The sun. [volume] (New York [N.Y.]) 1833-1916, 1914-10-23
STRONGER COPPER ENDS
CUTTING BELOW 111-2
Some Producers Think That
Dealers Have Disposed Of
Cheap Stocks.

There was O noticeable improvement In
copper conditions yesterday owing 70 In
qulry from abroad THE resulted IN the
dissppearsnce, temporarily At least Of
copper offered below III cents a pound
To some OF the producers this indicated
that the dealers mad disposed Of their
holdings at the lowest prices, leaving the
market entirely to producers Again II
was pointed out that some OF the leading
producing interests had been sellers on
Wednesday AZ 11K cents. but moved their
price up yesterday 20 conform 70 new
conditions
Tho heavier export movement Of copper
from New York thls week has been due
20 the acquisition OF moro freight room
than was obtainable last week.
The National Conduit and Gable Com
pany issued its monthly Copper Gossip
yesterday. This was received with inter
est, as II represented the Views Of one
OF tho largcs; consumers of tho metal. The
statement said:
Recent buying OF copper IN The domes-
tic market for both homo and foreign
account has been in moderate quantities.
II Is not surprising however, that under
existing conditions transactions arc oil a
restricted scale. The hand TO mouth
policy for manufacturers IL considered tine
w!sest course TO pursue at present and
there is nothing In the outlook for the
coming weeks 20 warrant a departure from
a conservative programme.
The consumption of copper has fallen
on we'll below the normal level, and for
the time being there is therefore a large
supply of available metal on hand But
with a heavy decrease in mine produc-
ton under way refinery output will also
begin TO show important curtailment be
fore the end of the year Plans now
In operation viii 70 far In restoring a
healthy equilibrium between production
and consumption
Producers In all quarters realized
quickly that the present European war
would temporarily cut off a large propor-
ton of the world demand for copper. In
line with this expectation orders were
given 10 reduce output In some cases As
much az so per cent. and radical cur
taiment plan IL now in operation at sew
eval OF tho leading properties. Other
mines have instituted a less substantial
reduction, and at one or two properties
complete shutdown has been ordered
because OF inability 10 produce copper at
n profit al present market prices.
Notwithstanding the disturbed condi-
ton of trade domestic requirements are
absorbing considerable copper, and export
demand is not nearly as bad as Il might
be A good tonnage OF copper in various
shapes has been exported 10 British ports
since the war began, but shipments 10
I tne continent are comparatively small.
The unsettling factors resulting from the
European conflict and the difficulty con-
nected with international financial opera
tons have seriously deranged regular
exports OF copper, which until lately were
Of such magnitude as TO be regarded as a
leading feature OF the situation.
with the reduction in tho selling price
Of eectrolytic copper to 11R 10 1lS
cents per pound the metal lie being sold
At the narowest margin OF profit In years.
II ali items were included In the charge
account II is safe TO say that num-
Der OF producers could not possibly realize
costs at present market prices. The por-
phyry group of mines suffer less than the
other producers. while the Lake Superior
companies are probably the worst HIT by
.he decline IN market values. on the
basis OF current market quotations there
ia an extraordinary opportunity 10 put
copper to all practicable uses possible,
notably for domestic account"