The copper era., 1910-12-30
PRODUCERS BULLISH
 CONSUMERS BEARISH
Consumption of Copper Is Exceed. ing Production At Rate of I5,OOO.OOO to 25.OOO,OOO Each Month Recently.
THE METAL MARKET.

Oeo. w. WalKer m ms weekly cop per letter this week says:
 Copper is very dull and the market continues easy. Lake is l3 cents and electrolytic l3 3-4. Sales SO far this month have been appOintiugly light, but the prospect is good that there will be strong renewal of the buying demand immediately after the first of the year, and possibly sooner. The let-up in buying is largely due to the fact that this is the closing month of the year.
 This staguation will probably not be reflected in Decent Der or January statistics, as consumers generally pur- chased their supplies sometime ago for this month and next. I under stand that domestic deliveries are continuing in fair volume, and De- eenber exports promise to just about equal November
 Prodceers are buIlish on the met al market and most consumers are bear ish. Tha latter buy only what they are obliged tn, but this amounts in the aggregate to more than ever has been consumed at any previous time in the worlds history. Producers are well nigh sold out Such surplus as is now in existence is held by specu- lators, or has been sold by producers md is lying al smeltars and refineries awaiting the delivery dates named in the contracts.
 Consumption is exceeding produc- tiOn at the rate of l5,O0O,00O to 25,- 100000 pounds monthly Just now there seems to be little more than usual uneasiness concerning the im- mediate future of business conditions in this country. This has checked domestic buying for. future account. but to my mind it means larger de- nland for spot little later.
 There are great many favorable factors to be found in the metal situ ,tion. when it is viewed from long range standpoint. Very few ore de- 9osits are being found, and practi- Gally all the large ones known to ex st are yielding copper or are con- rolled by companies which will er- CT the producing list some time with 'n two or three months or years. I cannot figure out where the worlds supply of copper is coming from five pr ten years hence. or course tb, world will be supplied, but the de nand is very likely to be curtailet ;ery considerably by high metal .'rices. The average price of copper for the past ten years has been abOu' 1-4 cents a pound. I believe tn, average price for the coming decad' will be higher than this.
 There has been almost q dearth of r-lding in the coppers this week an, prices have shown a disposition t, -ag. Public confidence has been shat cred by the numerous unfavorablt
 developments of the past year or two
 nd this, together with the depressed ,onditiOn of the metal market, bas made copper mining investments un- ,Upular. Share prices have reache, | ridiculously low level, as is prove, | y the fact that mining stocks are il many cases selling for less than tn, i'ineral land owned by the cOmpanie you'd bring in the open market.
 To illustrate what I mean, per H,nally know of one mining compan, whose management has recently dis 'ussed the possibility of winding u, Is affairs and selling it's property he proposition was presented to tn.
 ading official of another compan, 'perating in the same district. and b. promptly bid the equivalent of 20 peI cs-nt more for the property of the com Jany irst referred to than it's stock selling for in the market. Receu sales of undevelOped mineral land ave been made by the St. Mary, dineral Land company on the basI # 5750 10 5I 900 an acre, while tn. present price Of Michigan Copper stock represents only about $50 al acre for it's land holdings. Undoubt sdIy Michigan property. includim. aiming equipment, etc., could be soli Ir 5J to 100 per cent more than representa- by tine market price of il -tock
 To carry the illustration further
 aspiration. with l8,Ol00OO tons G demonstrated ore, which under treat ment should yield SIS, S,OOO, 900 in profits is selling in the market on the basis nf s, ,OOo, ,OOO. and of this amount S2, rnO, 900 is cash in the treasury. Int current price of Chino stock repre-