Daily Arizona silver belt., 1907-12-11
MONEY AND COPPER.

The copper metal market continues in about the same position as for some weeks past. The advance noted few weeks ago was brief, being based on the filling of foreign orders. Since the demand from that source was supplied the market has fallen back into it's old rut, says the Boston Financial News.
 The production of copper in this coun- try has decreased greatly, and it is probable that the production Abroad will be curtailed. The decrease in the consumption, however, has beer, greater than the decrease in production, for the time being, so that copper actuahy is being accumulated still.
 This fact has given rise to much the orizing on wrong basis. It is alleged that there was large over-production of copper and that the price was ar tifcially inflated. As to over-produe- tion, the output up to the time when the curtailment was put in force, had not shown the normal percentage of in crease, despite the great demand for the metal, and the pushing of production as rapidly as possible.
 So far from over-produetion was the output that grave fears were entertain ed by good authorities that there would not be copper enough to go around. We are aware that it is alleged that these fears were not genuine, but were ex- pressed to advance the price of copper. This is not true, however, and it is fact that with a continuance of the demand shown earlier in the year 8 famine in copper was imminent.
 The price of copper was advanced, it is true, higher than it should have gone, but this was due to the consumers even more than to the producers. The lat ter did much to restrain the advance. The contrast between the conditions in the industry early in the year aud now is remarkable, and it is not strange that the Arrangement has brought about such rumors as have been current.
 The copper industry seems to have suffered more than any other industry by the financial conditions. There is reason to believe, however, that it has merely been ahead of the other in- dstries, and that the latter will follow downward in due course.
 Conditions in the copper industry are somewhat peculiar, in that the metal goes from the producer almost directly into consumption. Iron ore is mined largely by the producers of finished steel, and the effect of curtailment is not felt to any great extent until it reaches the finished products. The com panies that purchase lead are controlled by the companies that produce the metal. The market for gold and silver is affected by other factors. Copper producers, on the other hand, do not control the consumers of the metal If the demand for copper wire, electrical apparatus, railroad equipment, etc, de- clines, the fact is apparent at once in the demand for copper. There can be no doubt that if the iron output had to seek outside buyers, the price of that metal would have declined as has cop per, and the demand would be as small. l
 Railroads are curtailing their plans ! for extensions, projected electrical en- terprises are postponed, because of the impossibility of financing them. This work will be done some time, and the copper will have to be used. The pres | ent trouble is not too much copper, but | too little money. Increased supplies of money will not bring immediate in- crease in the demand for copper, as conditions have been unsettled and it | will take some time to restore them to | their normal level. More plentiful | funds, however, constitute the nest ef- fcient remedy.