dramatic
slump in Mitchell Mining stock. The
former has been consistently gcing
down ever since the late trouble at the
mines. and accompanied with all sorts
Of weird stories emanating from New
York It continued its downward course
70 the lowest figure recorded for a year.
At various levels there appeared a good
show OF support. but the tremendous
amount of stock offering was too much
to be cared for. and not until 20 was
reached was the decline checked.
Telegrams from Colonel Greene Of a
favorable nature. denlals from officials
that there had been any selling from
inside sources, were met by highly
colOred rumors Of further troubles at
-he mines, possibilities of the passing
uf the dividend, and several others
equally calculated 10 disturb public con-
hdence. OF course the perennial story
that the AInalgamated company was
endeavOring 90 secure control was made
10 do duty. and the passing Of Colonel
Greene from control was assured.
There is no doubt that the decline has
played havoc with q great many good
bank accounts and has precipitated a
small sized panic in the minds OF not
few holders. During the past five
years, however. there has been a num-
her Of these movements and friends Of
the company are satisfied that in a
short time the pendulum viii swing as
violently in the other direction, and are
urging conservative action.
Announcement OF the resignation oftWC
Of the directors who We're understood 70
REPRESENT the Hartman interests. which
came late on Friday was the only real
iSct that developed, and II had but lit
tle effect on the market for the stock
and Il is now believed that much OF the
large selling earlier in the week was foI
their account.
The slump IN Mitchell Mining was
equally ds dramatic as the pyrOtechniCs
which accompanied the advance about
three months ago. when IL was suddenly
lifted 10 a and as suddenly dropped
again.
early days OF the venture # is known
that offers 10 trade the stock for rea
estate property and other valuable
considerations we're made with a free
dom that might indicate lack OF con
/ fdence in the golden prospects so freely
predicted. And this on a basis OF s
per share
Later # was desired 10 list the stock
and application made 20 the Washington
stock exchange which willingly furnish
I ed a market for dealings 10 be carried
on. il was soon discovered, however
that while figures on the stock boarS
showed quotations at one price, privat,
offers at a dollar or two under the pub
lished figures were freely made.
( And among the good stories told o
one OF the astute brokers on the board
+ 60 is said that while busiIy engaged IT
flIing his orders to buy the stock h'
found q ready supply coming from g
person leaning over the raI which
+ separates the pJbHc from the member:
/ and discovered later that hs was vic
. tim OF misplaced confidence.
There was also some desire TO assis
matters by the payment of a dividend
which was considered somewhat prema
( ture by conservative people. The neces
zity OF building a railroad TO the mine!
and the financing Of the project re
curing in the uelghborhood OF a,@l0,oe
las been the subject of much attention
/ and recent reports have been of a mos
nattering character as 10 the success
met with IN raising the money.
in the meantime the stock has failed
/ to show any reCuperaJive powers, and
during the past week It took a plungt
and broke down TO 4E. with sales o.
nearly 10O0 shares. only recovering {
! slight fraction at the close OF the week
/ At the same time there seemed 10 b'
plenty of stock for sale and sellers wer,
not disposed 70 haggle over prices, pre-
/ ferring rather to have ready cash thar
( stock.
And now there are some very anxious
/ questionings as to what it all means
and why this terrible slump when al
/ the reports were OF such q rOseate hue
And the question remains unanswered