Bisbee daily review., 1911-03-03
Mining, Stock Reports, Financial.

-- AAH-f-r rr fN+NA NAAf-t NtANA' NAN not mines enonsA iE tae world in 1906 to supply the demand TOT copper. and the metal was forced to ridiculously high prices. not by speculation. but by actual legitimate demand. During the panic of 1907 and the two or three following years Of recon .tion there was practically no eurtau- ment Of copper production. New pro ducers entered the field ana every ! company that was able to do SO in- ! creased its output Consumption was greatly reduced by lhe panic ane ! the present surplus actually repee- sents the excess Of production over ! consumption during the period os gen eral business.
 The principle ot curtsnmeut of out put to the extent of 10 to 20 per cent by all producers is the only safe, sane and effective method of correcting the existing evil If the price os the metal were marked down to I2 cents. mining company with 12-cent cost sheet could not afford to close down it's mines on an 1I-cent copper mar ket To cease operations would scat ter a company's working forces. dis organize and discredit its manage ment and in1ure the company and it's employees more than would be repre- tented by it's 1caseB in our reserves if 1t continued to make copper and sell it at actual cost or a small loss.
 When copper sold down to nine cents in 1892 # did not caune any material reduction in the worlds out put. Production had been increasing previous to that time and only a slight halt was occasioned by the slaughter
 prices The worlds output in 1929 was 726.S9l2o0 pounss; in 1904. 749.. f25,60o pounds. in 19o6, S36. .S33, ,120 pounds and it continued 10 groN steadily in the years following. In 1890. when copper sold as high as r IT cents, the worlds output was only 629.579.200 pounds.
 There is no doubt whatever that there vii be very decided improve ment in the copper situation in the not very distant future The public has it's eye on production and is am aged by the rapid growth, but it has failed to notice the tremendous in : crease in consumption during the past year or two. The brass makers of the Connecticut valley, for instance, consumed more copper in the first nine months of 1910 than in the entire F months of 1909. While some con sUmers are now reporting that their business is dull, others admit that ' theirs Is improving. A return Of gen | eral business to a normal basis and a renewal of construction operations { by transportation and industrial en- ' terprises in this country will increase consumption 15c,OOO,OO0 to 5OO. .00O.- 900 pounds annually My personal | opinion is that copper will sell st 20 cents pound again within hge years
 ! The strongest thing about the cop | per share market s5 the fact that ! stocks have been thoroughly liquid ated and sold down to almost unpre- ! cedently low price levels. Bearish factors of every possible character have combined to create the present ! depression. Tsere is nothing un- favorable about the copper situation that is not known and which has not been very greatly exaggerated. The one thing needed to impart a hopeful | tone is a slight further increase in eoplfeT' Vonsumptioni With money working easy the world over. a grow ing demand for bonds and other in- vestment securities and a decided ten dency beginning to become manifest on the part of big business interests to do things. it would seem that this large consumption must become a reality very soon.
 One of the factors which i.i now
 operating to keep prices down is i the pending Calumet & Hecla mer- ger. Favorable or unfavorable de veloDments at any one of the mines of the companies 10 be included caus- es neither buying or sei.lng of it's l stock. The situation is such that the shares Of the II companies must con tinue to sell in about the present re lationship of prices to one another until it is determined definitely wheth
 CT or not the consolidation plan IS to be successful.
 There is growing feeling in trade circles that the recent copper din- ners in New York are preliminary to the establishment of a much bet ter general understanding among pro ducing and consuming interests. Some time ago similar dinners were
 held by the iron and steel people.
 Out of the preliminary work done at
 hese banquets was organized the
 American Iron & Steel institute. Judge Gary of the United States Steel
 corporation, a man of remarkable di- [ r,1n arI Ir.-sw--.-