The sun. [volume] (New York [N.Y.]) 1833-1916, 1901-12-18

r1rurcs That Are Not C~ontrovertcd.
The recon. reduction In the prioe OF COP
mar nv the chief selling factor TO I5HG1onc,
,or lake lngot Is believed to f~oreshadow
a further shrinkage in the price Of that
metal. and may be taken as simply max
inc one stage in the readjustment Of copper
~ existing conditions. A permanent halt
,.not expected even on the newly announced
hasis. The legitimate copper business
has suffered from the paralyzing effect OF
,hs unsettled feeling regarding copper
for some time past, and the revision cf
oopper prices decided upon last week has
nrecipitated the necessity for a new era
among both producers and consumers.
The new prices are viewed as a prehm-
mary proceeding to more pronounced
changes. Until q short time & h market
,or the metal In New York escaped the
generalization experienced In the marts
where the copper mining shares are traded
In. or that witnessed on the London Metal
Exchange, where the English copper bears
scoeeded In janming the price OF specu-
lsnye copper down fully els a ton within
The past three weeks. The course OF events
,a,ely has s~uperinduoed a disturbed SEN
ament and unsettled feeling regarding
copper throughout the American trade
that will require the revival Of many favor
able factors to thoroughly alay.
Whatever the final upshot may be Of all
the agitation over the copper situation. the
fact Is patent that the domestic
has retired into his shell. and that he IL In no
frame OF mind TO incur even ordinary risk
| In buying copper. While the copper markets
Dof the world are now experiencing an appre-
dable disturbance, a too gloomy view Of
| the situation should not be taken or too
dark predictions advanced regarding the
future Of this metal. For the present an
over supply has d~isarranged the market,
but Whenever II IL able TO throw OF this
incubus a healthy rebound may be expected
which will give It an aggressive tone once
more. One thing Is certain. the conditions
prevalent o are altogether different from
those OF several years ago when copper
cold for 10 TO IL cents a pound.
Outeide Of the A~malgamated company
ttocks Of copper have become greatly dimin-
ished In nrst and second hands, INC during
the hrst quarter Of 1907 consumers will
need many thousands OF tons OF copper.
II copper should by m settle TO
Il cents a pound buying should receive a
tremendous stimulus for domestic and
foreign account. and a return TO a reasonably
low price without guarantees would speed
lily wipe out overproduction and restore
confidence. A guaranteed market Is q bane
to trade and is an awkward confession that
the situation Is artificial m hence danger
Gus. A market that requires to be guaranteed
Ia not compatible with a healthy and normal
condition Of Affairs and suggests some
thing rotten 10 Denmark.
When the demand for copper was at the
maximum and the worlds consumption
absorbed current production every one
recognized the OF the structure
upon which the copper market rested.
Last year and the year previous copper
values were firm on the enormous require
ments for copper then existing In this coun-
try and in England. France and Germany.
Although United States copper
ton this year exceeds the high figures Of
1900. the falling of in European demand,
particularly IN Germany, has disturbed
the nicely balanced relation between sup
ply and demand which was formerly estab-
hshed, and ~as a consequence a surplus
stock has materaiized. II We e-ti-
mate the worlds production for the
year 1891 at approximately 500 tons
would give a visible supply OF 500
tons. The overplus stock may run over
10 per cent. Of the out put but IL must be
conceded that the demand for any com
modify equal TO even ~ to 30 per cent. Of
the quantity produced Is a demand of large
absorbing power. Last year the worlds
production Of copper was $50 .os4 tons, Of
~hich this country produced considerably
more than oDe-half.
The continued decline in United States
exports Of copper and the ann taken in
CONJUNCTION with lar GO imports into this
maj NIlE NaaE aNTIAln fLA nra.aal az
the overplus stocks here. Exports Of
copper To Europe for the eleven months
ending on Nov. 80, 1910. reached a total
OF s+,4e3 tons. while those for the same
eleven months Of 1900 were l4s,3s9 tons
his decrease Of $500 tons In domestic
exports since Jan. /, together with the
copper imported Into this country u re-
spousitle Tor tie augmentation Of the
visible supply AZ domestic pJints Trade
Conditions here have been eIoellsnt. n
domestic consumption Of upper for 1901
VII show up better than a yea ago. II
Euops had taken al equal amount nom
Ans al producers as In 1900 ~ would
have changed the whole aspect Of The situa-
uon here, and created AL Interesting hunt
Tor c0pp+T With which "a supply the home
demand Willie there hAs lt-.n .Apanzion
u un OIpf-'f -~ouu-utulng burlhssss - this
oDunTy.u Ir detrimental falling ~ iu foreign
uado Lao wrought lts Injurious ROUTE o.
" NHHAH ~" - ~ :" - -. 49, =
financial depression LU produced a tenn
tDfAy ogItall urnt ~ former
pllI-d tLlpnsrts 10 that oUgLty II ls
toi o. l." s4llIr.sil lov ever, that the JTU-
ues,lVe GufmAA nation viii MT again
st"f tLv h"lt - a"tlss 0I-fatious, vi -n
10 resumption 81 American oopT-f ship
iusht- ~ hauiufg add hIttsIdam 90 .
m4'l in grf sUaAr NNl be- ths slsLal tAAt q
lev iDfs 90 mHfum~nt BOZ HtfmaI leo
NNA drtra iusft lee 80 ih Nilrh mas bo
~eiIrt1 fn rufIaas all ~ilIuarf f-ouris Ia
hai tfIIr
WA a' no fu-tuHtiuu 90 trade ln n-f-
hafN Clio tuaf DYUfaful Nlfh flrulaf
lEflis 'ts HsuupflHH ~ cupIsf m thaf
fAnfN 30 tas hfsI nlfs Wonths haa i.-ru
A. afHaFr = lugah 30 fssufts q uHIufh
fHrE. H|I4sf. srluIIfr - 4 itss
l'fHf N. ra ns lrlHi lasf yraI DE- HH.
~ f.Ir 40 UHIfsH o. trfuHauy
80. N iu IrH n q uaIfI Tie
.Hi.ff To- iafHaH Yf.rauIHiuH
HH OIL" uH FH lffIw
ITO U.f .HfIif ~ Ua btaI N tH.
a - cote ."iH Nr HsI .f iAr
81 . a f.Ha. falHF - ~
HH o. i..t. fI Us tHIr laf fraI
H."| H|| Hf sIaht faHnI
HH Hfu TO- ..aIfHf
f" F af.H UHH
sIHH H 'H
~ - d f..I
O. tnsl
IIsf