Bisbee daily review., 1910-07-02
COPPER SHARES
SHOW A Loss
Of s30OOOOOOO
There Is Nothing in Sight TO
Warrant the Assumption
That Any Voluntary Cur
tailment VIII Be Made.

An enquirer signing a p. c. has
written TO the Boston News Bureau as
follows;
Worcester, Mass. June 241910
Are there any indications that mat
tiers are being fixed for a copper
speculation shortly? / notice tina
paragraphs are beginning 10 appear in
all papers as to a curtailment which
map force the consumers to rush in
and buy metal and which might result
in an abrupt lifting of the price of cop
per and then Of copper stocks. These
paragraphs remind me OF the early
merger campaign of last year. What
1 can you tell me of the present s-tua-
uon?"
To the above enquiry the Boston
News Bureau has replied as follows:
The market price Of copper shares
has suffered shrinkage from the high
point Of 1909 Of no less than $500. OOO.-
600, and the liquidation would seem
to have been complete unless there
are in allegiance more ugly disclosures.
AS TO curtailment. there is nothing
in sight TO warrant the assumption
that any such makeshift expedient viii
be attempted. II cannot be denied
that the present daily output Of Amer
lean refineries. amounting to 1000. 600
pounds per day, including Sundays.
is more than wa can market at home
and abroad. notwithstanding the con
sumption Of copper. except for the
wire industry. is. very close to maxi
num-
Mr. Morgan. who is usually ap-.
pealed to for the solution of our knotty
coal. steel and copper problems. is
quoted in a Paris cable to the effect
| that his influence will be exercised
toward bringing about an information
al curtailment agreement. We do not
believe that such an agreement is
feasible or that it could Withstand
attack from the attorney generals
office
The operation of the law of supply
and demand. and the natural and
consequent price movement, IN the end
must correct the difficulties OF over
production. The most effective method
would be a further price reduction to
such a point as would automatically
shut down the high cost copper pro-
dncers. Those mines which have in
vested millions in equipment
and underground openings in order 10
Place themselves at a strategic adj
vantage in times like the present, are
naturally unwilling TO Join in a big
curtainment scheme which will help
the newer and high cost mines out
Of their present difficulties. TO say
nothing OF inviting the hostility OF
Mr.. Wickersham.
Calumet & Hecla and Phelps-Dodge /
& Co. are quietly curtaining Their
outputs but only as individuals, while
the Amalgamated and their prophyry
competitors are forcing mines and re-
duction works to the utmost limit Of
capacity, determined, IL would seem to 4
make the situation as uncomfortable .
as possible for "the other fellow" In I
this connection it is to be borne in
mind that only by forcing the mines
20 their limit can a Nv output cost be
had and satisfactory operating pro
fit derived on the present II ~ cent
metal market.
The logical solution OF the problem. 4
therefore. would seem to be individual
curtaiIment by more of the big pro-
ducers or a lower prsce for copper
which will choke off the millions OF
pounds Of Improbable output now
coming 70 the market"