The Washington herald. [volume] (Washington, D.C.) 1906-1939, 1910-11-03
WALL STREET NEWS
Some Activity in Mining
Stocks Feature of Day.
COPPER SHARES ARE STRONG
Believed supply on Hand VIII Show
Considerable Decrease In Monthly
Refining Plans ChaHges-May Make
Alterations In Antitrust Law.

New York, Nov, 2.-some activity and
fair display of strength in the American
Smelling and Refining. Amalgamated Cop
per, and one or two other mining stocks
formed the only touch of relief to-day 10
4 what was otherwise a dull. slack. and
stupid security market. Outside OF the
two stocks specifically named the narrow
ness OF the market was a subject OF gen
eral comment
Nevertheless. the rise In these particular
shares seemed 10 serve 70 hold the mar
ket firm. and at the close gains were
more generally shown than were exhibited
on Tuesday. Reasons for the strength IN
the copper stocks were the same as those
which have been hitherto described II
is expected that the monthly report 20
} De made early next week OF the surplus
supplies Of copper In the possession OF
! the country's leading copper mining COM
! panies will show another very consider
} able decrease. and II IS also argued that
the statistics Of international copper con-
sumption show that the actual use OF cop
per is now largely outrunning the pro-
duction OF the commodity.
Large Sales of Copper.
Some force would perhaps attach TO this
contention II II could be believed that
the quantity of copper reported as being
exported to Europe from this side actual
" passed into consumption. There is a
strong impression. however. in trade cir
eles that copper may pass from the re-
ported visible supply into the so-ealled
invisible" supply which Is, of course, an
other disposition OF the commodity than
that OF genuine consumption. II was also
said to-day that large sales Of copper
had been made locally.
The buying OF American Smelling and
Refining stock was supposed 10 be es-
pecially due TO the forthcoming financing
arrangement with the American Shelters
Securities Company. OF whose stock the
American Smelling and Refining Com
pany Is large owner Reference 10 the
extraordinary character OF the supposed
arrangements based upon general rumors
as 10 the character thereof has already
been made in this column 1t viii be
very interesting 10 know if a financial
scheme which has been the subject OF
such general adverse comment, will, after
all, be seriously proposed.
Discuss Antitrust Law.
Mention must be made OF another mat
ter which was also more or less effective
in sustaining the stock market to-day. a
vague but general TumOr has been cur
rent for some time that some sort OF
legislation was either likely or would
be propounded under powerful auspices
at the next session OF Congress, looking
forward 20 a mitigation OF the terms of
the antitrust law in its bearing upon
Industrial concerns. II is obvious that
some such legislation wiz indeed be
necessary in order that the business in
the country can so at all II the Supreme
Court OF the United States hands down
a decision in the Standard Oil and Ameri-
can Tobacco cases constituting literally
the present wording OF the antitrust
law But whether the talked-of attempt
10 the existing statutes has reference
TO any further legislation than may thus
be made necessary is wholly uncertain
Call money rates to-day rose 20 ~ per
cent. the highest OF the season, and
sterling exchange was slightly easier be-
cause OF further improvement in the for
eign money situation.