The Washington times., 1912-06-02

per cent debenture issue, which,
brought out at 911a, has but a nominal
fed with the property assert that there
Is no justification for the unpleasant
stories. but the weakness OF the issues
had a disquieting influence. Oddly
the executive coramittee road have beer
conspicuous leaders of the recent bull
nenipulation, and have just delivered
highly optimistic views on the outlook
should be the weakest feature OF the
list and be the subject Of the week
most disquieting rumors.
Poor Railway Earnings.
The news developments of the interval
were mixed, and by no means wholly
| unfavorable. but to the contrary. there
we're many features Of an encouraging
character. and, what is more important.
the favorable factors dealt with funda-
mentals, such as crop and weather con-
ditions and Industrial Improvement, par
ticularly In iron and steel, copper and
textiles. About the only uncertain note
In the budget of news was found In the
statements of railway gross and net
earnings for April. which were not as a
rule satisfactory. Naturally. very heavy
losses were to have been expected in
| such properties as Reading, Lehigh VAL
ley, Lackawanna, and Pennsylvania and
Erie. properties directly affected by the
anthracite coal strike, and q heavy
shrtnkage occurred in the traffic returns
OF all these companies. .....
earning report of the New York Central
| lines, which while showing a slight In.
crease In gross. transferred that result
into a. considerable decrease In net,
trans Pacific properties, like Atchison
and Union and Southern Pacific, all
showed gross increases, but in the ca sc
OF the Atchisoh alone was any substan.
net earnings. The Southern railways, Il
may be noted. gave generally better re.
suits. Possibly the showing as to rail.
way earnings accentuated to some ex.
tent the market reaction, but 1t is clear
that the poor earnings In some of these
| properties, particularly tho anthracite
coal roads. arise from circumstances oi
special character, which have now
been removed.
Copper At Seventeen Cents.
What led many persons to infer thai
Fridays severe break was the result
| chiefly Of a shift in position by profes
sionals or a bear raid was the fact thai
practically all the happenings OF the da,
| were of constructive character. For in.
! stance. sales Of copper metal were made
| for the first time in a long while at 4
cents a pound. which marks an advance
Of cents a pound, or II 2-3 per cent
| In the price Of the metal within ont
year. As illustrative of the changed
conditions in the metal market and tho
price OF raw materials, 1t is interesting
to recall that It was at II cents pei
pound that the Amalgamated Copper
Company held the umbrella" in the
copper market about ten years ago, &C
cunulating as a result such alsurplus oi
copper as to unsettle the entire copper
industry and force the reduction OF IT.
dividend and a collapse both in thu
| price of the metal and in copper shares
The attempt. as Wall Street then al
legged. to maintain copper metal at L
cents a pound was proclaimed as one
OF the greatest sins of the Copper trus
| and the great economic heresy Of the
age. and yet within barely more thar
five years afterward copper metal wa.
selling freely at % cents a pound, nnC
| In order to obtain prompt deliveries pur.
hasers frequently paid a bonus, which
made the price equivalent to % cent?
| and even more per pound. Again came
| great accumulation or the metal ant
which endureH for nearly Ave years ant
resulted in decline in copper to be
low IL cents a pound. Whether eco