The copper era and Morenci leader., 1915-09-24
THE METAL MARKET

F(Copyr1ght, 1915, by Dukelow & Wal
 ker Co.)
 Copper is firmer and during the
 past few days there have been in
 creasing indications of a further re-
 newal of buying by consumers. Lake
 is IS to 19 cents and electrolytic is
 17 3-4 to IS cents pound. Sales of lelectrolytic at IT IA cents were re-
 ported early this week, and a day or
 two later round lots were sold at i IT 7-S cents. There is good ground for the belief that foreign manufacturers
 have been eager to make heavy pur- chases of copper for, two or three weeks past; but they have been re- strained from placing their orders by the low rate of foreign exchange which, in effect, would now make it necessary for them to pay a premium of 6 or z per cent. They are waiting for the placing of a large foreign loan in the United States, which is expect ed to restore foreign exchange at par immediately after this loan is arrang- ed heavy purchases for foreign ac-. count undoubtedly will be made Pre- sumably the producing interests will supply the demand as far as possible at IS cents a pound for electrolytic; but it is altogether probable that the buying will become so urgent that it will force an advance in price
 Exports of copper from the United States so far this year have been run ming about 30 per cent below normal. The average amount exported month ly up to the end of August was 21,S61
 long tons This compares with aver age monthly shipments of 30,65S tons in 1914, 31,901 tons in 1913, 27,330
 tons in 1912 and 28,O66 tons in 1911.
 The export figures of the year 1914 are of little value, due to the interrup- tion to the export movement occa-
 stoned by the European war, which
 broke out at the end of July.
 Tn view of the quite general belief
 that Germany, in preparation for the
 war, imported immense amounts of copper and stored it for ammunition making purposes, it is interesting to note that the total exports of copper from this country direct to Germany in 1914 amounted to only S8,452 tons, compared with the exports of 145,529 tons to that country in 1913, 116,095 tons in 1912 and S8,047 tons in 1911. AS is well known, a very large DOT tion of the copper exported to Hol- land in past years were destined to Germany This makes interesting the fact that our exports to Holland in 1914 aggregated 5S,940 tons as com pared with 77,129 tons in 1913, 66,8S9, tons in 1912 and 99,9S3 tons in 1911. There is nothing in these figures to indicate that Germany laid in large supplies of copper in preparation for it's war requirements.
 A compilation of the figures of pro- duction and consumption of copper in Germany and Austria-Hungary for the years 1911, 1912 and 1913 brings to light the fact that those countries absorbed, prior to the war, approxi- mately two-thirds of the surplus cop per exports of the United States. In two-thirds of the year 1911, cores bonding to the eight months period under review, Germany and Austria Hungary consumed, plus the amount they imported for manufacture and subsequent export 344 4,373, ,120 pounds. In the corresponding portion of 1912 they took 3S4, 29S,Ss0 pounds and in 1913, 3s1,749,12O.
 Assuming that all this copper was supplied by the United States, our total exports tosall other countries for the eight months period was 158,S95,- O35 pounds in 1911, 113,S9S,755 pounds in 1912, and 197,626,069 pounds in 1913. As our exports during the first eight months of the year aggregated 3S1, ,749, ,120 pounds, therefore, it is ap- parent that with the ports of Germany and Austria closed our exports to oth- CT countries have approximately | doubled. =.
 The figures of 1915 cover only the. exports of raw copper and do not in clude manufacturers of copper, the ex- ports of which have been several i times larger than in any. like period | preceding. A far greater tonnage of | copper is now being bought and made up by American manufacturers than ever before in the country's history, and the volume will be materially in- creased as soon as several new factor ies, now in process of construction, are completed.
 When it is taken into consideration that sufficient time has not elapsed L since the outbreak of the European