Arizona republican., 1909-11-22
OF COPPER
 FOR MONTH OF OCTOBER
An Analysis of Figures by the Cop
 per Producers"

 ducers as published on November 10th. when analysed is very interesting in determining the question Of what is reasonable stock on hand of refined copper in the United States. That statement shows q production during the months of october of l24.- 667.709 pounds. the largest production in any one month in the history of the industry.
 IL also shows that the United States consumed during the same month es.- 359.617 pounds and during the same month exported to all foreign coun- tries 56.26l.23S pounds. A total amount for home consumption and consumption in foreign countries of I22.s2O,s55 pounds.
 This shows an excess production over consumption of 2.03s.S54 pounds.
 There is left in the country in the shape of refined copper in stock 153.- 509 s2s pounds.
 This stock on hand is called sur plus.
 Is not surplus the wrong term to apply?
 The rate of consumption in copper was 4.OS7.362 pounds. At this rate the stock on hand would last thirty eight days Would it he reasonable to have on hand in stock to insure prompt de- livery to the great manufacturing in- tcrests of this country and Europe ninety days supply?
 At the rate of consumption above indicated for october. ninety-day supply would amount to in excess of 350. .OOO. 900 pounds whereas the pres sent stock on hand is but one-half 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 mp for copper. due to the extension of electrical in- stallations. resulting in consumption increasing out of proportion to the then production and the phenomenal rise of copper to the extravagant price of 25 cents per pound.
 The public generally has not been sufficiently posted in the copper indus try to have reached conclusions in the matter of production and consumption. stocks on hand. cost of production and q inaI price and fair price for copper.
 For these reasons there is a general opinion that the present stock of cop per on hand is something extraordin- ary and that it has had a tendency to greatly depress the market price of copper. Now the view of the general public is to the effect that copper is de- pressed because il does not maintain the extraordinary price of 25 cents per pound.
 The price of copper for the period 1, of twenty years from 1886 to 1905. in- | elusive. averaged 13 3-10 cents per pound and most of the great copper fortunes of the world were made dur l ing this period at this price.
 The average cost of producing cop 1 per. every item of expense included, is | between and 10 cents per pound, and many of the properties are producing | their copper at a cost of from : to | cents per pound.
 IL must be considered, therefore. that | price for copper varying from 13 to l 15 cents per pound is rational price | and price at which the great con
 
 business.
 Any higher price must be a result | of consumption exceeding the produc- i ton, which again would result in a price for copper which would curtail ! consumption and further resulting in ! an accumplation of copper and d re- duction of price.
 If the price of copper does not ex- ceed 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 is unquestion ably in a very healthy condition. and | the present price of copper, should it be maintained where it is. is sufficient 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 splendid profits.