Bisbee daily review. [volume] (Bisbee, Ariz.) 1901-1971, 1910-05-15
GRAF BLAMES
PRODUCERS IN
SLOW MARKET
Some of Them interested in
Both Copper and Shares
and Are Trying to Play
Both for a Winning.

Member Duluth Stock Exchange)
The developments of the current
week in the copper world have had
no particular significance except to
more distinctly emphasize the con
test which prevails between the pro
ducers of copper metal and the spec
uiators in the copper shares, and ev-
idence had continued to accumulate
that the situation is further confused
by the fact that some important in
terests, while long fthe meatl mar
ket through their identification with
producing companies, are short of the
share market. and are endeavoring
TO win out in both Of their intrinsic
ally opposed positions.
The fact seems to have been gen
orally lost sight of that copper is
the only commodity which has not
recovered in its price from the de-
preston Of 1907. and no reason can
be advanced for this situation ex-
cept the necessities and endeavors
OF copper people whose stock market
interests have dictated their proceed
ure to the detriment OF the metal
market.
IL is veil known that all copper
producers who are not interested in
the stock market. that is, who are
not concerned about selling new stock
or advancing or depressing the price
OF stock now outstanding. are very
muen Disguised with tsle present
situation. They can see no reason
for the present unsatisfactory status
of the market for copper from any
standpoint. As they look al it, there
is in this country not only an ample
supply Of copper. but also an album
dance of iron. silver. lead and other
metals; but the copper market is /
being glutted with supplies, and the /
Information is continually furnished I
that there viii be a greatly increased /
supply in the near future
The worlds stock OF copper at the 1
present time represents just about 1
two and one-half months supply. and
il has always been regarded by the
trade that whenever stock get down
towards a months supply the situa-
ton is dangerous. There is at the .
present time being consumed more /
copper every day than was ever the /
case in the worlds history. and il is /
further the consensus Of opinion that /
consumption at this time either |
equals or slightly exceeds production.
In preparation for the merger the,
Amalgamated people did the same I
thing last year in increasing their |
output 100 1000 zoe pounds. Both the
Amalsamated and Guggenheim inter I
ests are largely involved in the
stock market. and the producers pure }
and simple. who are not concerned
in the stock fluctuations. are in con
sequence disguised, although greatly
interested observers Of the contest
now prevailing What the result viii
eventually be, is, of course. easy to
predict and that is an agreement on
some basis; but at what time this
VIII occur AID after how much havoc
has been wrought no one at this
time would undertake to predict
The compromise may occur in weeks
or months and it may be years. but
as soon as the conflict terminates.
the independent producers are and
have always been ready to cooperate
n the rational program Of restric
tons Of the output to the normal
trade requirements. and The maintain
ance OF metal price which viii rep
resent a fair profit.