Weekly journal-miner., 1910-08-10

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 months preceding. This is probably
 the result of the voluntary cutting
 down of production on the part of
 some of the companies. There seems
 to be in copper circles a growing
 disposition on the part of the large
 producers to restrict their output
 without any definite agreement CT
 understanding between them. The
 Rothsehilds, who control the Rio Tin
 to, have recently indicated a will
 ingness to cut down their output if
 similar disposition should be shown
 in the United States, and I believe
 that several of the large companies
 in this country have already indi-
 cated their willingness to follow suit.
 Some of the Lake Superior eompan-
 ies, Phelps-Dodge & O., the large
 Arizona operators, and the Cananca people, I believe, are all cutting down their output. I think in couple of months from now the con sumption will materially have passed production and should this happen there will be a much better feeling in copper circles and an appreeia- tion in the price. The entire sur plus in the world does not more than equal four or five months sup ply. Another depressing influence mas been the extreme activity of the porphyry mines in publishing to the world how eheaply they can pro duee the metal which in the opinion of the best mining authorities is grossly exaggerated. A man who has wares to sell does not usually pub fish on the street corners how cheap ly ne can produce them, and the purpose of all this talk would sp- pear to be in the interests of stock speculation. The general impression is that these mines with greater depth will materially increase their cost of production as the overbur- den will have to be taken care of, and the depreciation of works does not appear to figure much in the calculation of the owning companies. The consumption of copper in Eu- rope is very large at present as well as in this country. In the United States manufacturers have been buying from hand to mouth, looking for lower prices all the time, and when an upward movement takes place there will be a rush to obtain the usual amount of stocks carried by manufacturers under normal con ditions."
 As is well known, the Phelps Dodge and Calumet & Heela com panies, two of the largest producers, have been curtailing the production since the first of the year. It is said on good authority that they purpose to continue this policy, and as indicated, it is declared that other large producers nave decided that this is the wise course.
 The "Irish Mag" considered the best producer of the Calumet and Arizona Copper company, at Bisbee, Ariz., was closed down indefinitely a few days ago. About 800 men are affected No reason for the action is given, but it is attributed to the  policy of eurtailing production.
 Producers expect that this eurtail- ment will soon have the effect of prices. They declare that the hand-to-mouth policy pur- sued by consumers in making their purchases has left them bare of stocks and that they will come into the market with more avidity as soon as they realize that eurtailment is actually in progress.
 As the result of the slow but steady decrease of the foreign visible copper supply during the last four and half months there now appears a net decrease since March l of "A, 4,129,6 500 pounds, or nearly 7000,- poo pounds less than on December 1, ioOo