The Salt Lake tribune. [volume] (Salt Lake City, Utah) 1890-current, 1911-07-04
EUROPE A BIC
USER Of COPPER
June Exports Increase, Yet
Foreign Stocks Are at a
Low Point.
HOW THE DOMESTIC
STOCKS DISTRIBUTED
Europe Is Expecting Some
News to Still Further Help
Situation.

In spite Of the fact that the June cop
per exports are supposed 10 be near &c.
o00 900 pounds. the greatest OF the year
30 far the foreign surplus OF the metal
continues to decrease at a record rate.
AS shown by the London fortnlghtly sta
tistics, forecasted Monday. this Euro
pean surplus during the last two weeks
OF June was decreased fully PA tons,
which will reduce the total when the
Anal figures are released very materially
over the first of the month.
There is a very strong tendency to be-
lieve on this side OF the sea that the
domestic surplus will be reduced In June
from 10, COO, 900 to IL. 600 pounds. al
though these estimates are rather risky
quantities. On June the domestic sur
plus totaled about l66, 600, 900 pounds
and one authority believes that adr shls sur, r.
pounds; Lake copper, 50,000,o00; cleo
trolytic copper, held by United Metals
Selling company, S0.000.0oo, electrolytic.
held by other large reiineries, 49, 600: 900;
miscellaneous stocks, 10,oo0,ooo- This
same authority believes the Guggenheim
fear Of runaway market Is not well
founded in view OF the new producers
coming along.
Higher Prices Help.
Another interesting item emphasized
by the west against any material lmme
diate increase in production on the part
Of the old producers is the fact that the
increase In the price OF metal has helped
raise the earnings TO such an extent
that, If companies we're making divi-
dends with the past low prices, they GER
tainly should be sufficiently in the clear
with a lake output with the metal prac-
tIcally three-quarters Of cent per
pound higher.
Regarding the outlook, the American
Metal Market" says In recent Issue
Europe Is Expectant.
THE improvement in price abroad has
-,-az tt,z,t Etr,.z.
the market started on its upward move
ment abroad about the middle of May
that 1t would seem that there must be
some other cause for the successful ma
provement In the statistics and the good
consumption abroad. Foreign mails to-
day all speak OF the excellent reports
being received from America regarding
the Improvement In trade and the In
creased consumption OF copper. These
reports OF a change in the American
the foreign market for nearly month;
and the fact that they have not agreed
with the experience of the consuming
trade here except within the last week
there Is something OF greater importance
behind the late copper movement than
simply the Improvement in trade, In
other words. there arc probably some
plans, merger or otherwise. that are
going TO improve the copper situation:
shat these plans are known 10 some OF
tne INSIDERS, ana tnal III oruer 70 Iuil
suspicions as TO what they really are
fhe argument OF the improved American
consumption has been used.
MANY In The trade are beginning TO
think that there Is something In all this.
and the feeling is quite universal that
the market will probably reach 1s cents
in few days The slight improvement
IN the statistics and in the improved
buying Of the American consumers Is
not sufficient TO explain the advance
which has taken place OF nearly a cent
pound. The market Is quiet, but very
strong, sellers shy.