Daily inter mountain. [volume] (Butte, Mont.) 1881-1901, 1900-05-15
SHR|NKAGE Of
COPPER PRICES
SPECTATORS PUZZLED OVER
DECLINE IN THE MARKET
FOR SHARES.
CONDITION IS Attributed
TO CLARK AND HEINZE,
Said to Be Part of the War on ANAL
gamated-London Metal
Market Involved

Copper mining shares touched a very
low ON today, and the shrinkage in
prices during the past two weeks has
peen SO great that spectators are puz-
zled. There seems to be no cause for a
stump yet every day during the past
two weeks a decline has been recorded.
IN looking about for IN explanation OF
the causes, the spectators have hit
upon a theory in which both Senator
Clark and F. Aug Heinze figure. The
statement is made that both Mr.. Clark
and Mr.. Heinze have entered upon a Wig
orous against their Anal
gamated foes in the metal market, and
1t is also stated that the recent slump
IN the London copper market has been
due to heavy short selling of futures for
the account of Messrs. Clark and Heinz
Just what truth there is in these state
ments cannot be ascertained, but it is
pointed out that such a combination
would be a powerful one, from the fact
that the gentlemen named have hitherto
kept out of the copper stocks market,
Wnlle their opponents are heavily loaded
with copper which they cannot turn
into cash while the market remains as
at present.
Thls gives thcm unlimited advantages
with their large capital. They can go
OF the money market, both here
and In London and in the event of a
squeeze they could cover a large por-
ton of their shorts with the product of
their own mines.
A metal market wal will mean much
lower prices for the heavily capitalized
malgamate group of and it
Is said that when the wal has done it's
work of depressing copper stocks, Clark
and Heinze can buy and take advantage
or the subsequent boom in prices which
the Amalgamated people must make to
conserve their own interaSfc E,,k,,.o
events in the coppers will be watched
win a great deal of interest in Butte.
A New York dispatch to the Financial
News says:
me soaring propensity of the market
toi copper mas been checked for the time
being, but it has too many solid uniar-
meath it to permit a %toboggan movement
IN prices. 1t is true that, with
conditions prevailing Is months ago. con-
per has risen on the wing, and had a
towering flight, but no we'll informed
student of the situation can fail tn dis
the existence still Of mary of those
essential factors which gave this metal
the vigorous market impetus which has
characterized it since December, 1898.
While this may not be an opportune
period to make fresh sales. it is WORTH
while to bear in mind what producers
claim as a fact. namely that they are
we'll sold up for months to come. That
being so, pressure is restrained, and the
mining companies are so we'll fixed that
they could go on for a considerable time
without taking any more new orders.
Many of them have plenty OF cash, and
could undoubtedly enter the money mar
ket as lenders Of funds did they choose
to adopt such a course.
American consumption at present may
be a little below the maximum, as the
recent ormOu exports would ind:caeL,
but the greedy appetite developed in Eu-
rope for copper has created a phenom-
n demand on this country for GU
preous supplies. with the result that this
country has shipped since January / a
total of fully 60. 600 tons of copper to for
eigners. The profit on these foreign ship
ments is calculated at easily from $780,
00O, 900 to $11 900, 600, so nat the financial
strength of the copper companies is APP
parent.
The quieter tone generally may possibly
sales for the short account.
and a ack of harmony between certain
interests controlling heavy output may
provoke a contest for market supremacy:
but these are separate issues. and do not
alter the fact that demand is able to alb
sorb the great bulk of production. TEN
porary dullness may result in relaxing
the rigidity of the market; but the mao
nitude of the consumption will be sufi-
cient to restore copper to it's normal con-
dition. Up to the present concessions
from II cents are not ~obtainable.
The market is fairly firm, but quiet.