New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1907-07-10
COPPER PRICES DROP.
1ONG DEADLOCK BROKEN.
Uet0I Reduced Three Cents Pound
bg Big Producers.

Tho deadlock of the last two months between
.4 ,-a.fr-e-s ard consumers # copper was broken
--.-rerdag. when several big producers reduced
-beir price cents a pound. Others announced that
,say would lover their prices in conformity with
Tho general trend. and thrush Of orders IS
looked for
The United Metals Selling Company. which han
dis the ournut Of the A-,algan2ated Copper Com
nan reduced the prize Of lake copper to 22]s
cents ana elsctroIytic to p cents : pound The
co~nranv was said have large safes pending at
theae Tri7as Phelps. Dodge Z Co. reduced the
;5-a ot e!~otroytc. or refined, copper from 25 TO
% cents ( pound.
The reduction in price said 70 be the out
coma % a conference between the leading produc-
t-c and consuming interests. There have been
practically uo sales Of copper In the last two
I~or,llr and some of the larger producers are TN
6erstood to have great quantity on hand. Hence.
"-iet "ouia encourage a revival OF trade
a dispatch from Boston yesterday said that
Calumet and iecla was selling its lake copper to
European customers al p cents a pound and was
preparing TO sell in this country at that figure.
This is a reduction Of 81 cents pound
Representatives, q the producers and metal
brokers said yesterday that prices. their opin-
ton. had reached rock bottom and that any further
movement would be toward a higher level. They
pointed out that the consumption Of copper
OF the increase, while the output had decreased.
Prices the local metal exchange. which have
been considerably under those quoted by the large
producers, were cut from Il TO cent pound
yesterday. lake being quoted At q and electroytc
81 o cents pound. a decided drop in prices
also reported IN London.
member Of Phelps. Dodge & Co made the fol-
lowing statement in regard TO the firms reduc-
ton in the price Of electrolytic copper:
For the last two months have been doing
practically business in the copper market.
BUYERS have been unwilling TO make commit
ILents on the old basis and so we finally decided
10 make 2 radical reduction in price reducing It
accordingly from 3 70 p cents a pound We have
held of from making this reduction for a long
tine. so as 70 enable consumers who bought the
4 IN 11SA I'M fFlpir H.
Plies
The reduction TO y cents. we believe will rep
resent the bottom level. II is, Of course impos-
sthle 10 positively that the price will not go
lower but from all indications the outlook seems
10 favor advance from that figure within the
next month two. rather than q further decline.
A I have said before have been selling al
most copper for the last two months until the
reduction IN pricA was made to-day but this
morning we have received large orders for the
metal on the new price basis. When the thrush
Of orders at the reduced price is completed
expecting that the next move will be again
toward q higher price level
a member Of D Houston & Co, metal brokers,
said that the reduction was due 10 a compromise
between The producers end consumers. He said
he regarded the price of 2 cents a pound for
electrolytic copper : fair one. and that in his
opiz!on a large business would result.
John Stanton, one Of the producers Of lake cop
per said yesterday that he had not as yet made
any reduction in the price Of the metal He said
he was waiting for Official confirmation Of the re-
port that Calumet and Hecla would sell at p cents
before he announced the price on his output. He
said however. that. Phelps, Dodge & co. having
officially announced The price of electrolyuc copper
At 2 cents. It was probable that he would make a
reduction in the price Of his product between that
and 2 cents, reported for Calumet and Hecla.
Asked what effect the breaking Of the deadlock
would haze on the copper stocks. Ny Stanton said
that in his opinion the effect would be bullIsh be
cause the stock vas selling on an IS-cent basis,
and the definite announcement that for the next
-hree months Ieast-this being the usual length
Of the contract between the producers and con-
s1.ners-copper would sell al p 70 % cents would
cause z rise
Narshau Spade~ & Co. took the same view, and
in their daily stock market letter pointed out that
last year The average price Of copper was 1874 cents
z pound and that therefore all the copper com
pa-ies could make handsome profits at the prices
announced YESTERDAY. They said that large sales
would doubtless result and that the price agreed
or would favora oily influence the stock
Although Aralgsrated Cooper showed a net loss
q - points for the day this due 10 the gen
erl reaction the market and 10 the reduction
II the price Of the metal This was shown by the
fact thar the stock went Up the announcement
that the deadlock had been broken
Large orders for the metal looked for to-day.
and all producers who have not already done so
are expected 70 reduce their prices in accordance
with Ih0s- announced yesterday.