New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1913-10-20
Situation in Albania and in
Mexico Contributes to De-
preston in Prices.
COPPER MARKET PARADOX
Despite Recent Immensely In
creased Production Of the
Metal Present Prices
Are Justified.
tBy Cable to The Tribune. ]

Paris, Oct. 19.-The Bourse was de-
pressed and. irregular. Foreign bonds
have a downward trend. owing to Aus
trian demands upon Servia for the
evacuation Of Albania and the diplo-
matte hitch between Turkey and
Greece.
There is a downward drift among
Russian industrials, and Mexican
banks, awaiting further political de-
velopments, are heavy.
French rentes closed yesterday at
81 francs 60 centimes, a loss Of 62h
confines on the week.
The European copper market is in
rather paradoxical position, and this Is
giving rise to many conflicting state
ments. For some months past-in fact.
since the beginning Of the Near East
ern crisis-there has been a general
economic decline shown in the decrease
Of orders for metallurgicsl enterprises
both French and foreign, and indi-
rectly in the noteworthy fall in the
price Of pig iron and smelted metal on
the British market. The Increased
stores Of metal on credit and elsewhere
are signs of the times.
la n n
dustrial metals. should have followed
the same trend, but the contrary has
been the case. But the reverse Is
shown in statistics. After falling con-
siderably during the Balkan wars the
copper rates have risen in marked
degree during the last few weeks yet
the rate of copper rose within the last
two months about $50.
Metal Market Good.
With some fluctuations within a rev
DAYS the metal market has been good
in France. The importance Of this is
shown in the fact that copper securities
are largely absorbed as portfolio in
vestments by capitalists, and are also
one of the most active departments for
speculation on all the chief financial
markets. But the law Of supply and
demand dominates the copper market
as well as the rest. The metal rates
have fiuctuated, according TO produc-
ton and consumption. with immediate
consequences on the financial markets.
The production of copper has been
very greatly on the increase during the
last ten years, especially the output OF
American copper. The following fig
ures show the onward march Of copper
mining. In the first year OF the CEN
fury America produced 100000 tons,
and other regions 1S1, 900 tons. Last
year American copper reached total
of 10000 tons, while the rest of the
world was responsible for 26S,OOO tons.
Thus, during the last twelve years
the growth Of American copper mining
has amounted to 431 900 tons, while
that of other countries was four times
less rapid, or $1,000 tons only. During
the first eight months Of last year the
American production increased by a.,
$50 tons, while during the same period
this year there was an appreciate in
crease Of 26,917 tons. There has been
slight falling off since June. Ameri
can strikes have not, therefore, had
great influence on copper production in
the long run.
Copper Output Doubled.
Were these strikes sufficient to JUS
tify a rise in the price Of the metal
here? The consumption is the reply.
Within the last ten years the copper
yield Of the world has nearly doubled.
and this growth is largely due to enter
prise in America. American stocks OF
the red metal amounted to 47,014 tons
on December 81. 1912. while the Euro
pean stock totalled at that date 43,241
tons. On August 81 Of the present year
American copper stood at 100 tons
and the quantity in Europe was 81, 14o
tons. Since December 81 last the ap-
parent stocks of the metal have de-
clined TO the extent OF 1910 tons, but
American production has grown by &c.
OH tons.
1t would seem. therefore, that the re-
cent rise in the price Of copper is JUS
tilted, or that the yield would. have
amounted to $1,000 tons within eight
months without the American strikes
This seems doubtful. 1t is question
whether the conditions which have con-
tributed to this rise will continue, and