The sun. [volume] (New York [N.Y.]) 1833-1916, 1914-04-17
THE COPPER MARKET.

The only development In copper yester-
day was tho receipt OF fortnightly figures
from London which indicated an increase
Of 943 tons In the visible supply OF the
metal In England and France. Stocks
increased 1,i2< tons. while the total In
crease In visible supply. after taking Into
consideration the Continental warehouses,
was 1,074 tons.
On April Is the French and English
visible together. with afoats. totalled Is
S66 tons. an increase OF 943 tons The
Continental points showed gain Of
l31 tons, the total at Hamburg. Rotter-
dam and Bremen being $3.50 tons. Rot
terdam supplies decreased 100 tons. Ham,
burg's gained 231 tons, while they were
unchanged at Bremen.
Utah Copper Company reported It's
March output at approximately 1?.700.-
600. a new high record and making II
the largest single mining operation In
the world
There were further offerings OF electro
lytic copper yesterday at l4h cents a
pound by small producers and dealers.
II was difficult, II was said. TO make sales
even at that level. for consumers were
NJ. disposed to buy beyond their actual
requirements.
That recent heavy exports OF copper
have not gone into hidden stocks" nor
speculative nands was the assertion con.
tanned In the latest advtces from Henry
r. Merton 4 Co. OF London. arrived by
mail during the day.
Owing to the fact that this fr7n out.
ranks all other copper dealers In size and
Importance Its words always carry
weight. Tho following Views were ex-
pressed by the Mertons under date Of
April 8:
once moro becoming worthy Of the seri-
Gus attention Of those who are interested
in the future OF the market The Eu.
ropean figures for the end Of March con-
templated in the light of the recent heavy
shipments Of metal from America are
truly remarkable. What has hitherto
been a matter OF curiosity and specula-
ton and even suspicion In connection
with these enormous supplies IL gradually
becoming a very clear and simple propo-
sition. for upon the most searching in
vestigation 1t must be admitted beyond
doubt that practically every ton Of cop
per recently imported into European ports
has gone directly into consumers hands.
and the conjecture OF hidden storings may
he dismissed entirely.
How much of these large quantities II
required for immediate consumption and
how much u used in order TO Nil the de-
pleted reserves of manufacturers II Is i'm
possible to ascertain. but when II IL re-
membered that the European stocks have
now cnruIk 10 Darely sV,VVV tons, IL Will
he easily understood that the users OF re-
fined copper on this side OF the Atlantic
cannot any longer work with safety I'M
less they build UP reserve supply a,
their own works.
Apart from this II seems pretty ev
dent that notwithstanding unfavorable
trade conditions the actual consumption
Of copper metal in Europe still continues
on n huge scale. and much OF the falling
of in certain branches Of the industry Is
counterbalanced by increased require
ments in other directions. more especially
In work connected with Governmental de.
partments-such as the army. the navy
and the post ofice-of most European
countries.
Conditions in the United States are
however. on a very different basis: there
the decline in general business has had a
most detrimental effect upon the copper
industry. whose takings since December
last have fallen away by no less thar
80 per cent. Although there are at pres.
ent no definite signs OF betterment in
the American trade the question presents
itself-what will happen when the de.
liveries TO American consumers resum.
their normal dimensions