Deseret evening news. [volume] (Great Salt Lake City [Utah]) 1867-1920, 1910-08-01
MUCH COPPER SOLD
BY SELLING AGENCY
Red Metal Brings Better Price Than
Observation-Disclosures May
Cut Dividends.

The United Metals Selling company
which handles the copper output OF the
Anaconda group and other mines. has
sold between 25,c00.O0O and 100000
pounds Of electrolytic copper, says the
Wall street Journal
| None ~ the copper was sold below
| l2ls cents pound, and later sales were
| made at shade above l21s cents
! sales by other companies are cstimat-
| I'd at close 10 25.010 600 pounds, making
| total sales within the last few days OF
| between 10000, 900 and so 900 900 pounds
Recent sales are larger than reported
IN several months past. and greatly re-
duce the stocks OF the copper com
panies placing them In a much stronger
position.
Increase in buying Is due 10 the be-
lief Of consumers that a general curtail-
ncnt OF copper output will soon be un-
Ger way and that prices viii improve
in consequence.
Producers report the tendency Of the
market as upward, and believe that the
metal VIII sell much higher before the
latter part Of next month.
\ large amount OF the copper re-
Gently sold was for domestic consump-
ton. The Copper Producers figures for
the current month may be much more
favorable as a result of the heavier
movement OF copper.
The return of John D. Ryan from
Europe early this month is expected to
be followed by the carrying out OF the
plan for curtaillng copper output which
VIII include al copper companies OF inn
poi lance. II Is argued that while the
copper companies earnings will fall off
as 4 result ~ curtailcd output this will
be largely offset by expected higher
prices for the metal
DIsCREDIT STORY.
Very little Importance is attached to
the reports from Europe that the Anal
g0mated Copper company has secured
control of the Utah Copper company
Control would have to be obtained from
the Guggenheim interests, as they own
a majority OF the stock. Sufficient stock
to give control to Amalgamated could
not be obtained In the open market.
II Is stated that a block of between
30, 600 and 10000 shares OF Utah has |
changed hands within the last several
weeks. but the identity OF the pur- |
chaser cannot be obtained. Representa- |
ion Of the Amalgamated on the Utah |
ooard is a possibility but merger |
IF the various properties Is unlikely |
before the decisions OF the supreme |
,ourt in the Standard oil and Tobacco |
'ases are handed down. Merger nego-
iations were dropped six months ago.
Emphatic denial that a representative
" the Anaconda Copper will obtain a
,lace on the board OF the Utah Copper
ompany is made by interests In closest
ouch with the affairs Of the latter |
company. Said an officer OF the Utah: |
There Is absolutely no foundation
or the report that Amalgamated inter
SITS are seeking representation on the
Itah board. Utah stock has stood up
veil under the recent market decline. |
nut no betterd than II should have done |
nder its dividend record and prospects
II AZ II yields per cent per annum
m its present rate and II Is earning
Is dividends on 12ih-cent metal know
{ no development touching the COM
any's affairs that could give rise TO
r Justify the rumor mentioned above.
nd therefore feel certain that II Is |
ot founded upon facts"