The Salt Lake tribune. [volume] (Salt Lake City, Utah) 1890-current, 1910-03-24
ALL EYES CENTERED
upon THE MARKET
Wednesday Was Bruising Day
in East on Account of Many
Uncertainties.

The eastern markets Yesterday were
matter OF some concern TO local in
Vestors. for prices went tumbling as Al
rule in he0dlong fashion. The trouble
seemed to start with excessive liquida-
ton in the smeltors without support
either. professional or public. One well
Nerscd in general conditions points out
that the markets arc in a very peculiar
position and conservatism has been en-
phaslzcd TO the extreme, lie says:
There is a great deal disturbing the
country right now. Among these Items
Of unrest can be mentioned the labor
disturbances; high cost OF living: the
tariff agitation with Canada; The pend
Ing cases before the United states su-
preme court on trust questions political
uncertainties and the big copper merger
now on foot This latter situation is
especially bad. for it involves count
less stockholders and more millions Of
dollars worth Of securities than j am
willing TO estimate, the basis of the vari-
GUS deals not being rounded out or
known merely To the insiders putting the
deals through. II seems Il period for con-
servatism, and there Is so little TO jus
tlfy tn" public entering the markets at
this time
That copper metal Is by no means in
hopeless tanele. however Is the gen
editorial appearing in the. last issue OF
the Engineering and Mining Journal;
The increase in the accumulation OF
February was not unexpected among the
is the showing unfavorablc. The Janu-
AIRY statistics looked much better than
they were, the reverse Is the case win
respect TO the February figures. During
January, domestic manufacturers ac-
Ceptcd delivery OF a good deal more cop
per than they used. and at the very end
patched from the reflneries for export.
delivery being FASTENED for reasons that
II Is Unnecessary 10 go into. II these
shipments had been delayed day or
Il
er decrease in the accumulation, and
February would have shown decrease
instead Of an Increase
The most surprising feature OF the
February statistics Is the continued large
production. which averaged 4,O2SOOO
pounds per day. against 3.I6O,oOO pounds
in January. This shows that the de-
crease In January WAS due only TO re
hncry troubles. as We pointed out at
tho time, which were corrected in Feb
rUary: and that the decreased produc-
affected the rehners UP TO the END OF
February. 1t may he expected TO show
in the figures for March,
The deliveries for export are likely TO
run small for several months to come,
We have been for a long time transter-
ring a large part OF the accumul laton TO
Europe, and, OF course, we are bound TO
wait for It's absorption from there. Con-
II is the total visible stock
that should receive attention, rather than
that existing upon this side alone: The The
total visible supply at the Glu OF fSD-
ruary was 36i .33S SOC pounds. which was
an increase OF about l5.OOO,oOO pounds
for the month. but a decrease OF about
"a 600 600 hounds since January l. and
about $4,000, 900 pounds since December
l. The fact that the visible supply OF
Europe Increased only 100000 pounds III
February in the face Of the large arriy-
ais from this side is encouraging. Equal
IS encouraging Is the large amount OF
copper taken In February by domestic
Deliveries are not The
Same thing as consumption, but the In
dications seem to be that the actual
in this country is now going
at the rate OF nearly 100000 pounds
per day, with an increasing tendency.