The Salt Lake tribune. [volume] (Salt Lake City, Utah) 1890-current, 1913-08-25
EFFECT Of LAKE
STRIKE ON METAL
Resumption Not Expected to
Drive the Price of Cop
per Down.
STOCKS STILL SCARCE
Consumption Still Far Ahead
of Production; Metal Is
in Demand.
STOCKS STILL SCARCE

As was naturally to be expected. on the
heels OF a buying movement Of such enor-
nous proportions a period Of dullness has
set in In the market for the metal. 1t IS
not TO be inferred however, that there is
no demand Cor the metal, Tor SUCH Is not
the case. The metal has been advanced
to 16Sc pound, and in the case OF one
producer, at least, no metal Is being Of
fered at less than 16c. II Is stated that
none OF the large producers are accepting
orders for delivery beyond sixty days,
says Financial America.
Although the prospects for an early set
tlement Of the Lake Superior labor diff
culties is good. II Is mistake TO believe
that the price OF the metal Will suffer any
material recession on the resumption OF
work at these properties. Many producers
would, In fact, welcome an increase in
production OF moderate amount in order
TO steady the market. A price for copper
ranging between 10 and IL cents pound
is the level most satisfactory to both pro-
ducer and consumer, inasmuch as there
will be no curtailment of consumption at
this figure while production will not be
unduly stimulated and the average mine
can show good profit at around these
prices.
Estimates OF the August statement of
the Copper Producers association have
begun to appear and one close student OF
the metal situation asserts that the de-
crease in the surplus for there most cer-
tainly Will be decrease, Will be more
IMAM III Is pointed out
that exports Will be exceedingly large
for the current month while domestic de-
llveries Will also be OF good volume Cou
pied with the decrease In production as a
result Of Lake Superior strike which
should begin TO show this month and the
delayed deliveries from the Nichols re-
finery a most favorable showing should
be made, as Viewed from the standpoint
OF the producer and seller of the red
metal.
The copper shares have this week sold
al the highest prices generally, which
have been reached since the upward
swing from the June low point started. On
the reaction In the New York market
which set in on Thursday recessions were
had, but in most instances the declines
were slight. 1t was regarded as favor
able omen for higher prices than on the
reaction dulness set in.
The Lake situation shows signs OF i'm
provement and there Is good reason to
believe that operations on a limited scale
al least will be resumed before the end
Of the month Quite large proportion OF
.he Calumet & Hecla miners have sig
nifled their willingness to go back In
the mines as soon as they are assured OF
protection. II is said that daily there are
larger numbers at work, although there
is little mention made of the increa Sc
through fear Of melting an uprising OF the
strikers.
Students Of the metal situation do not
believe that the resumption OF operations
at the Lake will affect the price OF copper
metal inasmuch as consumption during
the first six months OF the year was at
a greater rate than production, and there
Is no reason to look for any decrease In
consumption during the last half OF the
year so that even were the Lake coun-
try able TO produce as much metal as It
did In the first half OF the year II would
he without effect on the price Of the met
al. The strike has served one useful pur-
pose IN that II has called the attention
of the consumers TO the gravity OF the
metal situation and forced them into the
market.
The Lake coppers, of course, have re-
hected the prospects for an early end 70
the existing trouble by advancing In
price. Calumet 6, Hecla. Copper Range
Allouez and Hancock have made. per-
haps, the sharpest gains although an i'm
provenent In these issues quite generally
has been shown.