The Calumet news. [volume] (Calumet, Mich.) 1907-1938, 1911-10-11
THE COPPER SHARES.
Market Now Most Attractive Says the
Boston Financial News.


The course of the copper share mar
kot, however like that of the metal
leads To the belief that I'm both the
copper shares ana the metal there has
been most thorough liquidation Of all
weak elements ana that the copper
shares now offer the most inviting
field for speculative commitments
based on the business Improvement
that must manifest itself sooner or
later. There is a feeling, therefore, in
many quarters that the next active
speculation will be in the copper
shares.
Specifically, there does not appear
e. be any good reason for expecting al
Improvement in copper metal condi-
tins but closer look discloses the very
best OF reasons for expecting decided
improvement before many months and
that copper shares will discount it be-
fore IL comes. The fact that the COM
bined stocks Of copper in Europe and
the United States declined from 4O1
9Ol. 200 lbs on the first Of July 1910, to
a total Of 2S3,314,OOO lbs on the first
of last month shows that during the |
period intervening between those |
dates, there was an excess Of con-
sumption. In fact. the excess of con- |
sumption was probably larger than in
dictated as stocks in the hands of con-
sumers were also reduced
Speculation deals with the future
and it is the outlook that most con-
Germs men who speculate in copper
shares. The production viii no doubt
be fully as large and most likely show
a steady Increase during The next few
months as the newer porphyry mines
increase their output FOR the new pro-
duction viii no doubt moro than Offset
a reduced output from the older mines.
l. is evident, therefor, that the con-
sumption of copper must increase or
there will be a larger accumulation.
The copper industry is fortunate in
that more than one-half of our output
is consumed abroad There has been
some interference with consumption of {
copper in Germany and Great Britain {
from strikes and war scarcs but il has {
not been as severe as might be expect {
ed and tho steady outward movement {
Of the metal shows that consumption !
abroad is still on a large scale. The /
uses for copper are such that the nor
NAL condition is for an increased con- {
and there is no reason to be- c
ievc that the reverse viii be the case c
In Europe next year, or in other words, 7
Il is safe 10 count on a larger con- i
Of copper in Europe next j
year than there will have been in K
1911. J.
The chances for an Increased con- l.
in this country arc decided y
y good. IT is not 90 bee conceived that y
,ur industrial development has been y
checked or that our pco- \
be will not recover from the fears and \
loubts of the moment This being so, \
{ is only reasonable TO believe that \
'efore 1912 is very old there viii bc .
decidedly different aspect ON affairs O
nd. i'm place of the present doubt and q
esitation, we shall Doe once more maxi x
ng progress through the improve 5
lcnt of our transportation facilities -
nd I'm the other ways in which cop 81
Ter plays an important part. These 81
Kings cannot be forccasted i'm figures III
at there is every reason for the in v
cstor and Spectator basiug his oper- w
lions on the belief that 1912 viii w
ring prosperity TO the copper pro- W
ucing companies.
Looking still further ahead there are