The Salt Lake tribune. [volume] (Salt Lake City, Utah) 1890-current, 1912-06-17
|TEAsY OVER THE
/ SUPPLY OF METAL
INDUCTION of New Companies
|Will Be Welcome Check
to Market.
|AY PREVENT FAMINE
|esent Worlds Supply of
Visible Metal the Lowest
Ever Reported.

"A spsculative market for copper has
. sxcItsd this week and a large busi-
bus also been done with consumers,
Z. vr,ces up to 171c. and some sales
IA at 175c. says Financial Amer
/ The Copper Producers statement
ssv showed a reduction in the stocks
<apd 10 the lowest figure ever report
11he totel on hand In the United
i france and Great Britain was
mar f5o, 900. 900 pounds on the first
~ month and. AS this Is less than a
'56's consumption. It can be seen that
<zsner industry will soon be facing a
* unless the production is Increased
Ia consumption falls off, There
4 little chance for the latter, so the
4 II fhe situation lies In the expected
<sSe In the output OF our rehneries.
\ Output Coming.
d believed that the larger output
- newer mines will soon bring about
|<c5ease In the refinery output and 1t
spIdeutly come none too soon. The
~ at the Baltimore refinery did not
4 a reduction in the total output last
n. but il probably prevented the in
\ that would otherwise have been
led. The leading producers are sold
4 August /, and as some OF the
! consumers are known to have
A supplles of copper on hand. there
4 Danger OF q runaway market when
attempt to stock up. The change
"a copper industry has come In so
nonths that users of copper seem to
been unable to appreciate how
\ Il was. but there seems no doubt
but that the consumption OF cop
thar, tho nrnGIrft md
M Increase in the latter can pre-
% undesirable scarcity OF the metal.
l. past week has Witnessed the In
|1n Of what Is regarded on all sides
% -looked-for copper boom.
ecttons on the stock exchange here
been OF far greater volume than for
10, and prices have risen substan-
.1apB the principal reason for the
d buying OF the coppers is thar the
4 Generally has come around TO the
J. that the copper statistics are accu-
Nd that the present high price OF
is genuine and n fact. Once the
nee OF the public Is established,
viii gain day by day. The pres
Earket is broad and firmly estab-
and, to all appearances, is what
u and traders have been awaiting.
Dased Dividends.
more companies have Increased
fB as result OF the higher metal
The Old Dominion company OF
increased It's disbursement from
10 81 and the British Columbia
resumed the payments OF divi-
Ter lapse OF one year. but in
The rate Of payment. TWO weeks
1umet g. Hecla and Quincy in
heir rates of payment. Based
~ rates OF earnings which the cop
"a Increases. coupled with appre-
IN the market, will most prob
sue
g metal Is now selling on In
sls and copper shares have risen
stsin extent on buying influenced
I Greater earning capacity of the
90 on this increas sed price OF cop
ne cost OF production OF a pound
netal varies from around cents
ne case Of Calumet &; Arizona,
ana Nevada Consolidated, to II
eents In the case of some OF the
lnes. Twelve-cent copper is
Apn figure for many mines. while
metal Is q fair price. An Illus
pt "net li-cent copper means to
1cer as compared with 12-cent
had In the case of Quincy.
costs are estimated at 10 cents,
opper selling at IL cents, Quincy
{ve profit OF cents per pound.
i-cent copper profit OF 7
pound, or three and one-half
on l2-cent copper is shown.
its earning capacity is three
t.naf times greater on 17-cent
tnan on l2-cent copper. Quincy
3rnlng better than Si4 per share
selling at about s92 as compared
Year ago and $T475 in 1910.
2pper sold at about ia cents and
were around 81 per share, The
N 2uincy,s market price in pro-
its Increased earning power
larger than In many coppers.
ncy has not as yet discounted It's
eapacity OF $i4 per share In the