Salt Lake Tribune | 1913-02-07 | Page 10 | East Sees Chance for Cheap Metal

EAST SEES CHANCE j FOR CHEAP METAL I Jamon A. Pollock & Co.. bankers and broken?, furnish I he following, received over their private wlro yesterday afternoon: after-noon: Paine, Webber &, Co., Boston. London copper way again weaker today and rumors ru-mors wore current in New York tho prico of metal -would be cut to 15 cents. We do not think such a move likely, however, how-ever, as the largo producers arc In a strong position, being pretty well cold up. The Copper Producers' statement to be Issued tomorrow will no doubt show an increase of 15,000.000 pounds or moro, and should the market show any further fur-ther weaknoss on this slaloment, think stocks can bo bouRht for n. turn. Logan & Bryan, New York. Definite announcement to tho effect that the Union Paclllc plans hud reached maturity matur-ity and that an announcement would be mado shortly, sercd the purpose of holding hold-ing in check operations in tho stock market mar-ket today, and as a consequence tho trading a3 a whole wa dull and featureless. feature-less. There was some scattered liquidation liquida-tion In Southern Pacific on tho theory that tho Btock -was likely to be depressed de-pressed during tho period In which Union Pacific holdings are offered for subscription, subscrip-tion, but at s&mo tlmo Union Pacific displayed dis-played a good tono and rallied after occasional oc-casional .selling movemente. London and the continent are reported report-ed as being rather bearish on tho copper shares, and the continued weakness of tho metal In London In conjunction with tho rather unsatisfactory domestic demand de-mand 'has been reflected by quite a little selling of such copper stocks as Amalgamated Amal-gamated and Utah. The tenor of the Union Pacific dissolution plans, It being anticipated that tho same will bo made public this afternoon, will probably have much to do with shaping the Immediate course of stock market. We believe around prevailing levels that the list offers of-fers attractions to purchasers.