The Salt Lake tribune. [volume] (Salt Lake City, Utah) 1890-current, 1909-06-18
COPPER STRONG FROM
STATISTICAL VIEW
Present Conditions Call Forth
Optimistic Editorial in al
Eastern Paper.

AS expected, the monthly statement
of the Copper Producers association
made public on Thursday, shows an i'm
provemcnt in the statistical position OF
copper. For the first time since the
| Producers association has resumed the
| publication of these monthly returns
that is for the first time in l909--the
report shows deliveries and exports in
excess of production, with consequent
decrease in the unsold accumulations of
copper. The statement covers tho month
Of May. and the production is given AT
1885, la6 pounds (this covering the
output Of marketable copper IN the
United States from all domestic and for
cien sources), while the deliveries for
consumption and export are put at l3l,-
706,07S pounds As result, the stock
of mark ctable copper in the United
States at the end Of May was 169,-
S4S, 141 pounds. as against lS3, ,l9S.Oi3
pounds at the beginning of the month.
This is obviously decided change for
the better. In all the preceding months
Of 1909, as already stated, there were
additions 10 stocks, though in April the
increase was very slight, amounting TO
only 9ls,l1l pounds. In January the
addition was 2l,772,779 pounds; in Feb
ruary, 29,l54 ,203 pounds, and in March,
S,095 ,65l pounds. BY reason of these
previous accumulations, the aggregate
of these stocks May 81 still remained
I7l2 million pounds larger than at the
beginning of the year, the comparison
being I69. 9.S4S,l4l pounds, against l22,-
357 200 pounds.
in this state of things overmuch
should not be made of the Improvement
which occurred during May, There are
other circumstances which suggest eau
tion against taking too hopeful view
of the situation. In the first place,
VIC note that the decrease in stocks
during May was duo entirely to the fact
that the deliveries and exports were
exceptionally large, and these in turn
were exceptional mainly because tho ex-
ports of the metal were of very note
worthy extent, According to a tabular
statement we find in the Boston News
Bureau, copper exports In May were
the largest of any month since April
of last year, reaching no less than TO-
3SI go pounds, against 62,9Oo,920
pounds the month previous. 46,645,760
pounds in March and only 81 ,104 $40
pounds in February If this expanding
export movement indicated an increase
in foreign consumption, it would be
highly encouraging, and have TO be re-
garded as a very gratifying feature in
the situation Unfortunately there is
only. too much reason for thinking that
foreigners are buying copper so freely
merely because they think it cheap. To
the extent that this is so, the metal
goes out, but does not go into consump.
tion.
Another fact which attracts attention
is that the output of the metal keeps
steadily increasing, despite the low
prices, The product for May, at 49,
300, loo pounds. is stated to have been
the largest ever reached. AS it hap
pens, too, the United States Geological
Survey has this week furnished elabo-
rate statistics regarding copper produc
tioD and consumption for the calendar
year 1908, and it makes a similar state
mcnt concerning the copper output for
that period, saving that the production
in 1908 reached 9I2 2,570,72l pounds. the
largest on record. exceeding that Of
1907 by 1874, ,230 pounds and that of
1906 by 24,765 ,039 pounds. The pro-
ductlon Of refined copper is put by the
same authority at ! ,094 zoe, ,l23 for 1905,
as against l,032, ,5l6,247 pounds for the
year 1907. With this the re-
suit at time of low prices for copper.
" nd' uuJ pD pApeClPu III the way
Of enlarged production with any very
material rise in price?
1t should not escape attention, either,
I hat the Copper Producers association s
figures of stocks apparently relate only
to the stocks of refined copper At all
events, its total of stocks for January
/. 1909, at 1851 ,266 pounds, CORE
sopnds very closely with the stock of
refined copper, at 121,S76.759 pounds.
by the United States Geologi.
cal Survey for the same date. But this
latter authority takes occasion to point
out that in addition to the stocks of
refined copper there were at smelters, in
transit to the rcfneries and at the re.
hnerles blister copper and material in
process OF refining tc the amount of
"a .0l3,S43 pounds January /, 1909
Adding this latter to the 121,S76,759
pounds of refined copper. we have a
total of no less. than 355 5,s9o,6O2 pounds
Of copper in sight on January /, 1909
entirely independent of the stocks of
the metal carried by consumers and
brokers. AS the domestic CONSUMPTION
of copper. according TO the Geological
Survey, during the last two years has
averaged only about 40,000,000 pounds
a month (the consumption for 1905 be-
ing reported at 479,955 ,3ls pounds, and
for 1907 al 4S7,77I,625 pounds). thore
is evidently little likelihood of any
dearth IN the supplies of the metal for
some time to come--( commercial ,n5