The Calumet news. [volume] (Calumet, Mich.) 1907-1938, 1911-09-26
MINES AND MINING, STOCKS
THE COPPER SITUATION.
Important Factors That Are Keeping
the Market Depressed.

the Market Depressed.
At the present time the copper stu
alton is attracting special interest. par
ticularly since II is seen that as do
nestle stocks have decreased the mar
ket price of the metal has also de-
clined During the last three months
United States stocks Of copper in pri-
mary hands have been reduced 32 %
554,431 pounds. but In spite OF that
seemingly fortunate circumstance. from
the sellers point of view, the market
developed lower prices and decidedly
weaker tone.
The stocks OF surplus copper I'm this
country on Sept. l amounted To 1S3,-
4il,5O1 pounds. compared with 16S,-
SSL2i5 pounds on Sept. l, 1910, but
strange as il seems copper is selling
three eighths 10 one-half cent per
pound below the quoted prices on Sept.
1. 1910. We have been accustomed 10
believe that the size Of the surplus sup
Fly had much 10 DO with making the
price of the article, but at present IL
is necessary TO look further and probe
deeper 10 find a satisfactory explana-
ton for the peculiar conditions noted.
Il is evident that the market is not
moving side by side with statistics II
that were the case copper ought 20
be bringing higher figures. There are,
however, other important factors play
ing their part in keeping the copper
market in a depressed condition. says
a circular issued by the National Con-
duit & Gable Co. Increased production
and the rapid expansion OF concentrat-
ing and smelling capacity has proved
a most severe blow 10 confidence I'm
copper prices. The intelligent manu-
facturer cannot be stampcdcd into buy
ing copper on the mere showing OF sta
tistics for any single month That day
has passed. The steady and persist
ent development at both new and old
mining properties has swelled the vol
ume Of output TO such enormous di-
mansions that every well informed bu-
yer of copper knows absolutely what 20
expect AS one after another of the
important properties increase the de-
vices for adding To output. the manu-
facturer who cares for the most ele-
mentary requisites Of good business
management would not think of bocom-
ing an aggressive buyer Of copper un-
iii more normal conditions are estab-
lished.
No one who will .ake the pains to
investigate conditions at the leading
mining districts can help reaching the
firm conclusions that the copper min
ing industry has been developed far
too rapidly for its own best welfare. !
The elaborate plans FOR an enormous |
production at the chief ccnters have |
created one Of the most remarkable !
periods of depression in the copper /
market on record. And it SO happens |
that the forcing Of activities al pro- |
ducing sources has taken place dur |
ing the last three years. while the /
country has been trying 10 recover !
from the effects OF the panic of 1907
During the three years ending Dec |
81, 1910, the total production of copper /
for the entire world amounted 10 |
5.5S0, 2S3,2OO pounds. against 4,726.S 2j,- !
coo pounds for the three years ending |
Dee 81, 1907, an increase Of S53.457.- |
GOO pounds. The annual increase in /
the worlds copper production in 1910 /
compared with 1907 was 3ll.325 400 /
pounds. Last years production for !
the whole globe was l.gl0G0S 900 |
pounds being an increase in the last |
decade Of 7j3,3Gl2S0 pounds. Such "a
demonstration accounts for
the utter lack Of market strength. and /
unless there is more conservation Of /
copper values while they are beneath
the surface the market may fare worse
than it has done Of late.