The Calumet news. [volume] (Calumet, Mich.) 1907-1938, 1911-01-23
THE COPPER SITUATION.
Walker Takes Optimistic View Or
Metal.

Metal
Walkers Copper Letter in Saturday
Boston Commercial said:
Copper is more active and prices ar,
showing no further inclination TO sag
Lake is f25s 10 IS cents and electroly
tic 1914 10 pa cents a pound. Bids OF
1880 cents Tor lake this week have
been refused. some small lots of cleo
trolytic al forced sale about 10 DAYS
ago brought 1925 cents, and the fact
was widely heralded as "a slump in the
price of copper; but the only real de-
cline occurred two weeks ago when
the asking price for electrolytic was
reduced from 10 10 i2& cents.
There has been more misrcprescnta-
ton Of the copper situation and more
misleading statements circulated re-
Gently than at any previous time I'm
two OF three years. There are power
fu interests in this country who are
exerting their influence AN the time 10
make it appear that the metal prices
are fractionally lower than they ac-
tually are. The big foreign buyers
constantly manipulate the London
market for c.. NJ. b., or standard cop
per, making il look exceedingly weak
whenever they wish 10 buy large sup
plies Of the American producers.
What is more exasperating than this
Is the readiness with which some COM
mercial and financial newspapers lend
.frf.tf .tf
false statements detrimental TO the
copper market; for by so doing they
help 20 depress and iniure one Of
Americas leading industries. and they
become allies OF the foreign manufac-
turcrs who buy hundreds Of millions of |
pounds OF copper in this country every !
year.
s New York paper, In its issue Of /
last Tuesday has an outrageously mis-
leading statement, under a Boston /
date line. concerning the worlds pres
ont surplus Of copper. II the editor Of
that paper did not know that the
writer OF the article included several
items In his tabuation of stocks of
copper which were also covered In
ether items in the same tabulation. he
should resign his position; and IL he
did know and still allowed the ar
ticle TO be published, this is double
reason that he should resign.
The tabulation referred 10 includes
the domestic surplus. as reported by
the copper Producers association. and I
adds 100000 pounds in consumers |
Yards. 100000 pounds I'm transit for
Export 1G.0O000O pounds of specula-
tive stocks, 100000 pounds against ]
which standard warrants are issued,
100000 pounds carried In Germany.
100000 pounds in other continental {
and 25O.0OO.OO0 pounds i'm
process Of refining" BY this method of ]
iguring, this imaginative writer arr
ives at SO5.OOO.O0O pounds as the
worlds present surplus.
1t Is a Well known fact that consum- a
rs are carrying practically no copper j
'uying only from hand 10 mouth" j
he copper In transit for export Is al :
ways Included I'm the export figures OF I
he Producers association. Speculative {
tocks are represented in regularly d
published figures Of visible supply. as S
8 also all the copper in warehouses @
gainst which standard warrants are b
ssued. There is very little If any sur {
lus copper carried i'm Germany or il
ther continental warehouses. and GER Il
linly there are mo- important interests {
n the continent who are working To- u
maintain metal prices or force them =
igher, their desire always being to de- "
ress the market. "
1t is as absurd TO include the copper s.
o process Of refining in statement of u
isible supplies as it would be to esti- r.
late the metal unmined In the ground p
r 20 get bearish on wheat and cotton Y