New-York tribune., 1901-12-20
COPPER DIVIDEND CUT.
ssTAIGAATATED COMPANY REDUCES
THE RATE-LIVELY DEALINGS
IN THE STOCK.

ne directors Of the AmaIgamated Copper
Company have reduced the quarterly DIVIDEND
n the stock TO l per cent This acton was
alzen st a regular meeting held at the COM
.any's Office yesterday afternoon, and IL is uIi-
ierstood TO represent the unanimous sentiment
f the directors despite the fact that runlofs Oh
dtscord were circulated after the close Of the
meeting In addition to the Teducuon III INC
dividend rate the price of copper was cut again
bv the United Metals Selling Company. the
selling agency for the Amalgamated's product
The dividend declared is one-haf OF per
cent under the last preceding dividend deciara-
ton and l per cent less than the quarterly
amount paid prior to last September. In reouc-
ing the dividend the Amalgamated directors Is
sued the following statement regarding the posi-
ton Of the copper trade:
- 4s ne nTencement Of the present year were
very SATISFACTORY and so far as this country rs rs
and electrical manufacturing concern beng run o ~
its full capacity large p-oporaon as nov 70 5nd
market abroad The unsatisfactory trade conol-
n mons Teh ogefbeI osef with the fact the sup
plies of copper 10 Europe from 50 urGes seS pHtiu
falling of in exports of about 5000 tons THIS de-
grease G Scressed mas n doesc S3 oo1sumpon
BY adopting me policy OF nnantaillit.s$ i$rr from
The decrease of exports has been borne oy tte ie
COMPANIES whose shares are & Orsl9; 9;on1r1ary This
policy has in the past teen best for these com
been sold has realized larger profit than w0uid pug
have been reaized had all the copper %,ciI nrice ice
1t has likewise prevented fuctrations IN @ psief ~
manufacturers consuming copper .f+er
The officials OF these Tarloqs us i III It's nhases
qeed@G IaJ Sex represented to refrain from
me cotpaIlres @ % a1ie5 5srIet T1ore copper than
actually needed as such action "oe[d % otIiS
of these companies were therefore instructed not
to attempt TO I0ISe oT upon conspton g but to main
tain firm price. If officials of other copper pro
SITUATION and maintained firm PTiSse gions th@Fe is
little doubt that the present nnsetIieo 81 oof
During the present month the United Metals Sell
ing coTnpanv the selling agents fer the companies
in which the Arnalgamated SoppeT company Is m
sold considerably over 1o0.oooooo pounds OF copper
During the last two years the companies in which
the Amalgamated Copper Company IS 1nteTestso tt
latest Improvements and most modern LABOR saTns II
The largest and hest equipped smeiter in existence
This can be put in commission early in the new
year SO that from now these companies can
Sonpete with any f1pTSF f e ooGper business de-
pends largely upon such revival OF torelgn eT o@e
nearer to the production thar is the case at present
The meeting Of the copper directors attracted
large number of people to the doors OF the
coTnpany's Offices, and after the close considera-
be excitement and disorder developed, owing
to the efforts Of every TO secure the first an
nouncement OF the directors action On the
Stock Exchange there was still more excite
rnent The crowd in Amalgamated stock was
larger than ever before known in any one spoch,
while the amount of business transacted in TINS
issue made up about one-half Of the total oeal-
ings in all securities, agregaUng ZltVVO shaIes-
Al the opening the price was &c. and in the
subsequent transactions went as high as oSPs'
Just before the close the stock broke from % 10
"a with a slight rally in the last traQlng 10
65zs a net loss Il Is point as compared with
Wednesdays final qlotation. Early in the day
the stock was offered down by Boston nouses,
and the rally that followed was due 10 ouylns
by one Of the largest speculatlye interests III
this city. At time trading In the STOCK
was so wild that the price was selling : points
apart on opposite sides Of the crowd 1t was
said yesterday that Pittsburg operators hdu
lost S500o000 in copper speculation.
The reduction in the price of copper amounted
to one cent a pound bringing the price Tor Lake
to 13 cents 127s cents for electrolytic, and 121e
cents for castings The decline from the price
SO long maintained By the Analgamateo com
pany now amounts 10 four cents on all grades.
In London copper declined again Lake copper
at I3 cents pound, is cent above the prlce
that has been predicted as minimum IN tne
copper trade It is believed that there VIII pe
still another cut in prices and thaI tne nleea oid
will be placed on q 12-cent basis. 1t was SAID
Yesterday that the reduced prices hao SO 1aF
failed to stimulate demand, and that buyers
were holding of in the expectation or a furI
decline The statement issued by the Amalga-
mated directors reflects a disposition On thelr
part to make, If possible, quick ana oeclSEe
fight against the independent interests
Arnalgamated people blame the inoepenoene
producers for the present unSettleo coIIull4oi VI
the copper market. -,
reports circulated regarding the Arnalgalnateo
company and the stock was SOLO down IN Lle
last hour on a Boston runor that the oITeclots
had passed the dividend Another rurlor ;sE va
that the rate would be kept at per cent. with
n Tlaxulent in scrip.