The daily morning journal and courier. [volume] (New Haven, Conn.) 1894-1907, 1901-10-07

No one knows exactly what this
amount of surplus unsold copper is. 1t
is said that it is probably not much in
excess of previous accumulations in the
copper trade, and that the only thing
which gives Importance to it now is the
fact that ALL or nearly all, of it is in
the hands of one great producer, the
Amalgamated Copper company. This
argument, however, so far as showing
that the present price of copper is a
proper and normal one, is fallacious. If
the surplus stock of copper was scat
, tered in consumers hands or among a
hundred or more producers, the selling
price of copper would inevitably be
very much lower than 1t is now In
endeavoring to maintain the price at
1917 cents a pound the Amalgamated
Copper company is "pegglng" it, in the
language Of the trade,2 or, in plain
words, is endeavoring to measurably
corner the product and to artificially
maintain its price,
There is no doubt that the copper
manufacturing business in this country
is much more fourishing than 1T is
abroad and that the demands of Amer
lean consumers are much more I'M
perative. 1t Is also true that the, rail-
in the price of copper in foreign markets
is not wholly indicative OF weakness
that should be also felt this country,
for the reason that the character of the
conner sold abroad is very different
from what it is here. 1t is coarse and
unrefned product, while the American
ing all due allowances, however, 1t must
be said that the conviction OF American
consumers has become very decided
that the price now maintained by the
great copper producing interests OF this
country for their product Is altogether
too high and that these consumers have
determined not to purchase copper at
prevailing prices in any greater quantl-
ties than they can help. Their buying
thus is of the hand to- mouth order and
there is practical deadlock between
producers and consumers
This, then, is the struggle that is on
in the American copper market. How
If will end no one can tell, but 1T must
only be observed that If 1t Is a fact that
there is a genuine overproduction. or.
what is saying the same thing dimin-
ishing consumption in the copper trade,
the efforts of any association of men
to maintain a fixed price for the article,
while they may be successful for a
time, will fail in the long run and VIII
bring with them not merely failure, but
immense financial loss. In attempting
to hold the price of copper in this way
the Amalgamated Copper company Is
departing from the principles which,
when the company was established, 1t
declared that it would invariably follow,
namely, never to attempt any artificial
maintenance Of copper prices and to sell
all of it's product at the current rate es-
tablished by genuine consumption of 1t.
The forces behind the Amalgamated
Copper company are commonly known
as those of the Standard Oil interests,
although it is understood that they do
not include the elder Mr.. Rockefeller.
They comprise very rich and powerful
men, no doubt but M. Secretan in
France had very great men behind him
and the collapse of his copper corner
ruined the great Compile d'Escompte
and shook the pillars Of the Bank of
France itself.-New York Sun.