The Salt Lake tribune. [volume] (Salt Lake City, Utah) 1890-current, 1911-04-26
RAYS Of LIGHT
BREAK GLOOM
Copper News Brought West on
Tuesday Was Best in
Months.
CONSIDERABLE METAL
NOW BEING SOLD
End of Depression Period
Among the Coppers May
Be in Sight.

No inhabitants OF stormy land ever
welcomed the breaking away OF the
clouds as sincerely as western copper IN
terests received the good red metal news
that came across the wires Tuesday from
the east. The information first received
was to the effect that during the past
few days sales OF from so 600 600 to To-
100000 pounds OF the metal had been
recorded. which is the first instance IN
many months Of any real absorption OF
copper on anything Hike satisfactory
scale.
While il may be premature. said one
report to predict an immediate cor
certed buying movement of metal, with
an accompanying appreciation In we
price OF either the metal or copper metal
Issues the fact must not he lost sight
of that the curtailment of production,
although rather tardy. Is manifesting an
influence II is an accomplished realty
and the shares Of the producing and nom
producing properties have been sent
through such a period OF pressure that
more than all the water contained therein
has been squeezed out.
Dividends Are Lean.
Attention has been called to the fact
that OF the fifty 10 sixty copper mines
OF the nation, Mexico and Canada. not
TO exceed thirteen can earn dividends on
l3-ccnt copper market, One eastern
authority states that only four companies
can earn their present dividends with
the metal at that level. Under such con-
diIionS. thereto IL is not 10 he expected
that copper could remain long round the
l2-cent mark. on l2-ccnt copper mar
ket the production of the country is
worth about 5000 900 900 Of which $25
100000 is the amount OF profits TO be eX-
pected.
One large producer OF copper is quoted
in the following terms:
Wall street seems To place bearish
For the last two or three years certain
interests have been talking Of the un-
satisfactory condition of the copper
trade. This may be true so far as past
been regulated over the last eight
months, and you will not see much II
any. increase in surplus stocks from pres
eut figures. These same interests do not
appear TO be able or willing to look on
the good side Of the industry that is.
the heavy increase in consumption.
Surplus Reduced.
'All the large consuming companies re-
port record breaking sales. and | con-
slider stocks in this country, compare
country has been increasing over the
last few months the greater activity in
electrical and other copper consuming
companies abroad has brought about a
sharp shrnkagc in stocks in Europe.
The worlds visible surplus In fact. has
oeen cut down nearly 100000. 900 pounds
over the last fifteen months, The worlds
stocks today amount TO not more than
TWO months consumption.
we are aware OF the fact that stocks
in the. hands Of consumers are smaller
than they have been in years. Take the
worlds visible stocks and the surplus in
the hands of consumers and YOU can
figure out that in this respect the amount
Of copper In stock Is unusually small
Some time ago many millions of pounds
of copper were sold on a basis of 12g
cents pound for delivery in May and
June. There were specifications amount
ing 10 millions of pounds against this
same copper for delivery in April. This
would seem 10 indicate that consumers
stocks OF the metal were down to bed
rock, and that consumption had been
beyond their expectations when they con-
tracted for the delivery in May and
June
III consumers were carrying normal
stocks, there would be very little copper
In the hands of producers and selling
agencies. There was no increase to
speak OF in copper production In 1909
and 1910, and there will be no increase
this year. The fact that production has
practically remained stationary in three
years cannot be construed as
bearish on the industry. Interests ia
milIar with the copper industry cannot
get very bcarish IL they anayzse the
situation carefully