New-York tribune., 1907-09-28
COPPER AND STEEL LOW
r,o,oonoted and y. S. Corporation
sbores Touch Bottom for Year.

- ,~o,,a- and the Steel shares were
- The stocks that made ne" 40" ieoo-0 go -
-- Li' on the Stock Exchange yesteroay' H0
fhe asclined TO 67lk. net loss Of p. points
foTnlsI A., etae, common sold at q. q net loss
- ;, noint. and the preferred at Ss's' GOWN "a
.,-s from the preceding days close
The weakness in the copper shares was hui4p
- further cut IN the price Of the metal on
- Metal Exchange and TO the continued s'e
nf g An the conner market notwithstanding the
r. 2, n-see made recently by the big seling
,ies Eeports from Pittsburg that the price
q IS iron would soon be reduced to Sls Ton
"a y7,,,ors from the same centre that two large
s...e, mills would close down shortly were respon-
.use for the weakness in the steel Issues
The Sheet Copper Manufacturers Association
o-se-ed a reduction of cents pound in the base
rr,oe of sheet copper yesterday. making the price
n cents Last July sheet copper sold at 3 cents
q pound, q high record price. Since that time the
y cents reduction 10 the present level has been
made through three cuts Of cents each me
prices Of all sizes Of sheet copper are now idenu-
raj with those put into effect August q, 1906.
Prices of ali grades OF copper were reduced =
cent q pound On the New York Metal Exchange
yesterday. lake being quoted at 1fS4 TO Is cents,
electroiytIc ls 14S and casting at Ii 10
las cents The United Metals Selling Company and
Phelps Dodge & Co. continued 20 quote the metal
at 10 cents pound, but outside interests were
reported 10 have made some small sales at l4&4
cents. No large sales are being made at any
price buyers not appearing 10 be satisfied that
the bottom price has been reached. Phelps
Dodge interest ssid yesterday. however, that he
did not believe the price would go below - cents
More orders were being received every day. he
said, and conditions were improving. He declared
that while the large consumers had not yet come
into the market they would have 20 do so IN a
few days, their stocks were exhausted. He said
his firm had refused bids below 10 cents, and that
II cid not expect 10 sell any copper under that
price.
The production Of the mines Of the subsidiary
conpanfes Of the AualgamRted Copper Company in
the Butte district ii announced yesterday. had
been further reduced between 55 and 80 per cent
of their normal output The cost OF production Of
the subsidiary companies. a result Of the falling
Of fl output. II was authoritatiyely stated, was
now running between Il and I3 cents a pound. COM
pared with from 10 i cents the producing cost
IN normal times. representative Of one of the
large producing companies said that IN view Of the
fact that the cost of production within
cents OF the selling price. further recession
in prices could hardly be looked for.
Walkers Copper" which was issued yesterday,
said, in part:
There are a great many consumers in the market
opinion that they well enough satisfied with
the I5-cent price and that they VIII soon begin to
the largest producing interests expresses the belief
COPPER for future delivery Production Is being re-
duced on ali sides. The mines Of Butte are de
clared TO have down their output approximately
60 per cent. Phelps. Dodge & Co, operating at
Bisbee. Morenci and in Mexico have reduced the
Both the Bingham Consolidated and United States
smelling companies have closed down some inpoT-
tant mines in Utah, and II IS understood taat the
output Of ali the rest of the mines in that state
owning large smelters in Montana Utah and Ari-
Sona are s sac 6 70 6e Tes 70 n1ne- o sma
mines Will be forced TO close down