New-York tribune., 1911-01-02
CURB MARKET CONDITIONS
Disappointing Results in Last
Twelve Months.

For security markets all over the world.
the year 1910 did not bear out the promises
OF the wear 1863. and the curb was not an
exception. The enthusiasm stock market
wise which eliminated in August. 1909. and
which was based upon the expected bust
ness prosperity. received check when Il
came 10 be realized that business was not
reviving as rapidly as the most optimistic
hoped and that industry as a whole would
probably recover but slowly from the
shocks received in 1907 and 1905
Among the mining stocks on the curb
copper stocks have continued TO play a
leading role, and porphyry coppers have been
the centre of interest. Chino has recorded
splendid advances in the face OF weak mar
ket conditions. and Inspiration and other
stocks have given good account OF them
selves. The antithesis between the produc-
ing and consuming interests in the copper
field has been such that the need has be-
come more and more imperative for adjust
ing the copper business on a firm founda-
ton. Steps have been taken to merge lead
ing producers and thus insure a certain sta
bility in the output Of copper. In Butte the
Anaconda has taken over a number of the
smaller companies like Butte Coalition and
others, in Ely the Nevada Consolidated
has absorbed the Cum berland-Ely, and has
Itself been taken over by the Utah Copper
Company; in the Bisbe9 camp Superior and
Pittsburg has been absorbed by Calumet and
Arizona, in the Lake district the Calumet
and Hecla is on the way 10 become a
holding company Of a large number Of
producers, and on all hands there are in
dications that the way is being prepared
for large merger Of copper companies.
There is every indication that this merger
will be carried out as soon as the questions
involving the laws affecting trusts are
definitely settled by the highest tribunal.
leading Cobalt stocks have continued 70
pay substantial dividends, but there has not
been much attention paid 70 them market
wise, as the large returns have been taken
as a matter OF course by investors. In
terest has tended gradually 10 drift away
from Cobalt, as the capacity Of the camp
as a producer has now been thoroughly
realized and the speculative interest con-
Germs itself more in possibilities than
actualities In this respect the recently
discovered Porcupine gold camp, 100 miles
north Of Cobalt, has given indications Of
furnishing a mining boom perhaps as en-
thusiastic as that furnished by Cobalt in
1906. The beginning OF trading in Porcu-
pine stocks was made toward the close Of
the year. when the stock Of the Hollinger
Gold Mines was informally brought out in
Canada. transactions at the same time
taking place on the New York curb.
Industrial stocks on the curb have re-
ceived their measure OF attention. The
railway and bond departments have been
relatively neglected. II Is customary 10
look forward with optimism 10 the future.
This is a gratifying custom. and II is well
10 look for those constructive elements in
the present that make for better things 70
come Technically, the constructive element
OF this nature is the fact Of the apathy
which the market has shown for so long.
II does not seem possible for such a condi-
ton TO continue, and from all indications
the year 1911 should be much more en-
couraging than has been its predecessor.