New-York tribune., 1907-09-15
COPPER MARKED DOWN
CONSUMERS STILL SHY.
So,ne Blame Lack of Business at
Lo,r Prices to Money Market.

~, United Metals Selling Company "hlch
,.stee the output of the Anlalgamated copper
,~,,orany. announced a further Teuu0'i'i
- of IL cents a pound in the price OF eie.
,,,-.ic conner making it 161a cents d P
- >, a maximum reduction or 81 Gems
.-r5 =, the last few weeks. The cuts mime
-. ,,a,-o no. resulted in any increased p"si-
- The attitude of the big consumers VIII
,os-e-+ 10 the latest reduction is eagerly
ed sv the trade. ...o5,,c-
Benresentatives Of some OF the idis -,
a., interests have stated that even a reuuo ~.
as r-,oa of the metal to 10 cents Pouhu
would not result in any large purchases io' -
..,,-,+io,, for the reason that consumers
- ONT If the market, not on account %
-he 7,rice Of the metal. but owing 10 Tue -,
-, = the money market. which kept OlIe''
g., b,,i77e EXCEPT for their immediate ~.
a., .be other hand il has been asserted 'i"'
American Brass Company and other iai . 80
.,,n,ars stin had a sufficient supply ol ~ -, -
-, hand and consequently were III no ~ .,-a,,r-
r,v Al the prevailing high prices All" d"
settled condition Of the market - -ro-
The srrpllls copper in the handS u "a .tnn
z,sre is estimated at from l9o"o"''' ~ =,
600 900 mounds. and the cut from Il = -o-
ms the price established last "eeN' -. =.
.5a5 in we'll. Informed quarters yesterday %
rzCiT
- +bst there was an oversupply OF 'he
-, -, hand The reduction in price Ioli'"
a.. -. announcement of a curtailment IN pro-
s,..,or and reports that some Of the MN.
.-l5 er,,1 down altogether. was looked upon IA
,1-ar Street as proving the contention OF ue8'-
.~s that the prices at which copper hau O00
held were fictitious and not represent
its true value ,-,,.-,za
IT.. o,ored prices on the Metal EXCHANGE
steadily declined in the week ana "ele
e-ahlv under the price asked by the
Metals Company until yesterday "leh 'iie
,7,,ction 70 1615 cents was made, which was tile
ssroe as the price quoted on the eAchaHse 1'i
electroytic. - ..o
,-i-.a Metals Selling Company that II Was
ready TO sell electrolytic copper at lo7E oei''9
vo,,,d came private cable dispatches Ilo'ii
1-,,rore that electrolytic was offering IieIe q
s1a CO and SO 30. f. O. b., New AoIA'
American Metal Company and PheIps LUIS
T. GO did not announce any reducuoH !" '
,,rioa of the metal, but it is expected ueS W.
do 81 on Monday. Phelps-Dodge lhlereS'' re-
,-a-ofora closely followed the decline IN prices
but they said yesterday tnat OWING - ''-e -
N willis James. the head OF the conpans'
1he arm was not paying lnuch d''eii' -
,c,,,,er market at the moment .
.5Y-,ces from Montana yesterday stated tia'
she An,aIgamated Copper COMPANY "ouio Pun
80. General policy of retrenchment and cur
1airn,eDt OF output. reducing the latter Io
o0oanCoo pounds month TO i'eooo"V VI :,
Osano., In pursuance of this policy. il was saio'
the company had been cutting down its mining
force since the first Of September and tnat at
,,ressnt only 1000 miners were employed.
against 500 three weeks ago. and II was gen
ersllv understood that within the next twenty
days GOO more would be laid on. the dlspalch
added that the cessation Of operations had been
confined tc actual ore production and that de-
velopuent work going on as usual 1t
stated, also, that the mines would be closed
hereafter on Sundays.
A dispatch from Boston said that it was
understood that Phelps Dodge & Co. had given
orders TO curtaiI copper production at the Cop
per Queen Mine by laying off men This cur
tailu1ent the dispatch said, would reduce the
copper output Of the mine by over 100000
pounds this month and 100000 pounds next
month. No confirmation OF these reports could
be obtained at the New York offices OF these
companies