New-York tribune., 1901-12-11
COPPER UP AND DOWN.
AMALGAMATED CLOSES AT 20. A NET
LOSS OF "a PER CENT FOR THE
DAY-MANY RUMORS AFLOAT

The erratic movements Of An,aIgauated Cop
per furnished Yesterday ar all day sensation in
the stock market the general list following the
leader in its bounds and plunges. Analga-
mated closed on Monday with net gain of AS
points, at 707s. It opened is points up yester-
day, at 1215, and held a fair amount Of strength
during the first hour. on reports from Boston
that the Amalgamated had come to an agree
n1ent with other great copper producers the
subject of restricting output. The tendency was
downward. however, and before noon the stock
had fallen to 50, the low level of the day. Then
it began its upward course again. the shorts
buying heavily to cover their contracts, and
other purchasing orders also being put in. By
1:30 it had advanced to 145s, and a little after
? O'Clock it was at 7424. Then came a denial
of the Boston story of a trade agreement, and
under severe bear pressure the stock rapidly
sank to 6912, closing 20. net loss of 7s per
cent for the day. About 225,oOO shares Of
Amalgamated were traded in.
No statement of any sort could be obtained
from any Anlalgamated Copper interests, but
those protesting to represent the views of the
insiders continued to talk gloornily of the
copper outlook. All sorts of stories and rumors.
favorab BILE and unfavorable, were afoat- The
most definite report came from London, to the
effect that the Aralgamated Copper Company
had made overtures to the Rio Tinto Company
with the view of reaching an agreement to sup
port the price of copper. 1t also said that
pressure had been brought to bear by the lead
ing interests in the Standard Oil Company upon
some of their associates who are conspicuous IN
the manag cement of the Analgamated Copper
Company to induce them to support the stock
at it's present low level and thus to end the
decentralization of the whole market: but few
believed that these protests, granting that they
were actually entered. had resulted IN active
toE+I he IL hIyjr
In copper circles the opinion prevailed that a
good understanding existed between the Anal
gamated interests here and the Rothschllds'
who control the copper interests ABROAD out
that no marked change in the situation is likely
until the Calumet and Hecla interests show a
disposition to arrive at understanding with
the Amalgamated Company as to output
There was a report that J. P. Morgan & Co
had taken over the Heinze Montana copper
properties with a view to smoothing over the
difference between the Amalgamated and Heinze
interests This rumor characterized by Mr.
Morgan utterly ridiculous.
Call money touched per cent in the late az
ternoon. a fact which contributed TO the sudden
drop in Amalgamated near the close.
The following dispatch from Boston was issued
bv one of the news bureaus yesterday morning.
and had an effect for while in inducing snort
covering.
Boston (private speciaD.-Mr- Thomas W. Lawson
has posted circular his office stating that ne
expects a story to sprung this afternoon an
nouncinE end of the Copper war MT Ia" so
adds that another part of the story will be that the
United Metals Selling Company, whlch mas oesIl n
owned 80 per cent by Amalgamated ~ per cent Genl py
the Iewisohns and 80 per cent by Ii ii rogers
William Rockefeller: T. ". lawson and and A =, eur- ,
the Rathschilds and Calumet and Hecia interests
The Iewisohus and other individual holders inter-
ests have been sold whole or in part The United
| Metals Selling Company is the owner oy purcnaS9
OF over 10000 shares of Amalganated e0co @ no
Tnto and 5000 Calumet and Hecla. and mas con-
tracted purchase the production or tnese con-
FIVE
tracted 10 sell The DAILY Amalgamated holdings
have been sold by the estate -,
this story is true, but admits that he has dsposed
Of his holdings the United Metals Selling (or1-
nany he yotches for the statement that the Daily
holdings Of Amalgamated have been sold He re
ifer4fcs his opinion that Anna lgamatec Will sell
Z