Bisbee daily review., 1904-11-30

they are based, have attracted gener al attention In R4ew' of this, we havs prepared the following table which shows approximately the supplies oI metal ln the United States for the ter months ending with October and theii disposition. The figurea given are i- long tons:
 Long Tons Stocks on hand, January It.. 64,69' Net imports, deducting re-ex-
 ports of foreign. material .., 65,951 EStimated production, 10 mos 2s1,s7t
 To,al supplies 10 months 412,slI Exports, 10 months .. .... 209,S6S Estimated consumption. 10
 months ..... --- ..- .'... l44,629
 Total deductions. 10 mos. 4,4ss Stocks. November I ... ..... 5s,12s
 The production this year will show, according 90 'the accounts received from al the important d.s.Ticts, a gain Of at least 1U per cent over lasl year. This increases is chiefly from the Lake Superior, esstrict, from Arizona and from Utahr theagh other copper mining 7egions;'ffate contributed to a smaller extent: The. stocks given above are those reported in our is- sue Of January last, as we have seen no occasion to revfsfS the figures then given. The imports are the net Quan- tity remaining after deducting re-eX- ports Of foreign' material These and exports are from the reports of the Bureau of S1atistics, only the figures for the month ot November be.ng es- timated.
 The difficult point, of course. is the estimate of consumption. There is no doubt that, in the earlier months of the year. there was a reduction of fully one-thrid from the large quan- titles required by manufacturers in the first part of 1903 In receS-- months however, there has been a marked in- crease in demand. Making all allow ances tor changing, conditions during the year, We beEeve' that the figure given is not far From the mark; If jt errs al all, t is on the conservative side. ' ~'-'-'
 With regard to the stocks reported, it must not be supposed that these are composed of copper ready for deliv- cry. Production is reported from the mines and smelters. where the metal 1s in the form of matte, black copper or converter bars;.s it has still to be refined and put. into. condition for the market. The time occupied in trans porIarion from the mines, in refining, etc. is in most cases. 60 days or more, and during this time the copper nee essarily appears as in stock. The quantity DOW reported is therefore, metal 1n process of treatment or iii transportation. and cannot well be re- duced below the figures given This estimate is supported by the well known fact that it is impossible at the present time to obtain any large quantities for immediate delivery, and Wa even hear of comp 'ainrs aUout de- liyeries On contracts. All of the large producers are sold up, most of them for some months ahead, and there IS practically TO copper to spare.
 These figures indicate that the pres ent position of copper is strong. This Will be emphasized when we consider further the number of large and inn portant electrical enterprises under construction and contemp' 'ation, in which copper is indispensable. Apart from the conflict in the East and it's special demand. there is also large consumption in the manufacture or war material and the building of wa ships by all the leading nations. There is also an increase in the construction of machinery. in which copper and brass are required. Finally, there IS the special demand for China, which has recently been 'evident in the mark ct. and which promises to continue for sOnpa time to come
 There seema to be no doubt that re cent advances in the metal must be held It is quite possible, indeed that specu 'ation may intervene and force prices Up to a point which must be followed by reaction. Such a move ment. however. would be only tempo rary. and would not affect the under lying strength of the position--En ginearing and Mining Journal.