The Birmingham age-herald., 1910-07-24
COPPER DEAL IS
 NOW IN PROGRESS Merger Is Said to Be in Hands
 of J. P. Morgan EUROPEAN CONNECTION The Present Outlook Is for Plenty of Money for Conduct of a Summer
 Bull Campaign-Wall
 Street Gossip
EUROPEAN CONNECTION
By W. G. NICHOLAS

New York, July 2-(SpeciaD. The de- velopment of the week which Is entitled to first place of importance Is the pro- gress which seems to have been made toward the eonsummation of deal be- tween the leading producers of copper In this country and Europe
 The course of the copper share market tells the story, although there has been no official or authorative announcement of headway in negotiations Under the surface gossip the rumor has it, however. that matters are in very advanced stage and that an actual merger of prop critics representing about three-quarters of the production in America is about to be pulled off.
 The deal is believed to include about all the important mining interests ex- cepting the Lake Superior mines of which Calumet & Hecla is the principal one. Efforts to bring these mines into the deal are said to have been attended by failure. It is not given out that these mines can stay out, inasmuch as the kind of copper produced in that section has a special market and that the Calu- met & Hecfa and other mines can con- tinue to run independently without in- terferring with or jeopardizing the gem eral situation, provided that the big companies outside will come Into the deal.
 Mir. J. P. Morgan Is understood to have taken personal charge of the negotia- tions very soon after his return from Europe and that he has brought the various factions together by the sheer n the same as he did with the waring iron and steel interests in 1901 For a year or more the factions tried to get together but some hitch always came up which blocked the deal and it was recognized that the whole scheme might fall down for lack of leader In whom everybody could place confidence and who could command obedience in case of stubborn and wilful opposition of any individual or company. Mir. Morgan was the only man in sight big enough and strong enough to undertake the job.
 It Is said that he was reluctant to do this but was finally convinced that if he did not take hold there would very likely ensue rufnous war to the finish in which the vast financial powers behind the Amalgamated-R Rockefeller Cole Ryan combination would be arrayed against the Guggenheims- Phelps Dodge Senator W. A. Clark and the other big independ- ents. Morgan being tied up with the Guggenheims would be forced Into the fight, however much he might want to keep out.
 None of the very rich men who have their multi-millions In the copper game wanted war. They had no appetite to engage in a struggle that meant de- moralization and stupendous losses It would be struggle in which the big men in control of most of the low cost pro- min r,,x, strongest, would grapple with the group, which might command a larger amount of actual cash, although not able to mine the copper as cheaply.
 With practically all of the big produc- CTS of the same mind as to the desira- bility of merger the question resolved itself down to the finding of a plan upon which they could all agree-one that would be equitable and that would carry with 1t guarantee of control of produc- ton within the limits of consumption, thus insuring reasonable prices for the metal. There seems to be commonly accepted theory that consumption would not be checked with copper at 15 cents a pound, figure that would staisfy the mine owners and not be deemed >extor- donate by the great users.
 Some such an arrangement has evil dently been tentatively reached. From Paris comes word that the Rothschilds will be able to control the copper situa- ton on the other side and with 75 per cent. of production under one manage ment here 1t would look as though war had been averted and that matters would gradually adjust Themselves upon a healthy and permanent basis. It is upon this theory that the speculators have been buying copper stocks in this mar ket for the last two days.
 n copper share market are quite likely, however, to end in disappointment. It ought to satify the mine owners and those in control of the great producing companies if they can hold prices around where they have been lately. Some of these stocks have been held by main strength upon artiflcially high levels and If solid foundation can be built under them within the next year that ought to be enough.
 The opinion is strongly held that 1t would be a mistake to try to run a stock deal in connection with settlement of the physical difficulties. At the same time the saving of the copper situa- ton will be a grand good thing for the rest Of the stock market It removes a deadly menace and clears the atmosphere against danger of total collapse in an important division of the market.
 It is that which has been hanging over the market and which has prevented many of the leaders in the financial dis trict from participating in the hallalujah chorus now being conducted in Wall street and through a number of news papers of influence and wide circulation Relieved of this menace sentiment Is crystallizing in favor of . general price uplift, a movement which is recognized as being timely and legitimate in view of the bread business situation and condi- tions throughout the country.
 The outlook is for plenty of money for the conduct of a summer bull campaign. The banks are getting into a strong posi- tion and will have plenty of funds during August and the greater part of Septem- Der. After that time 1t is not 50 cer- tain for usually heavy demands upon the eastern money centers are looked for in order to move the crops. Western and southern banks are pretty well ex- tended and will have to draw upon their reserves in the east to a larger extent than at any time in three or four years. However a lively bull campaign can be engineered while the money Is still idle here In New York.
 The inHow of pold conffnues Q nd If now