The Salt Lake tribune. [volume] (Salt Lake City, Utah) 1890-current, 1913-06-19
No Immediate Surplus, and
No Cut in Price, Says
Seller.
FIVE MONTHS DECREASE
Sellers Are Waiting for Con-
sumers to Regain Con-
hdence.

In spite OF the crash Of falling security
| markets the big producers and sellers
OF copper have refused to take fright, II
| is now about a month since the larger
| agencies felt justified In raising their quo
! tation from 15s to 157 cents pound. and
| during that time the stream Of buying has
| subsidcd to driblets. But the big fellows
| have stood four-square TO adverse winds.
At first their asking price was 153 cents
a pound, but when cuts by the little
fellows" made that quotation futile the
'big people" quietly withdrew altogether
| from the market and sat down to watch
and wait.
This attitude on their part Is not the
result OF combination or agreement. It is
| simply the result Of a we'll sold ahead po-
sition TO start with and a firm belief
that the statistical position of the metal
indicates g. a demand fully equal II not
duce prices" says one of the largest sell
ers. when we are not loaded up with
an ,unwieldy surplus. and when no one is
willing to buy? Cutting OF prices would
Indicate weakness which does not exist,
| We have no price at present, When con-
| sumers regain confidence. we will again
be sellers of the metal at such price as
conditions warrant. whether that be 10 or
1G cents a pound
The statistical position OF copper upon
which the copper interests rely shows
plus copper at all reporting points is now
| about las, 600. 900 pounds This is but
slightly more than the United States alone
produced in May. so that 1t Is clear that
the worlds stocks are considerably under
the worlds output for one month. The
following table, which compares the five
months of this year reported by the Cop
per Producers association with the same
period last year. shows that in spite Of
increased production. foreign wars and
disturbed political and financial conditions
at nome, the demand FOR copper by both
Europe and America increased substan-
TALLY.
For five months
Production, 1918, es7,a33, 900 pounds:
1872, 6l3,27o,ooo Increase, 74,06S.000, or II
per cent.
Domestic deliveries 1918, $50. .7se. 600
pounds, 1912. s.275, 900; increase. 2o,544,-
600. or per cent.
Foreign deliveries, 1918. 864. 1872, 900
pounds; 1912. 324. 1888, 900; Increase, 80, ,599,-
900, or IL per cent.
Total deliveries. 1918, 725.l71. 900
pounds; 1912. 653. .109, 900; increase, 65.3lO,-
600, or III per cent.
Stocks decreased, 1913, 81, ,sss. 600 pounds;
1912, SS,S3e,0 900; decrease, 2.001 900, or 3 per
cent.
In the first five months then. OF this
year domestic stocks have decreased 81
$4,000 pounds, or 100000 less than the
decrease shown In the same time last
year. Worlds stocks are now at the low
est point since the copper situation COM
menced with the exception Of about three
months in 1912
The copper market appears to be based
firmly upon supply and demand. II con-
sumers continue to take the metal at the
rate shown by the first five months there
Will be no reduction In prices, since pro-
duction is expected to show between l40,-
000. 900 and 145. 900, 900 pounds month for
the remainder OF the year. But consumers
are showing little disposition to cover for
anything more than their barest needs at
the moment and II they hold to this po-
sition long enough prices are inevitable.
For the time being, however, the producers
seem to have somewhat the better posi-
tlon.-Wal Street Journal.