New-York tribune., 1901-12-14
CUT IN COPPER PRICES
LONG EXPECTED ANNOUNCEMENT BY
UNITED METALS SELLING COMPANY.
OUTPUT OF THE UNITED STATES MAY BE
CURTAILED-MANY MINES LIKELY TO
SUSPEND oPERATIoNs-AMALGA
MATED SELLS LOWER.


The long expected announcement Of a reduc-
ton in the price OF copper by the United Metals
Selling Company, which is the selling agent Of
the Amalgamated Copper Company, was MADE
yesterday afternoon. The revised prices are
1885 cents a pound for AXE copper, 15is for cleo
troytic and Is for casting.
Lake copper has for the last few months been
selling at about II cents pound and electrolytic
at 16ss cents. AT the office of the United Metals
Selling Company statement could be OBJ
tanned regarding the reported changes in the
price schedule. but the figures given were de-
clared by an interest closely Identified with that
company to be accurate. 1t is also said on eN-
cellent authority that sales have recently been
made by the United Metals Selling Company at
figures lower than the quoted new prices.
Amalgamated Copper opened a 6S in the stock
market yesterday. and held firm during the
greater part of the day. In the last hour. how
ever. Influenced by the news of the reduction in
the selling prices of copper. the stock. which
had been as high as 6S1a. sold down TO 66A
The close was at 661a a net loss for the day of
1@S points.
In trade circles the cut in copper was variously
construed. There was a disposition in some
quarters to view the action OF the Selling Com
pany as a challenge to the Calumet and Hecla
Company and all the other independent con-
Germs On the other hand. il was believed that
the reduction would stimulate the foreign de-
mand and might result in a better domestic
market.
John Stanton, the we'll known copper author
ity said yesterday afternoon that he did not
know what motives had actuated the United
Metals Selling Company in cutting their prices.
He did not see. however, how the Independent
companies could refuse TO meet the cut Inc
reduction in Price. he believed. would IN al
proba bity encourage foreign consumption The
visible supply in Europe. he added. was ten
thousand tons less than at this time last year,
and stocks in the hands of foreign consumers
were at present very low. Another prominent
copper man gave 1t his opinion that the cut
in the prices of the Amalgamated's product
would probably have the effect of curtailtns the
total copper output of the United States by 20.
600 900 to 3OD0NOOo pounds a year. Many
mines recently started because or the nlgn
figures at which copper could be sold would
have to suspend operations temporarily, and not
a few low grade mines also would have to be
shut Gown.
Calumet and Hecla interests declined to COM
ment on the new schedule of the United Metals
Selling Company 1t was pointed out how
ever that the Calumet and Hecla Company had
paid large dividends for years when copper was
selling at II cents.
Interest is increasing as to the probable action
of the directors of the Amalgamated Copper
Company at the dividend meeting next week.
There are many who believe that the dividend
for the quarter will be passed. but the prevail
ing opinion is that the stock will be placed upon
a per cent basis. Nothing be learned here
regarding the nature of the counter proposals
made by the Rio Tnto Company and the Anal
gamated but the fact that these two great cor
porations have been engaged in negotiations
looking to Improvement of the copper situa--
ton is regarded as favorable indication 1t
is thought however. that permanent sta
bility could be attained without the inclusion
of the Calumet and Hecla party to any
arrangement which Nigh he entered into by the
Rio Tinto Company in Europe and the Anal
gamated Copper Company and its allies in the
United States. The Rio Tinto mines in 1900
produced SO. 900. 900 pounds. 10000 tons, of
copper The output OF the Calumet and Hecla
in 1899 was 1892 tons.