The Salt Lake tribune. [volume] (Salt Lake City, Utah) 1890-current, 1911-08-27
REVIEW Of THE
COPPER MARKET
Horace j. Stevens Gives Out
Statement Both Logical
and Timely.
MINING INDUSTRY
SOUND AT BOTTOM
But Agitation Elsewhere Has
Effect, Naturally, Upon All
Other Lines.

Horace ]. stevens. the Michigan cop,
per authority and author OF tne AM uai
Copper Handbook, he's made statement
TO Thompson, Towle Co. in regard to
the copper situation, which here follows
in .,Sla full .ro.,,, .,.,,,,on ,,o futu-e nros.
poets OF the copper metal market form
the subject Of many financial disquisl =
tons some OF which are based upon facts
and logic. while many are entirely mis-
taken In the former and utterly lack the
latter.
The copper mining industry has been
subject. for nifty years past, to alterna-
tions OF good and bad business. The same
comment holds true regarding most other
lines Of business. but copper perhaps Is
more readily responsive TO business huc-
tuations than any other important In
Cause of High Prices
"The high price of 26 cents per pound
scored by copper In March 1907 was un-
warranted, hut was brought about more
by the fright Of the consumer, ,t,a than l,n, by
level was followed by big drop In price
and the panic OF 1907 coming few
months later the copper Industry was
covery OF 1a0S-1909 brought about some
what better prices for the metal, and
very much higher prices ior copper
shares. For the past eighteen months
prices OF the metal and OF shares have
ruled at low average.
ANY general view OF the copper slru~
sumptive capacity of the entire world in
to consideration. The worlds copper sur
plus. at high-water mark. probably was
about $50. 100000 pounds. and at the pres
ent time. allowing for Dutch and German
stocks not given In the foreign figures
of supply probably is between 900, 900. 900
and 325. 900 pounds. or approximately
requirements. 1t is Obvious that the cop
per surplus Is not OF dangerous size, yet
II Is sufficiently large TO hold the metal
down TO low price.
Mining Industry Sound.
Copper shares. In common with in
dustrial and railway stocks have seen
dull times and low prices during the past
eighteen months. On several occasions
there have been spurts OF activity. but
these have lasted q few weeks only. The
general business situation throughout the
United States Is neither very bad nor
very good but would warrant an ad
vance in mining shares II the country
were free from the incessant political
agitation and the perniclous activities OF
the federal governmenJ.
Taking everything into consideration.
fall To- see any very bright prospect OF
share market until the present extended
political agitation is decided, one way
the other. We are rapidly edglng into
the presidential campaign OF 1912. and
presidential years are always off-years
in business, Furthermore. both political
parties are so badly torn by Internal dis
sensions that political prophecies for 1912
are mere guesses. Better prices for the
copper metal and for copper shares will
come in time. but I fear we must walt
another year. at least before even the
in the metal or the mining shares In
my judgment this Is not time to sell
good mining stocks. except through ne
cessity, and probably is a good time. in
which TO buy. for the man who is willing
to walt another year, or possibly two
years. for his profits