The White Pine news. [volume] (Ely, Nev.) 1906-1910, 1908-02-09

A recent issue OF the New York
Commercial says: The United Met
ais Selling company. selling agents
for the Amalgamated Copper COM
pany, and other large producers,
controlling about 20 per cent of the
output of this country. advanced its
price of copper from IA X cents yes
terday to 14A cents for electrolytic.
This is the first time since the demon
alization of the copper market last
fall that the selling company has
made fixed price for its metal. Since
last October it has been selling with
the independents lat the market"
This action of the selling company
Is thought to mean In copper circles
that the producers have again taken
the reins of the market In hand.
With the shipments to Europe, which
have been close to 175 100000
pounds. the restriction in the output,
which is at present but fraction OF
the normal, and the easier financial
conditions abroad allowing for the
financing of the large stocks OF the
metal In European, 1t Is thought that,
despite the lack of domestic consump-
ton, the large company is strong
enough to carry the present surplus
and production, and not be forced
to meet the prices of the independ-
ents. II is expected. however, that
the Independents will shortly follow
the selling agency.
The decline In price began when
the independent dealers, finding sales
dropping off toward the latter part
of June last year, determined TO
make concessions. More orders were
forthcoming at the lower prices and
the market steadied itself somewhat.
The United Metals Selling company,
however, refused to shade prices and
would make no concessions, with the
result that the independents corraled
the bulk of the business. In the
meantime prices began to widen, and
with the prices of Independents 3
cents under those of the trust on
July |. Is cents copper was predicted
for October.
The falling off in the business of
the large companies and the heavy
accumulations of supplies finally
proved more than they could bear,
made. being about 3 Y cents. when
the United Metals Selling company
cut the price of electrolytic to %
cents. Rumors of financial troubles,
and uneven sentiment among large
moneyed interests, together with the
falling copper market, frightened the
manufacturers of finished material
somewhat. and their purchases grad
ually fell off. The shrinkage of the
buying movement was keenly felt
among the producers, and the indie
pendents started cutting prices fur
Their, until at the beginning of Sep
TENDER there was a difference of 4 "
ccnts between the prices of the
ust," which was a % cent basis
Is electrolytic, and 17h cents, the
ha e price of the Independent dealers.
On September 3 the United Metals
Selling company and Phelps, Dodge &
Co. conceded four cents, and estab-
lished new selling basis of 8 cents
The independents promptly retaliated
and cut to II cents, then to l6 Y
cents, which cut was met by the large
selling agencies on September 5. A
little later the independents cut to
| 6 cents, and the trust again met
the price. This was the last arbi-
trary price fixed by the large selling
agencies. They realized that there
was little use In trying to maintain
prices. that the production of the