Deseret evening news. [volume] (Great Salt Lake City [Utah]) 1867-1920, 1910-11-18
OUTLOOK FOR. COPPER
VIEWED AS HOPEFUL
Eastern Opinion Is More Than Opti-
mistic IN Viewing the Red
Metal Market.

wires Of Pollock & Company yesterday
from Hornblower n Weeks. after tie
market. expressing the views of j. w
Prcntiss OF the firm on the copper out
look. is very optimistic. Among the
significant statements OF Mr.. Prentiss
we're the following:
at can probably be said that people
interested in copper stocks. ana in cop
per metal. are inclined to be more bull
ish and cheerful than any other class
of people Interested In financial affairs
Is. however. of II temperate nature,
backed up by n very strong underlying
feeling OF confidence. think this Is
so for several reasons. To begin. with,
VIC have had long ana drastic liuuida
tlon in copper shares, and in the more
speculative issues we have witnessed
greater proportonate drops than In al
most any class of stocks, and since
the bottom of market was reached In
July we have not had Il recovery in the
price OF copper shares nor a spccuin
tion in them which has been at all
proportonatc with recovery in the prizes
of railroad and industrial shares and
the size OF the speculation in these lat
ter shares.
"Meantime. it is very evident that the
price of copper metal. which is the basis
for any speculation in copper shares,
has turned the corner, and Is distinctly
on the mend. Such a condition cannot
for example be ascribcd to the steel
trade. yet we have had a big specula-
ton in steel stocks. The fact that the
price of the metal is on the mend Is due
to two causes-one, the increasing de-
mand, particularly from Europe; the
other. the curtalled production.
added to this. a feeling Of confidence
in the general copper situation has been
given by the known attitude of sellers
of metal to prevent any sort of 4 run
away market in the metal We are,
however. at the moment. in a rather
critical position, as regards future sem
timent on the situation, both as re-
CARDS the metal ana the shares. and
for this reason: In the latter part of
the summer 1t was announced that an
agreement had been reached by the
copper producers of the world to curtail
production about 10 per cent. This was
not n signed agreement only a gem
tlemen's agreement. 1t had. however.
the immediate effect of stimulating u
demand for the metal, and stffened the
backbone of the consumer and made
him more willing to buy copper. This
Europe. as has been mentioned before.
On account Of this agreement to curtail
production. everyone naturally looked
for an Immediate reduction in the sup
plies of metal on hand. as reported in
the monthly statement Of the Copper
Producers association. AS these re-
ports present the production of refined
copper from rellneries, and not mine
production. they did not Immediately
,nn, lit. ,trt -l,,,t
and some disappointment was caused
on that account. However, since Aug.
1 each report has shown ~ decrease
of amount of refined copper on hand
but each report has not shown q de-
crease in the amount Of production.
Early in December we viii get the
next report. and well-posted people IN
the metal trade are looking forward to
this report with considerable anxiety.
because they feel that it should NOT
only show big decreased amount of
refined copper on hand, but that It
should also show n big decrease in
amount of refined copper produced
because 1t will be time. when this re-
port Is issued, for the curtailment
production of mines to show in this
report. and people figure that If such
curtailmcnt should not show. 1t would
indicate that this so-caled gentlemen
that 1t will have the effect of weaken
Ing the purchases of metal and thus
injurinc somewhat tho demand. and
it is possible that II this report in Dc.
cember Is not what the people in the
copper trade expect 1t to be that we
will get n slight slump: but the best
opinion seems to be that the slumi
will only he temporary, and that Will
better general business conditions
throughout the country next year We
will get an increasing demand fol
metal and gradual rise in its price
and that prices of copper shares vii
discount this expected Improvement IL
the metal trade of 1911. | find that 81
| far as the stock market end of the cop
per shares is concerned, that 1t Is good
| that the public Is not being overloaded
| with them and that no big line oil
| copper stocks is being carried on mar
| gin in brokers' offices. All we need fol
better prices for the copper shares !.
| fairly decent conditions in genera
business. and a leader in the stocl
| market"