El Paso herald. (El Paso, Tex.) 1901-1931, 1910-01-03
MINING NEWS.
MINING NEWS.
LIBERAL PURCHASE
Of COPPER LAST
FEW WEEKS
Weekly Review of Copper,
Steel and Pig Iron Mar
ket and Production.

New York, n. Y. Jan. Cooper eN-
porters have been in the market pul
chasing quite literally for FEBRUARY
and March delivery. and some moderate
purchases for January shipment VI
February and March delivery the prices
realized are equivalent TO 13 Il TO
1853 cents f. o. b.. or Is IS TO IL Of
cents delivered 30 DAYS for elecjrolytic.
in the New York market. or practlcaily
is cent higher The selling basis Tor
the first quarter of the year has there
fore reached the le-el at Whlch me
ANA lgamated interest has been quot
ing. and it is understood that they nave
now accepted most of the business Ior
export
statistical Position Favorable
The more active buying by dealers
has been encouraged by the more Ia
vorabIe statistical position. which Will
ne shown by the movement ,of copper
during December. It is estimated lnat
deliveries into domestic consumption
and for export Will be about 69,OOC,oOo
pounds each. making the total Decem-
Der deliveries 100000 pounds IL Is
also claimed that there has been a de-
crease in the output Of refined copper.
and instead eff rate OF a little over
1000 0O0 pounds per day for DecemDeI,
the output will show a decrease OF
from 100000 TO 100000 pounds 1Or
the month so that stocks will be re-
duced between 10000 600 and 15,000,00O
pounds.
European Consumption.
? OF course. this does rot mean that
consumption has actually reached the
rate of 100000 pounds in Europe
The full decrease in stocks in this
country will be fully offset by an IN
crease abroad. but as spectators are
still the most important factors in the
market this point will have small GEAR
ing upon operators. and therefore q
higher market is looked for within the
next week or two. when consumers
come into the market for February and
March requirements. more active
speculative mover. mt is likely TO pre-
cede buying by consumers
Steel Market.
There IS still keen interest in fabrl-
Gated and structural steel contracts,
with more liberal specifications and a
fair aggregate Of new orders.
During the past week heavy specifl-
cations on contracts have been made
which will probably run the total con-
tracts for December up TO 125oo0 tons.
it is expected that January will be
light month. but heavy increase IS
assured during February.
Pig iron.
The recorded sales of anthracite and
coke pig iron. made by merchant fur
naces during 1909. aggregated approx
mately 100000 tons The sales OF
charcoal iron and alloys bring up the
total 10 well over 100000 tons There
also have been contract, for steel max
ing iron especially, placed or sliding
scale basis. estimated at somewhat over
a million tons, making the total con
tracts for all kinds of pig iron during
1909 about 100000 tons
The steel companies themselves pro-
duced and largely consumed upward of
II coo, 600 tons As the output of all
kinds OF iron during the year has been
approximately 25.1SO.00 tons. stocks OF
about zoo 900 tons are indicated This
showing is slightly modified by i'm
ports and exports. The impOrtations
during the year. estimating November
and December. have been about $4,000
tons. while exports have been about
900 tons.
Year's Consumption.
Deductions from the above figures
indicate that consumption during the
year has been approximately 25.S00,O 0a
tons. and that furnace stocks Of about
700 600 tons existed. At the beginning
of the fourth quarter of 1909 stocks
on furnace banks and in the hands Of
SPECTATORS were somewhat in excess
of 1900. geo tons. so during the last few
months nearly half OF this surplus has
gone into consumption channels, a.
nacoSS-9i1v melted