Omaha daily bee., 1910-07-25
Truce that is Likely to Do Good to
All Producers.
P. MORGAN TAKES IT IN HAND
Deal that May Put Metal on Sam,
Basis as Steel.
STANDARD OIL HEEDs WARNING
FindinE ROthschiIds and Hirsches
Taking Hand, Rockefeller Inter-
ests Concluded to Come to
Agreement QuIcLIy.

NEW YORK, July A.-(Special Telegrarn.) }
"A cablegram from London tonight says
sword was received in London today that
the Amalgamated Copper company has
bought control OF Utah copper. Copper ex-
perts say II this is true it means the be-
ginning Of a copper merger"
Efforts to obtain expressions from the big
operators in copper were futile owing to
the fact that nearly everybody supposed to
be well Informed on the subject was out
of town. Charles U. Dignowity of Salt
Lake City one OF the biggest Individual
producers of the country, was seen at the
Waldorf-Astoria. He declared that he be-
neved that the cablegram. hit very near
to the truth" only yesterday he said,
81 received letter from my son in Lon
don, telling me that arrangements virtually
have been perfected for a merger of the
great copper interests of the world on a
basis quite similar to that which has made
so signal a success of the steel trust. He
told me John Ryan, president of the
Amalagamated; Prof Penrose, organizer of
the Utah Copper company and its directing
genius and other big men in the business
were In Lohdon and they had entered into
an agreement with the Rothsohids, the
Baron Hrsch crowd and other groups of
English capitalists specially interested in
copper, whereby production is to be con-
trolled and the industry put on footing
similar to the steel and iron industry.
Morgan Backing 1t.
II have known for a year OF efforts In
this direction. but / did not place much con-
fidence in them until 1 learned that j. P.
Morgan had taken the subject up directly
with the Rothschlds and Baron Hirsch
crowd before he left London about two
months ago.
II now feel satisfied that the merger
at least Is in sight The movement of
coppers on the stock exchange and In
Europe for the last week or so confirms
my opinion. Utahs gave gone up rapidly
as has also Amalgamated
contrary TO general belief the Guggen-
helms don't own or control the Utah prop
critics. They merely have long term con-
tract for smelling the products of those
properties. This, in sense gives them con-
troll but not the SORT of control that would
enable them to prevent the sale of the
properties to the Amalgamated or any other
concern strong enough to buy them.
Then too, knew that Prof Penrose,
who developed the properties and who stil
As the dominant factor in their management.
has been working harmonously with the
Morgan -Guggenheim crowd to bring about
'gentlemens agreement
"If the arrangement has at last been ef
fected It means much to the industry. We
independent producers will be benefited
quite as much as the big fellows We will
make a bigger porfit than we have been
permitted for the last year by the smelter
trust 10 make. The smelter trust, YOU
know, is controlled by the Guggenheims
whose relations with Mr.. Morgan and the
Kuhn-Loeb group of financiers here and in
Europe are very close.
THE Standard Oil crowd are real owners |
of Amalgamated. John ID. Ryan is merely |
their representative. II is evident that
when the Standard Oil people learned that
the Rothschilds and the Hirschs had !
bought into United states Mining and |
Smelling, they concluded 1t was time to
call halt on present conditions and |
entered a truce that amounts to gigantic |
world trust In copper