Evening star. [volume] (Washington, D.C.) 1854-1972, 1906-10-14

than "prospects"-that lie. claims that are
as yet undeveloped and therefore improved.
They may be bonanzas or they may be
worthless. with the chances 100 to on the
latter end of the estimate. Stock exchange
houses of best repute are Identifying them
selves with mining companies and lending
their names to the f1otation of the shares.
This makes 1t easy for the promoters and
hackers to raise money for development
and for the distribution of the certificates.
1t is only a question of time when the pub
lie gets beautifully "stung" in mining
stocks but down to date fair degree OF
caution has been exercised by investors
and spectators and the list of casualties
is small On the other hand. a great deal
OF money has already been made In several
of the stocks actively traded in on the
curb and in the other cites named, ana
hundreds of operators are turning from
railroads and industrials Into mines as
presenting the best and safest opportunities
for speculation and quick results.
The bull contingent In AmalsaMateu
Copper is impatient for the long advertised
advance to 100 to begin and go right along
to the announced goal. They do not unoer-
stand why the big interests IN the coHi-
pany do not jump the price right up ana
quit monkeying with the market For
some unexplained reason these same Dig
interests fail to take the public into their
confidence and the mystery continues deep
as ever During the last six months there
has been a very wide distribution or Anal
gamated. more of 1t being held in commits
II be the steel issues This stock could
come from only one sOurce-the inside.
Consequently the insiders cannot have as
much of the stuff as they did when prices
were lower down the scale. Whether they
have still more to hand out or will be will
ling to mark up the goods for the general
investor is an open question. The gentle
men who control the deStinleS or the Dig
copper company are not noted for habits
of broad market benevolence. There Is
another point spectators in Amalgamated
might give thought to- About SSOOcoOooo
worth of the red metal has been taken
from the mines of the corporation and the
records of last year show slight falling
off in production. 1t is barely possible
that the limit of production of that Won
derful group of mines has been reached
and that the bottom of the pocket Is in
sight. Good judges say that the world
will have to look for the bulk of future
supplies of copper from Butte to the newer
mines of which many are being opened,
some of them being as full of promise as
the Amagamated. 1t is certain that the
$500 100000 worth of copper already taken
out will not be taken out a second time.
The annual meeting of Erie stockholders
took place without any open move by the
Hartman interests to assume a more &C
tive part in the direction of the property.
AS stated in this column some weeks ago
the Hartman group could. II disposed.
take the road, but evidently the time Is not
considered ripe for such action Interests
identified with other western roads besides
Union Pacific hold large blocks of Erie
and it probably best conserves the peace
of the transportation world to maintain
the only Independent trunk me neu-
trail system for the time being.
When the long pending ore deal was
finally announced it was found that the
effects had been discounted in the mar
ket. The stocks Immediately concerned
seemed to have had all the advance to
which they were entitled on account of the
deal. and the rest of the market quickly
forgot the incident and passed to other
will probably be of tremendous advantage
10 the steel trust, although IT loads the
corporation with an obligation that will
presently amount to $16,UO,UOO a year.
Tine trust is now placed In an almost i'm
pregnable strategic trade position, with
Only one rival-Tennessee Coal and Iron
owning any considera BILE ore deposits with
in the confines of the United States. AS a
basic proposition the trust has $3.50 to 81
a ton the best of all competitors in the
cost of pig iron, which is good deal If the
time comes when there Is fight for
business.
In nervous market moments failure like
that of j. NJ. Cebalos & Co. would have
caused prices to run off many points. 1t
was like bolt from clear sky and in
wolves many millions of dollars The
house was identified with Wall Street only
indirectly, though its operations were far
reaching and naturally touched upon
things affecting the street. Among other
things 1t building a railroad in Cuba
and had hand in many land and develop
menl schemes OF consequence. ne COM
pany's credit and standing was high and
ordinarily the failure would have caused
CONSERVATION. AS 1t the incident
produced hardly a ripple and no bad after
effect.
New England and the far west give
strongest support 10 "coppers." The |
yankees" making special favortes OF
this class of stocks and the people on the |
ground-right at the mines-are backing |
them up with their cash and Drawn. Time
was when New England plunged on a few
Union Pacific. Atchison, Burlington. Rock
Island and New haven. Now its mines are
principally copper producers.
We imported nearly S45,OOO,OO0 In gold
before the banking centers of the old world
shut down us by raising interest rates
and otherwise manifesting a disposition to
protect their boards of the yellow metal
from further raiding. The amount secured
is proving sufficient for the business needs
of the country-that, together with what
We can scrape up at home, Including such
spare change as Secretary Shaw dis
pense from Treasury plethora.
The foreigners seem to have about de-
cided that 1t will be unsafe to bank too
strongly the theory that they will be
able to buy needed stocks of American
farm products cheaper by playing wait
Ing game. They discover that our farm
ers and planters in a position to carry
until buyers are obliged to pay sellers
prices provided these prices are not I'M
reasonable All hands must concede that
there Is nothing hoggish In prevailing quo
tatiOnS and it is not improbable that a
record-breaking export business will be
done around current prices or better, bar
ring accidents.