The Salt Lake tribune. [volume] (Salt Lake City, Utah) 1890-current, 1910-11-18
COPPER MARKET
DUE TO IMP ROVE
Optimism of Operators Has
Broad and Solid Basis,
Says Big Man.
RECOVERY OF STOCKS
HAS NOT FOLLOWED METAL
Price of Metal Going Higher and
Securities Will Do Like
wise.

The wide fluctuations in the big mar
kets Of late have created no end Of in
terest throughout the country. After
the close OF the market yesterday, a
statement was received over the private
wire OF James A. Pollock & Co. from
j. w. Prentiss OF Hornbower and
Weeks: which is as follows:
1T can probably be said that people
interested in copper stocks, and in cop
per metal. are inclined to oe more bullish
and cheerful than any other class OF
people interested in financial affairs In
New York today, Their bullishness Is.
however. of a temperate nature. backed
Of confidence. / think this is so for sew
eral reasons To begin with, we have
mad long and drastic liquidation in cop
per shares. and in the more speculative
issues we have Witnessed greater pro-
pnruonato drops than in almost any
class OF stocks, and since tho bottom OF
market was reached In July we have
not had recovery in the price OF cop
per shares nor speculation in them
which has been at ali proportionate with
recovery in the price OF railroad and in
dusiria shares and tho size OF the
speculation in these latter 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 big spccula-
tlon In steel stocks, Tho fact that the
price OF the metal is on the mend is due
TO two causes-one. the increasing de-
mSnd' nis particularly from Europe; the
Added to this. feeling of confidence
IN the general copper situation has been
gwen by the known attitude OF sellers
away market in the metal We are.
however. at the moment in a rather
critical position. as regards future senti-
inent on the situation. both as regards
reason: In the latter part of the sum
mer II was announced that an asree-
ment had been reached by the copper
producers Of the world to curtail pro-
duction about Is per cent. This was
not a signed agreement: only a gentle
mans agreement. 1t had. however. the
effect of stimulating a de-
mand for the metal. and stiffenod the
backbone OF the consumer and made him
more willing TO buy copper. This de
lnand was particularly noticeable In Eu-
rope, as has been mentioned before On
account OF this agreement to curtail pro-
duction. everyone naturally looked for
an immediate reduction in the supplies
OF metal on hand. as reported in the
monthly statement. of the Copper Pro-
ducers association. AS these reports
present the production Of refined cop
per from refineries. and not mine pro
luctlon, they did not Immediately re- |
fect this curtailment by the mines, and
some disappointment was caused on that
account However. since August ! each
report has shown decrease of amount |
Of refined copper on hand but each re-
port has not shown a decrease in the |
amount OF production.
Early in December We will get the |
next report. and well l-posted people I'm |
ne metal trade are looking forward 10 |
his report With considerable anxiety. |
because fhey feel that 1t should not only |
show big decreased amount of refined |
copper on hand, but that 1t should also
show big decrease in amount Of re-
Tined copper produced. because II will |
De time. when this report is issued for
he curtailment production OF mines to
'how IN this report and people figure
you'd indicate that this so-called gen
leman's agreement is not being lived IN
o and that II will have the effect of
weakening the purchaser of metal and |
nus inJurlnE somewhat the demand and
I Is possible that If this report in De
'ember is not what the people in the
copper trade expect it to be that We viii
get slight slump: but the best opinion
seems to be that the slump will only be
temporary and that with better general
ry next year we Will get an increasing
demand for metal and a gradual rise in
is price. and that prices of copper shares
VII discount this expected Improvement
n the metal trade of 1911 find that
10 far as the stock market end OF the
copper shares is concerned that It js
,ood. that the public is not being over
oaded with them and that no big line
u copper stocks Is being carried on mar
I'm In brokers' offices. All we need for
'etter prices for the copper shares is
airly decent conditions in general bu.i
'ess. and leader in the stock market"