Weekly journal-miner., 1909-12-01
COPPER FIGURES ARE
 DECIDEDLY PLEASING

ducers as published recently, when analysed is very interesting in de- termining the question of what is a reasonable stock on hand of refined copper in the United States.
 That statement shows a production during the months of October of 124,- 667, ,7O9 pounds, the largest produc- tion in any one month in the history of the industry.
 It also shows that the United States consumed during the same month 66,359,617 pounds and during the same month exported to all for eign countries 56,261, ,23s pounds. A total amount for home consumption and consumption in foreign countries of 122, 2,620,s55 pounds.
 This shows an excess production over consumption of 2,036,S45 pounds.
 There is left in the country in the shape of refined copper in stock 153,- 5Oe, ,626 pounds.
 This stock on hand is called sur plus.
 Is not surplus the wrong term to applyf
 The rate of consumption in copper was 4,0S7, 1862 pounds. At this rate the stock on hand would last thirty eight days. Would it be reasonable to have on hand in stock to insure prompt delivery in the great manu- featuring interests of this country and Europe ninety days 'supplyY
 At the rate of consumption above indicated for October, a ninety day supply would amount to in excess of 35O,0OO,O0O pounds, whereas the pres ent stock on hand is but one-halr of that amount.
 It must be remembered that not much publicity was given to the great copper industry of this country until the latter part of 1905, when sudden broad demand sprung up for copper, due to the extension of electrical installations, resulting in consumption increasing out of propor- tion to the then production and the phenomenal rise of copper to the e&travagant price of 25 cents per pound.
 The public generally has not been sufficiently posted in the copper in- dustry to have reached conclusions in the matter of production and con- sumption and the question of what should be a nominal price and a fair price for copper.
 For these reasons there is a general opinion that the present stock of l copper on hand is something extra ordinary and that it has had a ten dency to greatly depress the market price of copper.
 Now the view of the general public | is to the effect that copper is depress- ed because it does not maintain the price of 25 cents per pound.
 The price of copper for the period of twenty years from 1886 to 1905, inclusive, averaged 13.3 cents per pound and most of the great copper fortunes of the world were made during this period at this price.
 The average cost of producing cop per, every item of expense included, is between and 10 cents per pound, and many of the properties are pro- ducing their copper at cost of from to s cents per pound.
 It must be considered, therefore, that a price for copper varying from l3 to 15 cents per pound is a ra- tional price and a price at which the great consumers will continue to ex- pand their business.
 Any higher price must be a result of consumption exceeding the pro- 1uction, which again would result in a price for copper which would cur tail consumption and further result in an accumulation of copper and a reduction of price.
 If the price of copper does not ex- ,eed 15 cents per pound there is ev- cry indication that the market for copper will continue to broaden and increase from year to year as it has for the last twenty-five years.
 The copper industry in unquestion- ably in a very healthy condition, and the present price of copper should it be maintained where it is, is suf- feient to allow large profits to all the great copper mines of the world.
 Reference to the present market value of copper will indicate this to be true and will show evidences even under present conditions of