White Pine news weekly mining review. [volume] (East Ely, Nev.) 1910-1920, 1912-06-09

EXCEED CAPACITY
PRESENT HIGH PRICE OF RED
METAL Is INDEX OF EN-
COURAGING BUSINESS CON-
DITIONS IN ALL LINES.

Inc cables report that copper
sold this week in Europe on the basis
of II cents for the first time since
1907. The leading producers report
that there is a strong demand and that
practically all the copper on hand,
as well as the production of the next
two months, has been sold. The
profits to the copper producers are
now as high as 100 per ZEN in some
cases and on most of the production
there Is a profit of about 80 per cent.
So far as can be seen also, the future
Is decidedly bright and promises a de-
mand that will tax the capacity of
the mines. The reports from the
steel industry are no less optimistic,
as prices are higher and show an add
yaneing tendency, while the mills
cannot produce steel products in the
volume at which orders have been
received. One would think that un-
der such conditions there would be
much enthusiasm manifested in spec
ulatiye circles but the reverse is the
fact.
The condition of the speculative
market is all the more remarkable,
when il is considered that the out
look for the crops is very bright. The
hay crop is assured as a bumper and
will probably be worth $1,000, 0O0,-
600 to the farmers. The growers of
garden truck are also encouraged to
expect a most favorable season.
Spring wheat and corn will show an
enlarged acreage and are in as
promising a condition as they could
well be at this season of the year.
There has been a large acreage of
winter wheat abandoned, but that
can be planted to other crops and,
besides, there Is ground for believing
that the loss in some sections can be
made up by gains in others. The
weather has been unfayorable to cot
ton this spring. but there is time for
repairing the damage and. besides,
we have a large surplus left over
from last years growth. 1t seems
fair to assume that, insofar as the
crops can be judged at this time of
year. the outlook is favorable.
The conditions of IL foreign trade
is another strong factor in creating
a solid foundation for better times.
The excess of exports over imports
will be in the neighborhood of SEQ
600. 900, and that is not very far
from the record total of a few years
ago. Our cotton is still going out in
large quantities and we have increas-
ed our hold on the foreign markets
for manufactured products. Labor is
well employed and in the steel in
dustry. as well as in copper mining,
there are beginning to be reports of
a scarcity. The threats of great
strikes in this country have either
been cleared away by settlements or
placed In the hands of arbitrator and
the men are either back at work or
will be within a short time. 1t is evil
dent that some influence is prevent
ing the optimism that goes with the
character of our people when the
crops are good and labor is we'll EN-
ployed.
The answer appears to be that the
unrest and dissatisfaction which have
manifested themselves in various
ways throughout the world have
caused a feeling of extreme conserva-
tism and caution to prevail with the
average capitalist, whether large or
small. There have been the great
strikes abroad and in our coun-
try, the revolution in China, the wal
between Italy and Turkey. the upris-
ing in Mexico and another now in
Cuba, which must have had more or
less effect on sentiment. The presi-
Dental campaign has added to all
that a bitter controversy, which has
been humiliating and disquieting to
those who favor constitutional gov
eminent. 1t is good opinion, how
avar that If the great fundamentals.
such as the crops, the money condi-
tions, the state of our foreign trade
and the steel industry continue favor
able, we shall eventually throw off
the influence of the factors mention
ed and get down to business, when
the increased values in the copper
shares and other shares will be
49, Is,1I