The Salt Lake tribune. [volume] (Salt Lake City, Utah) 1890-current, 1909-11-07
DEMAND FOR COPPER
WAS ABOUT NORMAL
Advance Figures Show October
Consumption About Same
as September. o

NEW YORK, Nov. 6,-The copper ia.
dustry has been so long ridden by spec.
ulative influences that the actual con
dition of trade is more or less OBJ
scurod by transactions which regard
speculation in copper securities as the
ultimate end Of business. while the
welfare of the manufacturer Is dis
regarded. Last week there was an cx-
cellent illustration of how prices are
depressed and advanced by spectators,
irrespective of the consumption trade,
Fluctuations have been wide, but the net
result has hcen only moderate ad.
vance for the week. Operators in Wall
street rather than in the metal trade
have been responsible for the unsettled
conditions, rumors and counter rumors
concerning consultations, agreements
and enormous phantom sales al prices
l2c over the market.
During the drop in prices early in
the week, however, foreign consumers
bought ,electrolytic copper quite freely
for delivery over the balance of the
year and domestic operators had they
been offered the same opportunity as
their foreign competitors would also
have placed larger contracts for No
vomber and December shipment. As it
was, domestic buying was confined to
very moderate tonnaGcs. The standard
market machinery, il is well known, so
closely links the speculative with the
legitimate market that prices Of cleo.
tros rise or fall with the speculative
tide, even if no sales of electro arc
made.
Consumption Of copper in this com
try during October according to pre-.
hminary estimates, was about the same
rate as during September; that is, be
4 n l.
European consumption also changed
little, being estimated at about 10000
900 pounds. The United States is still
producing about 122 100000 pounds per
month, so there were accumulations IN
various positions of about 100000
pounds in October. The exports dur
ing the month arc estimated at about
52,0O0,Q00 pounds and deliveries into
domestic consumption probably exceed
ed tho actual melting by from 5000.
600 TO 100000 pounds, so that there
was probably an increase in stocks from
10,000,000 to 100000 pounds. OF
the exports, however, about 100000
pounds went into warehouses in Eu
rope and the excess of the surplus
shipped abroad probably went into ware
houses on the continent.
No surprise will be created by the
statement. The October sales, as we'll
as production, of iron and steel products
eclipsed all monthly records. 1t is es.
timated that the total contracts for fin
ished steel products placed last month
have been close TO 100000 tons, while
the merchant blast furnace companies
have entered orders for 100000 tons
of pig iron. Further large supplement
tary contracts for iron ore, for scrap
and coke, have carried activity into all
branches of the industry. Heavy or
ders for ferro alloys havo been less
conspicuous than during the preceding
month, but towards the close of the
month there was a renewal of interest
in ferro- manganese at higher prices
while foreign producers assumed a
more independent position regarding
American business
Railroads resumed the placing of con
tracts for equipment, especially during
the latter part Of the month. TO such
an extent as to recall tho magnitude
of transactions IN 1906. Through equip.
ment companies and other railroad sup.
ply houses tho railroads have been re.
sponsible for contracts aggregating near
ly 100000 tons of finished steel prod
ucts, including, of course. their own
direct purchases of rails and plain and
fabricated structural material