Bisbee daily review., 1909-04-18
WORLD SUPPLY
 COPPER Is NOW
 357,000,000LBS
March Output at 117,000, 900 Pounds Surpasses All Rec
 ordS = Statistical Position of Red Metal Disappointing

VI nCu WCldl DfSdppUiIltlliY
 BOSTON. April 17.-So far as it relates to the statistical position of copper and the possibilities of higher selling prices for the metal. the March report of the Copper Produc- CTS Association must be viewed as a distinct disappointment, for two i'm portant reasons:
 First-The output for March was the largest in the history of the in- dustry-l17. .05S,s61 pounds.
 Seeond-despite the large sales in the early part of the month and un- usually large deliveries to consumers hereunder. it was impossible to make any headway against the in creasing accumu ation, and stocks for the month were increased by nearly s.O00.O0O pounds.
 Incidentally. it may not be amiss to remark that the Boston News Ba- reau in it's forecast on March of ths February figures of the Copper Producers Association estimated that the statement to issue March 10 would show an increase in marketable stocks cf copper amounting to 2S.- 500,00G pounds. The actual increase was 29.154,203 pounds. Again this hn vead that Yesterdays statement would show an increase of S,354, 900 pounds in surplus stocks; the actual increase was S,995.654 pounds.
 Coming at a time when trade con ditions are depressed and when the copper consuming machinery of the country is not employed at above 65 per cent of its capacity, the excessive ly heavy outpouri1g of the red metal is piling up on both sides of the wa ter stock of copper which will take months to absorb, even after the long deferred revival in the brass and wire industry is an actuality.
 The March production, which em- braces the output of the mines in this country as well as those of Can ada and Mexico, together with the fmelter output of copper from the Cerro de Pasco ores of South America was at the rate of 1.4O0, 900. 900 pounds per annum-
 We compare herewith the yearly output of American copper for the past three yzars. and for purposes of comparison we set beside these fig ures the rate of yearly output for 1909 as indicated by the March re- turns. The 19OS-O7-06 figures do not includJ South American copper, em- braced in the 1909 total:
 Production. pounds 1909 . .. ...1 400 ,O0O, 900 1908 .. ...... T ,0I1 ,5OO,OOO 1907 .-...-.. ...... ..-I,ol9 ,OoO,OOV 1906 . ...1. .172. 100000
 An output of copper at the. rate. of 4 GOO. 900 pounds per day is the pres ent record and in the absence or some improvement in general trade foreshadows one of the following three d-welopments: A still further decline in the selling price, renewal of efforts to effect a curtailment of output. or the shutdown Of the big cost mines.
 Reports ara beginning to come t7 s-asmodicalfy of the closing down or this and that isolated property. but as yet the number is small and does not affect in any appreciab.e degree the volume of output.
 So far as curta 'lment is concerned there is plenty of talk" but nothing is being accomplished SO far as IL relates to any concert of action among inc large producers. The Amalgam- sted people have stoutly declared that never aga'n will they Fhoid the umhrellas for their competitors. They assert that thir mines can make conner fer a1 average of 10 cents per round and that this time the II anc I2-cent cost mines must bear tHe bur deus Of a shutdown or Of 2 curtail- ment if such policy Is decided upon. If is needless to re-aff'rm the post ton of the Calumet & Hecla, and al though this company with the others is aiding it's contribution to the total accumulation of unsold copper, 1t stands as firmly committed as ever to the policy of absolute independ- rcncc.
 studhnts of the copper situation should not overlook the fact that m addition to the surplus in this conu- trv. there is probably not less than f75 0Oo. 900 pounds on the other side. HE GOO GOO pounds of which are re ported officially as being the visible supply in for ga warehouses: maFlns world surpius of not lefs than SSt'' GOO 900 pounds.
 With the present ease in money rates and the low price at which cop per is selling. the financing of the increasing surplus has as yet imposed no serious Journalism upon the pro : ducing interests.