Bisbee daily review., 1910-05-24
STOCK markets, RAILROADS, Financial AND MINING

it was not 10 be expected that Eur
opo would continue indefinitely 70
take cur copper of our hands. and
We must naturally await the ABSORB
tion Of the supplies that have been
transferred there.
The daily rate OF production IN
April was 3.915.s2I ID. which was a
little larger that in March. but was
10000 ID. smaller than the maximum
reached in February Domestic de-
liveries continued at a satisfactory
rate. being a little less than the aver
age for the first quarter of 1910. but
a little more than the average for the
last quarter OF 1903
The tota! visible supply in Europe
and America at the end of April was
3SS,S54 $50 h.. compared to 3S9.S6l,
I27 ID. the maximum, reported at the
end OF November. 1909.
THIS shows that during the last
five months production and deliver
les have been about equal There is
reason 10 believe that actual con
sumption has been in excess Of the
deliveries. At the end OF 1909 Amer
lean manufacturers probably had a
surplus OF 10000, 600 ID. in their
yards. aud during January. 1919 they
undoubtedly added about 10000, 900
ID. to this inv sible supply. At the
end of April their accommodations had
probably decreased materially. the
outlook being that they win have to
make substantial purchases this
month.
It is difficult to determine the true
statistical position in Europe in the
third quarter Of 1909 the reported
deliveries we're 20s,61i 200 ID: in
the fourth quarter. 207 Pei 800; in the
first quarter of 1910 they were 242
612, Ice. It seems improbable that act
ual consumption jumped from the
rate Of 69.000.000 ID. per month L
81 900, 600. from one quarter 10 the
next. The European statistics tax
into account the stocks at 10 British
and French ports and depots. but ap
parentIy the arrivals at all European
ports are charged out immediatell
as deliveries. whereof a portion may
become invisible supplyT The appear
ance of the statistics of deliveries
during the first quarter of 1910. in
dicates that the large blocks OF COP
er brought by European houses IL
this country in November last were
accented in January and to a larg'
extent became invisible supply il
Europe: and that lately consumers
wants have been filled from thil
: scource. wherefore the public stock
have 50 far undergone but slight re
duction.
This leaves the status Of actua
consumption in Europe ia a goo'
{ deal OF uncertainty The consumption
abroad has been increasing according
10 all advices. but apparently not e
the extent expected as the natura
increment. and there is probabl,
room for a good deal larger ABSORB
ion OF copper in Europe,
This is. indeed one OF the great
hopes for the future OF the cope
market, pending the appearance @
The new supplies that are promised
in 1911. As 10 the immediate pros
poets. the sudden change in senu
ment in the stock markets last weel
affected the metal, and producers
who were contemplating further cor
cessions made up their minds 4
stand fast. Some buyers who needed
10 replenish their supplies deemed
is unwise 10 defer their orders an
aud others viii probably have 4
come into the market presently. Tin
effect of this will be somE stiffenini
Of price. which. in fact. has been a
ready manifested. But considering the
quantity for sale, no CHEAT things il
the way OF an advance are TO b
expected.