The Wallace miner. [volume] (Wallace, Idaho) 1907-current, 1907-10-03

July /. There have been small but
steady sales to Europe, as is mani
fest from the exports. which amount
ed to about 30.0O0,0OO pounds in
July and about the same in August.
The sales to American consumers
have indeed been very small, and
their ability to remain out Of the
market SO long has been mystery,
but as pointed out above, the gener-
ally over-bought during the first half
OF the year, many large undertakings
calling for copper were suspended,
and moreover some producers have
supplied the pressing requirements
OF certain old customers by letting
them have copper without naming
any price, leaving the latter for later
adjustment. In other words lending
Surplus Stock Accumulation.
AS early as last May certain pro-
ducers began to have an accumulation
OF unsold copper. During May and
June the addition to stocks was small
but after July the accumulation be-
gan to be rapid, and by the end of
the first week of July there was prob
ably 30,0O0,000 pounds of unsold
metal. At the end OF August there
was probably 14O,OOO,0OO to 1907
100000 pounds in the hands of the
refiners. OF course. the market could
not be otherwise than weak under
this condition, especially in view of
the stringency of money.
Uncertainty Caused Stagnation.
The management of the United
Metals Selling company was for
long time unwilling to recognize the
development OF this situation, and by
Its policy of holding back It's pro-
duction at an asked-price much above
the actual market contributed largely
to the public uncertainty. 1t Is futile
to attempt to point out now what
might have happened II different
policy had been pursued. Such bust
ness as was offered was largely COM
peted for by various outside sellers,
and II those who were holding aloof
had entered the market, the result
probably would have been a more
rapid decline. 1t would have been i'm
possible to market any very large
quantity except at radical cut in
the price. Early in August certain
large seller was disposed to make a
reduction to Is cents, but was dis
suaded from doing so by friendly in
terests, which were of the opinion
that a higher price could still be
Perhaps the proposed
policy of the company referred to
would have been the best; IL the
worst had to come, the sooner would
have been the better.
Rogers Statement Blunder.
Yet in the face of the situation
which had then been developing for
four months, H. H. Rogers, upon his |
return from Europe early in July, at |
a time when copper had been for
many weeks selling in the open mar
ket at price decidedly below the
figure Of 25c, for which the United |
Metals Selling company was holding
out, when stocks were beginning to
accumulate seriously, and when the
Calumet & Hecla itself was cutting
prices. made public statement to
the effect that the copper market was
In healthy condition and that the
price could not fall below the level
Of Csc then asked by his company,
because the demand for consumption
was far in excess Of production and
visible supply This laundering state
ment is to be explained only by an
Infatuation which prevented a read
Ing Of the clear writing on the wall,
Or deliberate attempt to deceive the
public as to the real situation, and
was largely contributory to the loss
Of confidence which led to the sub
sequent decentralization of the mar
ket.