The sun., 1918-12-25
FIX NEW COPPER
PRICE SCHEDULE
Producers Association Decides
TO Reduce Quotation to
90 Cents.
GIFTS GOVERNMENT RATE
Anaconda Directors Decrease
Quarterly Dividend to
$3.50 o Share
GIFTS GOVERNMENT RATE

The Copper Producers Association
,srerday fixed the price V copper at
4 cents for domestic and for foreign
.binmsnt, the metal thus for the first
lime breaking TO a lower level than the
ss cent price fixed by the Government,
This announcement followed closely on
me heels OF the news that the Anaconda
Copper Mining Company had declared a
ousrterly dividend OF $3.50 a share,
which 10 n reduction OF SO cents a share.
as compared with the distribution made
FOR the previous quarter. one OF the
largest producers and selling companies
Yesterday offered hrst quarter 1919 oop-
rer at the new price, for both foreign
and domestic orders
The Anaconda dividend IL payable on
February - TO holders OF record OF jan
nary IS. Three months ago the COM
pany declared quarterly dividend Of
s. share. In July. 1916, the Anaconda
increased its dividend to SO quarterly,
and that disbursement has been made
regularly since UP to the last quarter.
In January and April. 1915. the dividend
. rate was $3.50.
In anticipation OF the expiration. on
January /, OF the current price OF 26
cents fixed by the Government. II is ex-
pected that many of the large producing
companies will at once offer January,
February and March copper at 23 cents
a pound At the same time some pro-
ducers may offer 1919 copper under this
price II Is not unlikely that con-
sumers who have on hand a large sup
ply OF the metal purchased at 20 cents
pound will offer copper below the
market price in order to rid themselves
Of It in anticipation of lower prices.
There is reason to believe, as a matter
Of fact, that the price OF copper during
the month of January will be around 20
cents, according to some interests.
For almost sixty days past there has
been practically no buying OF copper
and producers expect the market to re-
main stagnant for probably thirty days
more. BY that time an open market
will have returned and the period of
Industrial readjustment will have begun.
Copper sellers have been awaiting the
announcement of the export price for
the metal for several days and for that
reason all bids that have been coming
10 dealers have been held up pending
the action just taken. 1t Is understood
that practically all sellers will hold 10
the price of 23 cents, although nothing
IN the nature of an agreement has been
made. as such action would be con.
trary to the Sherman Antitrust law
There lS nothing TO prevent any dealer
from disposing of his copper at any
price he desires.
Price agreements. as well as combi-
nations for export undertaking are
however. permitted under the Webb.
Pomerene bill. and 1t is under thai
measure that the copper producers are
proceeding, as far as the foreign field
IL concerned. The price agreement In
that connection does away with the
possibility of combination of foreign
buyers causing competition among the
sellers OF this country and so obtaining
copper supplies at lower figure than
that OF the domestic consumer.
The next great step In the copper
Industry that awaits adjustment is that
OF wages. With the cessation of gov.
eminent supervision on January /, the
leaders In the industry will seek to re.
establish their sliding scale wage agree.
ment with the miners. which is based OF
the market quotation OF the metal.
The individual mining companies are
expected to order a curtailment OF pro
duction soon after January l as It /.
clear that domestic and foreign require
merits In peace times will not keep pace
with production on a wartime basis
All things considered It is not likely
that stability will rule in the copper
market before the lapse of severa
months.