New-York tribune., 1907-10-16
UNITED COPPER'S DROP
From 60 Dozen to 36-A Sudden
and General Call on the Shorts.

The working of the corner in United Copper
stock on the curb was continued successfully
yesterday until the close when from some
cause not altogether clear q sudden break oc-
Cured the price dropping abruptly from 90 to
&c. amid great excitement. Tracy S. BucIng-
ham, transfer agent of the company. announced
around noon that notice had been served upon
him that any sale of certain common stock Ger
tifcates, the number of which he gave and
which aggregated 1880 shares, was, if made.
in violation of the rights of certain parties hav-
ing interests therein that any such sale was
without their authorization and consent, and
that the purchasers of such certificates would
take them subject to the rights Of such persons.
and that he therefore would not accept any Of
these certificates for transfer and would not
transfer them until after the rights OF all parties
should have been determined.
1t said IN quarters that the shares
regarding which Mr.. Buckingham issued his
warning We're those sold TO the shorts on Mon
day, when the total transactions were only nine
hundred shares in excess Of the number COW
cred by the announcement, and that these
1900 shares were not good delivery the
shorts who had bought them on the preceding
day obliged yesterday 10 make another eff
fort to cover their outstanding commitments
10 the pool. of which Gross & Kleeberg OF No.
% Broad street, commonly reported TO be
the managers. This story denied in good
quarters however. where It was said that II
was merely a coincidence that the number of
shares which Mr.. buckingham refused to trans
fer so closely approXimat,d the number sold on
Monday.
\ more generally accepted explanation Of the
tightening Of the corner yesterday was supplied
I'm the fact that early in the day notice was
served on many houses short of United Copper
that delivery of the stock would be required by
2:l5 p. m, the settling hour" and that falling
such delivery tho stock would. under the
rules" be bought for their account It was the
effort 20 cover shorts under the stimulus Of this
notice which sent the price up from 50 at the
opening to so by 2:15 o'clock.
Stocks bought under the rule must be paid
for at once, instead Of on the following day, as
in ordinary transactions and il was suggested
by some OF the sufferers through the corner
that the break of "a points in the last few
minutes might have been due the cash Of
the buyers representing the pool having tenn
porary run out In consequence OF the largeness
Of the which they found themselves
obliged to disburse.
+. Augustus Heinze. who is the dominant
figure in the United Copper Company, was seen
late in the afternoon at the Mercantile National
Bank. Of which he is president. Mr.. Henze said
that he personally was not Interested in the
market position Of the stock. Asked about Mr.
Buckingham's notice, he said that the 1890
shares were not good transfer because they
were owned Jointly by two persons one of
whom had sold them without the consent Of the
other and contrary to his expressed refusal to
make such sale the latter having thereupon
served notice upon the transfer agent OF his
objection TO the transaction. Mr.. Heinze added
that he had no doubt that the differences be
tween the Joint owners Of the certificates would
be settled amicaby and privately.
Mr. Heinze said, in TO further aues-
tions. that there pool I'm United Copper
but admitted that the stock was closely held
by number Of men, who acted together in
relation TO it. He had heard of no calling of
loans in which United Copper stock was part
OF the collateral, and added that in his own
bank It accepted In mixed loans