Bisbee daily review., 1911-01-19
C.& H.MERGER E CALLED
 WEAK
CBy Geo L. walker)

cents pound. The statement Of the Copper PToduy3rs association. GOV erins the month of December. was favorable inasmuch as it showed a further reduction of S,35S.S74 pounds in the American surplus. This, to| gether with decrease Of 5.f94,72e pounds in the foreign visible supply. made total shrinkage during the month of IS.S53. 549 pounds in the worlds accumulation.
 The statement was construed as unfavoTabIe, however, it having been generally expected that the decrease in the surplus supplies would be very muh greater than it was. Exports were even larger than anticipated; but domestic deliveries were only 43,5s4.01S pounds, comparing with 67,S14,172 pounds in October. This sharp falling off is practically un- explainsble. That home consumption has shrunk in anything like this ratio is incredible. IL would seem that December statistics must re fleet pericd of delayed deliveries If this is the explanation, there will be a very great increase in this item shown by the statistics to be pub hshed a month hence.
 Outside of America the world is consuming an unprecedented amount Of copper. Exports are almost at the high record point. and notwith- standing this the foreign visible sup ply Is. steadily decreasing. ] do not believe that nome consumption has fallen off materially, and I anticipate that sArinkage in the worlds sur plus will continue uninterruptedly The recovery from the present period o depression, however, is likely to be much slower than has been hoped heretofore Producers and selARg agencies report a consider able increase in the inquiry from consumers since the first of the month, and there is now a good prospect that January sales will be very large
 The continued weakness of the Calumet & Hecla group of stocks. which had its origin in the unfort- unate character of the proposed plan for consolidation. has been the chief characteristic of the copper share market this week. Since it's an- nouRcement Calumet & Hecla stock has declined about 70 points. and the other shares to be included have gene down portionately. All of these stocks are selling at ridiculous ly low prices, yet investors and trad CTS are afraid 10 buy them. some fearing that the consolidation plan will be, and others that it will not be successful The first believe that many of the stocks to be included are worth much less even than they are selling for now; and the second. that in the event any one company IS not included, the holdings of its stock in the Calumet & Hecla treas ury may be thrown on the market, thus forcing 8 further extreme de cline.
 The announcement that the lead ing metal selling agency has re. duced its asking price for electro lytic copper a quarter of a cent per pound, this action following a report by the Copper Producers as sociation which did not quite meet expectations has naturally tended 10 intensity the general discOurage ment already prevailing. The fact that the year 1910 recorded a very considerable increase in the con mrrfnffnr of Al. eTally declining sales of iron and steel. seems to have been overlooked or forgotten. While it is true that production is abnormally heavy. and also that there is a considerable ac cumulation yet to be disposed of the copper market is one of tho brightest spots in the entire business situation; for all the mines ara producing from & to 100 per cen capacity. and the visible supplies o metal, notwithstanding. are stead fly decreasing
 There has been by far a greate, decline relatively in copper shar, prices than in any other group O stocks. Mark railroad and indus trial snare prices down from 9 % 90 points below their present leye and they would be selling on an proximately the same basis tha The eoppers are new It should no be forgotten that there are tw sides to the copper situation. If pro duction has increased too rapidly.
 certainly reflects great credit ai the mines for their bountiful yield This brings us to the point wher it must be admitted that the mine as a rule have made good Alread the consumption of copper has ovel taken production. and it is only.
 question of time before the meta trade must again be highly proi
 porous
 Some time ago I called attentio
 Co the fact that 1910 was a mos