Arizona republican., 1899-10-02
COPPER SITUATION
The Price Sustained LdrQe-
 IY by American Demand.
Been Legifimate.-Therc Is No Apparent Reason Why There Should Ever Be a Decline.

the copper situation is pronounced and the market for all brands notably i firm. If a close analysis were made il
 might be found that the strong posi-
 tion is net directly traceable so much
 to any special activity in the metal at
 the moment, as to the continuance 0f
 excellent trade conditions among do-
 mestic manufacturers, the closely ad-
 justed balance between production and consumption, and other incidental. but l marked features, which are usually re-
 g.arded as necessary concomitants in the creation of sound market c7ndi-
 tions
 In the matter Of copper production
 this country leads the world, produc-
 ing last year 234,271 tons, out of 424,-
 SO3 tons for the world. Occupying this
 paramount position this country has
 lately been able to fix the price of cop
 psr, and yet after eight months of ex-
 traordinary demand and stimulated
 prices the United States copper produc-
 tion from January l, to September
 lS99, has increased barely eight per
 cent. As to domestic consumption
 during the first eight months of this
 year it's growth has been rapid and is
 estimated to be about 33,OOO tons
 ahead of the same period last year
 not including the copper imported into
 this country from Europe since Janu- ary l, amounting to more than 2O.- GOO tens. Considerable copper has
 been absorbed in the equipment of new electrolytic refneries in this country during this year, but the bulk Of surplus production has been con- sumed by manufacturers.
 The copper situation and it's won derful strength, are subjects of unusual interest, and the fact that the market price for Lake Superior copper at pres ent IS 1S12 cents against 121a cents year ago has excited considerable com ment and much opposition from Flu rope where the situation has not been fully appreciated English sentiment has manifested itself by persistenIy magnifying the decline in European and in failing to fully grasp the magnitude of the American demand for copper in the past twelve months, which has mere than offset any reduction in the, consumption Of Europe. There has been not only an enormous electrical demand for cop per, but the ordinary channels of con have enlarged also. The ,of of being explained on perfectly legiti- mate grounds, and it is not due to either speculative manipulation or the l entrance of new forces possessed of l enormous capital. Public stocks Of i copper In England and France on ] September 15. were only 24,S90 tons, i and as the greater part of the Chilli ! bar stock held abroad is in process of [ shipment to this country to be con | verted into electrolytic CT refined cop per, European stocks should shrink | something like 5000 tons more when the shipments of Chilli hither are com pleted. Europe may have the oppor- unity of buying this Chilli stock back again in another shape, but with so arge quantity Of copper withdrawn rom the available supplies on the other side of the Atlantic the situation abroad will assume a new and inter- sting phase.
 Europe has been buying copper from md to mouth, and using up private stocks on hand in the hope that the 'rice in time would recede, but recent Ldyices from foreign sources show that equirements have made purchases necessary, especially of electrolytic opper, and the deliveries for the first lalf of September of 1O,S00 tons show
 return to normal conditions in this espect. It is, therefore, a foregone exclusion that foreign consumers will 'e compelled to buy more literally in [ he near future, and that this action, oupled with an active home demand uring the fall and winter months will i've American mines all they can do 0 supply the trade on both sides of |, he Atlantic. Bearish English circu- ITS have recently boasted that Europe vas rapidly approaching the period Then it would be independent Of .merica for its copper supplies. The 7 roposition may appear ominous to he unsophisticated but the fact that
 has not produced a ripple or dis on the market indicates the leasure of importance which is at a lched to the prediction. This country y hipped to Europe during the past a lree years 399, ,930 tons of copper, and | uring the past five years 541, ,7S3 tons, e nile the exports to foreign countries T ,r the first eight months of 1899 c to 74,540 tons. European S nports of copper outside of this coun- C y are very ely in the shape of t writes, precipitate, regulus and ore, r asides bars, ingots, etc, from Chilli, e