The San Francisco call., 1901-12-20
COPPER MARKET
STILL ERRAT|C
Rapid Rise in Prices Is
Followed by a Sharp
Decline.
Directors Of Amalgamated
Vote a Dividend and
Issue Statement.

NEW YORK, Dec. 19.-Amalgamated
Copper claimed and held interest over all
the list in the street to-day and went
through rapid series of bewildering f1uc-
u9tions. After the erratic market. had
closed the directors of Amalgamated met
and voted a dividend Of per cent and is
sued a statement placing the blame for
the decline upon the shrinkage in foreign
consumption. In this contra action it was
stated Amalgamated had been forced to
bear the largest loss in the effort to main
tain prices. The statement placed the
falling off in exports at $1,000 tons, and
said that during the last month the
United Metals Selling Company had sold
over 1OOOOO.OOO pounds for future delivery.
Large blocks of the stock were unloaded
in.n1 1ediately business began on the Ex
change and about half an hour after the
opening the gain of points made yester-
day was wiped out. Transactions then
became very moderate. Efforts or shorts
to cover. assisted by what appeared to be
parity with yesterdays close. The stock
backed and filled over range OF a point
until we'll into the afternoon, Trading be-
came excited in the last hour OF business
and blocks of from 1000 to 5000 shares
changed hands frequently on a rapid rise
to 6Sl9, An equally rapid reaction fol-
lowed to 64B, changes OF point being
made between sales, but the buying soon
oveycame the declining tendency and the
price bounded up again to SIS. There
wai & an9tner slump @ 9SSe b ene 0eTse
movement of the stock throughout the
day was of an exceptional character and
its dominance of the trading LIN so was repre-
total for ali stocks of 476,0OO shares.
Small Dividend Is Announced.
The meeting of the directorate, at which
the reduced dividend was declared and the
statement in behalf of the company made
public, commenced as the market was
closing and was attended by William
Rockefeller. III. H. Rogers, James Still
man, Anson r. Flower and William G..
Rockefeller. No announcement was made
for an hour and when clerk appeared at
written statements he was instantly the
center Of a sensational rush. Half Of the
statements were torn as the clerk at
tempted to distribute them in the crowd
of messengers financial bureau men and
reporters. Announcement was made that
the dividend was 1 per cent, compared
with 11a per cent declared in September.
The statement given out was as follows;
The conditions prevailing in the copper trade
up to the commencement of the present year
were very satisfactory, and so far as this coun-
try is concerned, still so, every copper wire,
brass and electrical manufacturing concern be-
ing run to its full capacity. large proper
tion, however, of the copper produced In this
country has to find market abroad. The un-
satisfactory trade conditions which have ex-
listed during the present year in Europe, to-
BelntT Win tne ldcl lndl tnS SuppneS OF cop
per 10 Europe from sources outside this coun-
try have increased, have jointly caused a fall
ing off in exports of about 65 900 tons. This
decrease has in some degree been compensated
for by increased domestic consumption.
BY adopting the policy of maintaining a fr,n
price large proportion of the loss arising from
the decrease of exports has been borne by the
companies whose shares are owned wholly or
in part by me Amalgamated Copper Company.
This policy has in the past been the best for
these companies, the portion of the copper
which has been sold has realized a larger
profit than would have been realized had all
the copper which had been produced been sold
at a much lower price. 1t has likewise pre-
vented fluctuations in price, which would tend
&c demoralize the business of manufactur ,rs