The Salt Lake tribune. [volume] (Salt Lake City, Utah) 1890-current, 1911-01-29
Leading Authority on Metal Sit
uation Sees Much Hope
in Future.
SAYS NEW PRODUCERS
ARE NOT DANGEROUS
Gives Reasons Why Copper
Prices and Consumption
Should Improve.

E c. Fothorn, one of the best versed
of eastern metal authorities. and OF the
metal selling firm OF l.. Eogelstein Ss Co
of New York was a brief visitor In Salt
t-Lalse City Saturday morning en- route
east from San Francisco. To The Tribune
he gave a comprehensive review OF the
general metal situation. saying in regard
to copper:
THE estimated worlds production of
copper I'm 1910 was $500 metric tons.
against Ss4. 100 In 1909 and 1868 metric
copper in 1910 is estimated at 90S. sos
metric tons. against 333.739 In 1909 and
7s7.5s+ In 1905. 1t Will be seen from this
that consumption during 1910 exceeded
and is making particularly great prog
ress, increasing its consumption over 1909
by about 600 gross tons. and over 1906
by 100000 gross tons, The United Staes
centnge, but even so shows the very sat
isfactory increase in deliveries OF 19,StO
gross tons In 1910 over 1909
Stocks OF copper accumulated in the
period OF depression have been reduced
materially and production OF copper in
the United States has shown a negligible
Increase, The wise move inaugurated
about the middle of last year to cur
tail American production has had very
salutary effect on statistics and market
conditions.
1910 Prices Disappointing.
Prices in the year 1910 were disap-
pointing from the producers point OF
view While II Is true that theore tlcally
the average price Of copper has not been
over l3 cents for a period of ten years
past. II also is true that most OF the
mines which produced ten years ago
cannot now produce at az low n cost.
partly on account Of the greater depth
et which they are now forced to conilne
their, operations partl-- on account OF
inc lower copper contents OF their ore
but principally on account Of the higher
cost OF labor and mining supplies.
The effect OF continued low level OF
prices for copper has been to discourage
tically no new mines have been opened
In the past two years The lack OF ex-
ploration is bound to bring a shortage OF
supplies ultimately when consumption
However. this very serious aspect OF the
future is lost In the difficulties OF the
present
II do not say. however general op!n-
Ion to the contrary. that the copper mar
ket cannot or will not do better during
l"li. The facts that the worlds con-
sumption: particularly European con-
sumption, is increasing steadily whilo the
worlds production has Increased SLOWLY
and accumulated stocks have decreased.
are bound TO have an effect on the
market Immediately sentiment changes
from its present pcssimistic temper to
one OF greater hopefulness and optimism.
Consumption to Increase
am aware OF the new production
which VIII come upon the market In 1911
put according TO our most painstaking in
veStigation We believe consumption Will
Increase In equal ratio Business In this
country has been dull during the last few
months, but in spite OF the very few new
installations during the past year cop
per consumption has been larger than
ever before. In my opinion the present
Voiume OF business on the books OF cop
per manufacturers cannot be reduced ma
terially, the bulk Of IL being for mainte-
nance and repairs OF old equipment and
little for new construction
It also is my opinion that the de-
mands OF our growing population and
increasing wealth will lead 10 further
electrical expansion requiring large ouan-
utics or copper and that this deyelop-
Inent VIII be forced regardless of general
conditions by the pressure OF economic
industrial progress. as evidenced by the
steaoliy increasing utilization OF water
power and electrical equipment for manu-
tacturing and transportation
current apprehension relative To the
production of the new low-grade conner
mines which Is responsible for the ey.
listing low prices, will In time be proved
eroundlcss. Reasonable and sensiI,la ra
stnctlon OF output is required as means
ol sen protection 10 these large proper
lieS' and. in conjunction with the deveI-
opmcnts referred to- will exercise a con
servative influence on the copper markat
ana In the end make for higher prices