Daily Kennebec journal. [microfilm reel] (Augusta, Me.) 1870-1975, 1909-10-16

TINS respect reflects their confidence III an
carry Improvement IN metai .tices.
me monthly statement OF the SoppeI
Producers association, WHICH appeared
on Monday was not quite as bad a show
ing as had been expected. The figures m
dictate that during September the STOCKS
of marketable copper in TINS country IN,
creased 1880, 2O7 pounds. bringing the total
visible supply 10 to 15l.472,772 pounds.
which is d little more than five weeks
production.
The publication of these, figures intensl-
fled the cloud of gloom wiich hangs over
many 1t shut out the last ray OF nope Ioi
better things in the future.
The statements of the Copper Pro-
ducers' association are Surely I !, nones.
indeed, they lean backward: They are
based on actual deliveries OF copper and
not on sales Therefore, for Illustration,
sale of lO,O0OOO0 pounds for delivery
over a period of four months would con
or less extent until the final delivery was
made. AS nearly as l am aple TO estl-
mate, after consulting a luflper or au-
thorities on the subject, me surplus ia
made up, can never be reduced below
81, OOO, 600 pounds. No matter how urgent
the demand for metal, as nucil as oo,oVV'
600 pounds will be delayed at one point OF
accommodating to stable shipping lots.
The same is true of the foreign visible
supply of copper, which IS reported twice
monthly A number of years ago the
foreign visible supply was oGo oa reoucea TO
,about 1900 tons, or 25OOo,ooo pounds.
With the present volume of business.
however. it probably could not ao pc reduced
below 10000 tons, or 45Vo'W" POUNDS.
While presumably there IS no" worla
surplus of 35O,O00,0O0 pounds, therefore,
the actual surplus, which It is possible to
absorb, is not over 100000, 600 pounds; and
of this amount probably 100000 TO 100, :
100000 pounds is copper aireauy soid Iol
consumption but not yet delivered. Thus
the figures which we are receiving are in
many ways misleading. AT thlS paftlcu-
lar time they make the outlook blacker
than it really is. A..
The current discussion Of the question
of curtailing production and the DISPOSE
ton of many men who should know pet
ter to see the future OF the copper Situa
ton from a pessimiStlc Standpolnl, hard-
ly merit sincere consideration. On two
PREVIOUS occasions since l have been
writing on the copper SITUATION condl-
tons have been almost precisely as they
are now. The last time was IN 1917 " ~
there was an accumulated surplus OF 3oo,
900. 900 pounds, equivalent, as related to
production and consumption at that time.
to 5OO, 600 pounds now; and relatively
as many new producers were coming IN
then as now. The pessimsts were point
ing to Greene Consolidated, Calumet q
Arizona, CRANKY, Bully Hill, Tennessee
Copper. Copper Range, Mohawk and
Utah Consolidated as the new producers
which were responsible for the overpro-
duction, and which were destined to pre-
vent copper ever selling as high, as l.
cents again. That surplus was ABSORBED
in a very short time, the output OF the
new producers went into consumption
and the advance in metal prices never
stopped until they reached 26 cents; Re
Numbering the history of that period very
vividly, l cannot but feel confident as 10
he future of the metal market now
There is not the shadow of doubt in my
mind that the price of copper will average
approximately Is cents per pound through
out next year.