New-York tribune., 1913-07-13
COPPER AT THE MIDYEAR
Statistics of Production During
First Half of Year.


Engineering and Mining Journal that
the copper statistics considered month by
month are unreliable as an Indicator OF
the trend Of things Considering the sta
tistcs quarterly. the disturbing factors
are amoliorated and we become able 10
obtain a fair idea Of the situation. al
though, Of course. with no such certainty
as we can upon the basis OF tho annual
figures
Considering the American statistics for
the first half OF 1918 and using round 1g-
ures. IL appears that the refinery produc-
tion in the first quarter was liocoo.oco
pounds; in the second quarter about
S9s, ,000O0o pounds. The average quarterly
production In 1912 was about 59j.0"p"o
pounds The decrease IN the second quar-
ter OF 1913 IS attributable TO the labor
troubles at the Nichols refinery during
June.
The smeIters' production In the first
quarter Of 1918 was about 100000
pounds; In the second quarter about ioo-
Oo0.Oo1 pounds. Their average quarterly
production IN 1912 was about 100000
pounds. BY the "snelters' production"
we mean all OF the crude copper that
comes 10 the American rchners
II appears consequently that primary
production. g. C.. the copper as reported
by the miners and smcltcrs. has been
going on in 1913 at lesser rate than In
1912 on the other hand the rehncrs' fg-
ures show a larger rate IN spite Of the re-
cent check at the Nichols refinery. The
reason for this is that the refining ~ the
smelters production In 1912 was delayed.
which was freely discussed at the time.
and during 1913 the rehners have been
catching up. There may be stll some
surplus OF crude copper at the rcfneries,
but the quantity ought 10 longer to be
considerable and before long the rcfncrs'
figures ought 10 fall into step with the
smelters'.
Turning now 10 the deliveries. II ap-
pears that the shipments 20 domestic con-
sumers I'm the first quarter were about
aOl 10000 pounds; I'm the second quarter.
about 22SOooc0O pounds. The average
quarterly domestic deliveries in 1912 were
205 900 900 pounds.
The foreign deliveries IN the first quar-
ter OF 1913 we're 2lO0O).0o) pounds, In the
second quarter 2220OOoo pounds. The
average quarterly delivery for export IN
1912 was about ls7oooOOo pounds
The statistics OF deliveries look peculiar
in view OF the talk that We have been
having lately about contraction In con-
sumption There has been such talk ever
since the first day OF January. The
prophets Of recession have foretold that
each months reduction OF stocks would
be the last. When the May figures were
out they spoke approvingly OF them, but
shook their heads and said Just wait
until you sec the June figures" Now that
the June figures are out and look good.
they are saying. Wait until wc have
the July figures, a month hence"
During the first half Of 1919 the con-
sumption OF American copper has eN
cecdcd the supplies 10 American rehncries
by 100000 pounds; stocks Of refined cop
per have been largely decreased and also
the stocks Of standard copper reported
from Europe The excess Of the second
quarter has been greater than that OF the
first. Yet the price for copper has de-
clined 70 the lowest point OF the year.
and such pesslmism prevails in some cir
cles as might be explained By the belief
that within a few weeks the brass MAX
ers. wire drawers and sheet rollers are
going 20 cease using copper This pes
simism obtains extensively among trad
crs and an occasional producer, but IT
does not extend. we think, beyond one or
two Of the big agencies, although all OF
them are disturbed, no doubt. In that
buyers do nos buy. In view OF the gem
cral situation in the worlds markets Il Is
but natural, however, that buyers should
defer their necessary purchases until the
last possible moment.