The White Pine news. [volume] (Ely, Nev.) 1906-1910, 1909-10-05

was on u ou per cent DdStSss Says Tue
Wall Street News. As an. example,
for a year or more the steel COM
panies were operating on a basis of
so per cent of capacity. They were
limiting production to consumption
and accommodating no stocks. The
country was producing copper on a
100 per cent basis in the face of the
eact that consumption was running
between go and 10 per cent.4 The
result was a heavy surplus accumula-
ton which at present is 1. menace to
the market. When the sIevival in
steel set in there were no large
stocks to be liauidated and prices
mand for copper started to improve,
consumers found plenty of the metal
above ground and the result was, only
a spasmodic advance in, prices and
then a drop to below Is cents a
pound. ats
The steel industry has not large
surplus stocks to work off, while the
copper producers have. While cop
per consumption has shown a cor
responding increase with that of steel
consumption of copper will have to
run considerably in excess of what it
was in 1907 in order to make any
impression on surplus stocks.
The United States is now prod1c-
ing at the rate of $4,000, 900 tons of
coke, anthracite and charcoal iron a
year, compared with an actual pro-
duction of 25,7S1,0 900 tons in 1907.
The copper output of the country is
now running at the rate of 1,100,-
100000 pounds a year, comparing
with an actual production of $685.
100000 pounds in 1907; 918,O0O,-
900 pounds in 1906 and $4,000
600 pounds in 1908. The smaller
production in 1907, as is generally
known, was due to curtailment 4of
production by certain of the leading
copper producers. notably the. AM
algamated Copper company.
The ratio of copper production to
pig iron production at the present
time is 2 per cent; comparing with 8
per cent in 1908; II per cent in
and Is per cent in 1906 and
1906.
In other words there has been no
change to speak of in the ratio of
copper production over the last five
years, with the exception of 1908. In
the latter year pig iron production
decreased over 38 per cent, while on
the other hand copper production in
creased 90 per cent. Had the cop
per producers curtailed their output
along lines similar to that OF steel,
the situation would be as strong as
that of iron and steel. The argument
that copper production has increased
more rapidly than that of steel does
not hold, for the eas that the
ratio compared with pig iron is
smaller today than the ratio from
1896 to 1900 inclusive. Iron pro-
duction has been trebled since 1896,
while the increase in copper produc-
ton amounts to about IT'S per cent.
No pronounced Improvement in the
copper metal situation 80 far al
prices are concerned is looked for
until the latter part Of the year, when
it is believed a reduction in surplus
stocks will be we'll under way. Pro-
ducers expect an improvement in the
statistical position Of copper in this
country as we'll as abroad this month
and while the situation is causing no
enthusiasm from the producers
standpoint, still the trade believes it
is not time to grow p~essimistic.
1t is said that there can be no
further heavy increase in copper pro-
duction within the next two years
before certain copper mining camps
now in course of development will
be able to place their metal on the
market. p