The copper era and Morenci leader., 1915-04-09
WEEKLY COPPER LETTER.
If War Continues for Several Months Authorities Predict 20 Cent Copper Market. S

George l.. Walker, an American au
 thority on the copper market, writing in the Boston Commercial on. Satur
 day last. says:
 Copper continues very strong. Lake lis 16 3-4 to IT cents and electrolytic
 is 15 S-4 to 16 cents pound. The
 spread of one cent between cleo
 trolytic and lake is, the result of the
 heavy demand for the latter for
 cartridge shell making. Advices
 from Houghton state that no copper is
 being held back to take advantage of the lower transportation rates by
 boat over the lakes. the demand hay ling been so strong that almost the last pound of copper produced has been sent forward by rail.
 The American Metal Market quotes member of the London metal trade as saying: The government is ready in addition to existing orders; but the difficulty is, first, to get the works thrilled with orders and, sec ond,to get delivery of copper to make it. All existing stocks of refined cop per are mortgaged to fuIf1I orders al ready placed. We should therefore not be surprised to see electrolytic at II 3-8 cents or higher"
 The foregoing statement indicates that all the ammunition factories of Great Britain are now operating to full capacity, and that all of the ex- isting copper supplies have been pur- chased or optioned by consumers. It undoubtedly is true description of the present situation.
 As has been previously indicated in these letters, producers undoubtedly have been selling copper as rapidly as it has come from their mines, and probably some of them have sold copper that has yet to be mined. The only thing preventing a further sharp advance in the price of the metal is the fact that consumers quite gener- ally have covered their immediate re- quirements and no one has as yet been obliged to go into the market aiId bid up the price. While it is al together probable that some copper for June and July delivery could be purchased, it is doubtful if more than a few million pounds could be ob- taiDed at any reasonable price for i'm mediate shipment.
 If the war continues for several !, -f1 reach 18 or 20 cents, and if the war ends and is settled right, that is,, so that the people of the various coun- tries involved can immediately return to their ordinary industrial pursuits, the price of the metal may go much higher than the prices suggested.
 The world is "up against" shortage of copper, and how high prices con sumers will be obliged to pay for it six months or year hence is any body's guess. The return to a full volume of production, which is now the policy at all the mines in this country, may prevent the market from running away, but it is as nearly cer- continued, will soon create financial there will be a full market demand at high prices for all the copper the mines can supply for long time to come
 Consumers of copper should not overlook the fact that the advancing prices for investment securities, if continued, vii lsoon create financial conditions that will make possible a resumption of electrical construction work by public utility, railroad and other interests. Practically nothing is being done along these lines at pres ent, and yet, with the bulk of such consumption cut off, there is an acute scarcity of copper.
 In 1903 it seemed very plain to me that copper would advance to 15 or 1S cents a pound, and when I publish ed that estimate it was treated as a huge joke in consuming circles. The particular consumers who laughed the loudest were themselves the heaviest
 buyers at around 26 cents pound in
 the early months of 1907.