The sun., 1919-02-07
SLASH COPPER 10
CENTS
Bush of Orders Results From
Action of Anaconda and
Small Companies.
PRICE HAD BEEN % CENTS
j.. \. Ryan Declares Cut Clears
Situation and Opens Way
to Active Market.

Announcement that at least one OF
rs big copper producing companies, as
a, as several smaller independent con-
sa-,.. had cut the price of copper TO 1St,
te7ts a pound and that the immediate
,osu'. Of tho sa sh was a flood of orders
To- domestic consumers was made yester-
GAY. The price at which the larger
companies had been holding the metal
previous 10 yesterday was % cents a
rourd. The company known to have
participated in the price cut Is the Ana
:cnda copper Mining Company.
Join n. Ryan, chairman OF the board
o, the Anaconda company. declared that
TIE action Of some OF the companies in
cutting the price had cleared the copper
situation 70 some extent at least He
.aid that no felt more confident about
he situation now than he had before. and
declared that a substantial market had
tccn opened by the price cutting action.
The announcement yesterday that. "a
result OF the cutting of the price of
copper, a market had developed came
tsa surprise to the financial community
Not because the market should develop
but because companies had decided To
G.. the price. Those who have beey
watching tho copper situation had be-
come Convinced that producers would
hold out at least a while longer, but
the general opinion, when the announce
rent was made, was that 1t was a fav-
erab,e factor IN the situation and would
result in tremendous benefit to the cop
per Industry.
The report given out yesterday, while
mentioning no names. intimated that sew
sTal OF the biggest producers OF copper
were those who had made the cut in
Price. Investigation developed that the
American smelling and Refining Com
psny, one of the biggest producers OF tho
instal in tho country, had not cut the
p-ios. II. NJ. Brush OF the copper sales
department of that company. declared
that his organization had not sold n
pound OF copper below 90 cents.
When asked yesterday afternoon IL
tho Anaconda was one Of the producers
which had taken the initiative In the
rovement. Chairman Ryan admitted that
!; was the case. He said that satisfac-
tory agreements, at least for the pres
snt, had been arrived at as regarded the
labor situation. Under the new price
labor Is to receive pay on the pre-war
minimum basis OF IS cents pound FOR
copper. Plus two bonuses aggregating 80
cents day inaueurated during the war
:. was regarded as significant and favor
tble In the scheme of reconstruction that
labor had consented to accept that reduc-
ton in wages.
TIE sliding scale OF wages OF the sew
cral copper districts throughout the coun-
try Is to be resumed on tho old basis,
with IS cents a pound as minimum
Thus. II the actual price should drop
below that figure, wages will not be 3it
further That minimum will provide
payment In some OF the larger districts
es follows: Butte, S4.75 a day; Clifton.
81 a day: Globe. $3.50 a day; Miami.
1870 a day Jerome, $500 a day Bis
Tee. s. a day.
The Immediate result IN the cut IN
Srice yesterday was such an activity
IN the copper market as has not been in
many months. Several large sales were
reported throughout the day. one pro-
Queer reporting the sale OF 5000 600
pounds below 10 cents pound. and one
OF the country's largest copper selling
agencies a transaction representing s4,-
600. 900. also for below 19 cents.
There Is no foreign inquiry, It was
stated, and no prospect Of any business
other than domestic, at least for the
present The foreign business for which
Nne producers were waluHs eoniuenti!
after the signing of the arTnist!ce failed
10 -rater,alize and the formation OF a
copper export association in this coun-
Try by leading producers for protecting
copper business in foreUn countries did
rot serve to relieve the tension. Con-
slmers In Europe formed a similar or
ean!zation for protection OF their in
terests and the result was a deadlock
between one faction holding for higher
prices and the other insistent upon a
radical cut A committee OF leading
copper men Is In Europe trying to ad-
tust the situation that copper business
between the two hemispheres may be re-
funed.