The Salt Lake tribune. [volume] (Salt Lake City, Utah) 1890-current, 1910-05-02
KEEP ON PRINTING
THE COPPER NEWS
Eastern Paper Believes Public
Should Have the Regular
Monthly Figures.

| As unfortunate as il may he To have t.
give in detail the copper statistics Of tho
| United States, as is now being done from
the standpoint OF speculation in copper
shares, IL Is earnestly hoped thst the ru-
mors circulated this week that the Cop
per Producers association was consider
inE the advisabiIIty OF discontInune these
reports VIII not he found TO be correct,
says the New York Mining Age.
Tho publication Of these statistics from
month TO month undoubtedly furnished
basis 10 inlure stock speculation In
copper shares. but AT the same time they
furnish good evidence of the actual con-
put, consumption and reserves are con-
cerned This in the long run Is bound
10 have a beneficial influence toward all
interested In the copper stocks.
The point has been made that the chief
reason justlfylns the abolishmcnt OF these
reports is due To the misunderstanding of
the figures published by the public at
large. That excuse is true but is moi
in itself enough Justification 10 abolish
publishing them entirely. Copper sta
ustes to date as published by the Cop
per Producers association have undoubt-
edly been misunderstood. For instance,
the worst report submitted by the asso-
citation TO date was about fourteen months
ago, when a surplus reserve OF 100 600. 900
pounds was shown, This was construed
as being a very bad showing. Later the
reserve dwindled gradually until II iell
below 100, O00.0 pounds. Recently the
surplus has been on the upward move
again and is now over l20. .000, 900 pounds.
II any one viii stop 10 consider for
moment that this reserve is simply one
months supply as at present used in
this country. they Will appreciate that
this surplus in fact Is no reserve at all.
representing normal carrying supply
TO meet any unexpected demands that
might be made on the market This Is
where the misunderstanding OF the fig
ures previously referred Ia strikes the
association hard. Copper producers have
universally considered this showing quite
but tho public at large have
taken a totally different view. What
would they have said five years ago. when
$50 100000 pounds. This represented a
three months reserve, and there was i'm
fact some justification for getting worried
as 10 the outlook
1hc only satisfactory basis. however
upon which TO arrive at copper COnclu-
statistics OF the world. In times OF panic
II Is well known that foreigners buy
American copper on a large scale. as the
facilities among the banks for carrying
the metal abroad arc far superior to those
furnished in the United States. The
banks here arc not overwhelmed 10
oan much money on copper warrants.
whereas abroad. particularly in London
and Hamburg, they frequently carry as
much as 25O. .O00. 900 pounds.
At the moment IL is the impression
hat prevails that the foreign market is
lolding large surplus supplies that tends
% create the ill-feeling now existing here
tirlc people Will learn later on that a
Lao .000. 900 pound reserve. IL the Copper
Producers association figures arc correct |
iocs not mean any reserve to speak of.