New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1913-10-22
BRIEF NOTES OF FINANCE
Paragraphs of Current Interest
for the Investor.

z.o,,s,ics show that at the end or sep
-, the total stocks OF copper in Eu-
and America amounted to only SS,
~ .ssat hounds, and all this was not avail
-, ,r,r,ediately, as in the European fig
SS .. were included Chill bars and other
..-,al that would have TO be rehneo
u'sors using. The stock Of copper re-
- at the American refinery was only
;. -os oe4 pounds, a little less than week
,.,,,t In former years II. seemed neces-
,o have at least a 100000 pound
~ IN this country to insure a normal
20 NJ business. but business recently
-. ,roceeded without interruption, While
- stock Of copper has been growing
o,isr This demonstrates what smali
.no,,,on of business is done in imme-
80 deliveries and how great the vol
q business that is done on contract.
:. /. evident that the stock OF copper on
..,s Is Of particular interest only to
80 who have delayed buying and who
- immediate shipments. In view OF
,acent experience II would seem that
...oLs might Re reduced TO point nearer
80 and still not create any serious dis
.,,hence. Commenting on this situation
.srha Engineering and Mining Journal
says: ,,o.,or
..rbare is one thing that the reduction
a, the copper stock certainly does. viz II
..psyes the producers and selling agencies
:. ,ucrlng any load to speak OF and re-
s.oy.s all necessity on the part Of any
h,dv 20 press copper for sale in order 10
ushtsn his load There IS a big differ
o,ce between the cost of financing SO,Or'-
"A, mounds Of copper and 23OoOo0Vo espe-
o,slIy when money IS as dear as 1t Is now
mPacant events have also taught US an
other thing, viz. that good many man
,,,octurers who have thought that they
had 10 have Jake copper can, in fact. dc
nth ciectrolytic. Their supply Of lake
conner having been cut of, they have mao
~ use electrolytic or nothing at all
Protect Our Gold Supply.
IN his address before the New YORK.
Academy Of Political Science John Il
Gsrdin calls attention TO a weak spot III
orr money system that needs attention In
order 10 protect our gold supply Inc
comedy suggested IS TO add a premium on
A.. sliding scale with a maximum of 4 per
cent 10 be operated on a legitimate eN'
nort demand on the basis of exchange
rate IL the demand. however, is ar
arbitrary one. says Mr.. Gardin, such az
recently took place in connection WIFI
gold shipments TO Paris, the President OIL
the United States should be empowered
10 proclaim an export duty on all golo
eynorts unless 1t can be shown that the
EXPORT Is taking place strictly on the OASIS
NJ prevailing exchange rates. This power
probably would never be invoked, put Il
would have a deterrent effect During th'
last fifty years IL is estimated that SS'Vo''
00OO Of gold has disappeared, and Eas'
India alone in a little over decade MAJ
absorbed s5O0.OOO000 The director OF th'
mint estimates that about Sl75,0OO,OO Il
consumed each year by arts and industry
During the last nine months LONDON aloi'
has required about $3.50, 100000 for new un'
dertakings: to this may be added the de-
mands of Germany, France. the Unitec
States. Canada, Brazil, the Argentine ahC
Africa. AS one writer has said, "Wha'
would happen if China should go on
gold basis?" The United States Is the
only absolutely free market for gold III
the world. and while this country mas
been a big producer Of gold there Is nc
certainty about the future and there Is
every indication now that the productiof
Is decreasing. To insure our credlt We
must have a sufficient stock of gold anc
il is not good business to allow all other
countries TO help themselves from oui
stock when they do not reciprocate'