The Wallace miner. [volume] (Wallace, Idaho) 1907-current, 1912-07-25
COPPER PRICES AND SURPLUS.

Copper led the market in New York last week far as
public interest concerned The followers of the metal
market in America have way of specializing in the metal
In London spectators traffic in copper warrants in much
the traders in this country deal in grain and
cotton This fact makes London the speculative center fol
metals and when the sensational break occurred the copper
metal market last week. it made list appearance first in Lon
DON On Tuesday there drop of some pounds per
ton and later in the week quotations this side went down
from II "a to 16 IL bid and II asked The copper share list
reflects the attitude of the public in that has been much
sensitive the decline than has been the advance III the
metal 1t foregone conclusion that any break in the
market would be accompanied by concerning hidden
stocks of "copper" This story has been put out many diff
erent forms and in each strenuous denied that order
make the denial good the real explanation had to be brought
to the surface 1t is true that there has been mention made
the general press OF the requirements OF the Europeango
ernmens for purposes but there appearing tac
admissions OF the png OF blister copper at the ehnere
in unknown quantities. In way it be accepted without
argument that this does not constitute hidden stock OF cop
per- but does constitute factor unknown far the con
sumer and the general public is concerned and it does give to
those who position to obtain inventories from the net
ers great advantage The especially on thus
side Of the water have for the past two three counted
upon the production from the porphyries very import
ant element and that would hold the price of copper with
in reasonable bounds It true that blister copper not
be counted part of the worlds visible supply but the con
sumer will certainly remain unwilling to fill his stock yard
at Is better long there possibility OF the
fners rushing accumulation Of blister copper immediately
after and dsposng of the water at 10 cents or even
lower done two years ago.
Much is being made OF the labor conditions at Perth Am
boy but these conditions hardly sufficient to account for
the discrepancy between mine and refinery output In reality
the copper metal situation in the hands OF small circle OF
producers smeer and rener and it true that there
is nothing compel the producers to market their product
faster than they fit to manufacture the raw material e
cep as they deem their best interests but the present
move the result of huge manipulation which has not been
carried to successful completion In quarters the at
tempt is made to estimate the amount of blister copper with
held at the reneres and 0000O00 pounds has been publish
ed as the total In fact it would be almost impossible to com
pue this correctly except by actual inventory at the various
plants 1t would not be very difficult to arrive at concu
sion by comparing refinery output with mine output it were
possible to definite starting point inventories carry
no meaning except compared with previous inventories
in this case no previous inventory exists If the tape tells the
story and that does of the principal enes OF faith
Wall street. the copper situation is not rosy as most OF the
selling agents try make it Scientific Pres