The sun. [volume] (New York [N.Y.]) 1833-1916, 1907-09-15

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pFuc~ed"d rhi~Ny 'r"'n srrr"'a'of' t"r me
ish, anil ina Fas t"fn~ "H w me eStrs"r-
binary premiums ~ "n~ 20" h''nnr"h
htv-"uh and M" ""~ hundr-i hhh '~~nty-
"ifhth patti '"r no no" f"r hehN"ry ~ IN"
steel o"'nm"n ana preferred stocks si'ef
the cfo-" ~ business hven higher pr~-
rniurns were 81 ctei Tor Fenn-NlVsn'a
s'"cs, whil" IN" Eea'nE c"'nrn"n shares
lna mol hssw 80 ma and ~ q pr"rnium ~
one on" hundred and tw"nty-eiEhth ms
c'rcpms'anoe lent Tore" to ~" views st"adhlv
maintained Throughout mo prescott month
by many close watchers ~ stock Exchange
transactions that speculative operations
for III" fall have p'1y~t u greater part IN
the conduct ~ the weeks business than
has been commonly supposed; and theae
critics assert that all Indications e. w show
thai whatever may he the case as regards
certain industrial STOCKS Their" IN very little
real liquidation now going On IN The railway
hst.
There IL No doubt, of course. that there
has been genuine lipuidation Tor many
days past IN the AnaIganated copper
sharrs and in the stocks 81 various copper
producing companies. The position ~
Affairs In the copper trade has formed the
chief subject 81 wall streets attention
I'm the last ten days. An opportunity must
again he taken to retute the unjust crtti-
cism advanced in various respectable
quarters that the reason Tor the decline
In the price Of copper metal has been due
TO a breaking 81 an effort by the Amalgam-
ated Copper Company 20 peg the price
Of the staple at an unduly high level. The
company in question il doubtless guilty
Of many sins but responsibility for the 20
cent level price OF copper metal during
the early part OF the present year rs not one
Of them. The price 81 copper during
recent years has probably been fixed 10
. greater extent than at any time in the
history Of the trade by the normal and
unswerved operation OF the law OF supply
and demand. Every person at all in touch
with the copper business in this period
knows that there has been no attempt. direct
or indirect, on the part Of producers TO lift
quotations. for the commodity by arti-
ncial means and that thess quotations have
been made solely rs a result Of a
constant M genuine increase in the de-
msnd for copper metal coming at a time
when tho supplies or copper were tending
To become small owing To natural causes.
tne yeariy consumption anu proouctioh
unT1nk TINS peTlOu SlI1Clcntiy ulbCtOrte inc