The copper era., 1911-04-28
WALKERS WEEKLY
 COPPER LETTER.
Metal Dull and Weaker-COnSumerS' Stocks at Minimum The Selling
 Agreement Question,
Copyright, 1911, by Dukelow & Walker Co.
 THE METAL MARKET.


 Copyright, 1911, by Dukelow & Walker Co.
 THE METAL MARKET.
 Copper is dull and the tone of the market continues heavy Lake i, offered at 12I cents and electrolytiC at 124 cents per pound. There have been few safes of any importance for 10 days past. Consumers are so bare of supplies, however. that they will be obliged to come into the market within week or two and buy sufnci ent metal to take care of their cur rent requirements.
 Authorities state that if consumers carried the amount of copper now they did b or 20 years ago, pro- | portionate to the annuai consumption then aud now, there would be very little if any visiblesurplus at present. It is claimed by some of the produc ing interests that the publication of figures every month, showing output, imports, exports and domestic de liveries and supplies on hand, is a severe obstruction to the free and natural conduct of business Con sumers view these figures through magnifying glasses, II is claimed, and are afraid to buy when stocks are large, and that they will be afraid to refrain from buying when stocks again drop to a minimum. Thus their action, influenced by the published figures Op-rates to the detriment of both producers and consumers. When producers want to and need to sell, consumers will not buy: and when producers have little or no copper to sell, consumers buy and bid prices up against one another It is this view of he situation that causes some prominent interests in the trade to strongly advocate the abolition of the Copper Producers association monthly figures.
 The need of selling agreement between producers is keenly felt, especially at the present time, and many consumers as well as producers rcgrst that one cannot be effected legally. II is understood that Ger man consumers, for instance, now buy their copper through central com mittee, thus taking an advantage over American producers that the United States government will not permit the mining interests to meet and resist. The producing interests are of much greater importance to the American people, as only 40 to 45 per cent of our copper is consumed here, the remainder being sold abroad. It is reasona ble, therefore. that protective selling agreement should be permitted, provided it can be conducted on lines that are ac- ceptable to both the manufacturers and the ultimate consumers.
 Conditions in the trade are such that violent fluctuations in the price of the metal are more annoying to consumers and work even a greater injury to them than to the producers. While low prices to a certain extent encourage consumption, much more copper would be consumed were prices maintained regularly and steadily around IA or l5 cents Compared with the aveSage prices of the other commodities with which it comes into competition, copper is well worth I5 cents d pound If maintained at this price consumption would increase, 1 believe, even more rapidly in the future than it has in the past This would mean fair profit to producers and the proper encouragement of a great American industry.