Honolulu star-bulletin. [volume] (Honolulu [Oahu, Hawaii]) 1912-2010, 1917-03-07
fspecial star. Rnlletin Corrcsnondencel

DIT lulS writing IS t0c prospective uc
| mand from abroad, Ringing around a
government inquiry for amounts which
are said to vary from 500,0O6,0 900 10
GOO, 100000 POUNDS, says Copper. Curb
and Mining Outlook. This copper is
to fill the requirements of the English
government and the Allies, including
France. Russia and Italy, for the last
half Of this year. The first half year
requirements are already filled, as
was told at the time the last big bust
ness was done in the closing months
OF 1916. That amount was 448,OO0,OO0
pounds of copper for which the Allies
paid about % cents a pound. 1t was
the largest individual block of copper
ever figuring in one transaction, but
IL the contemplated purchase actually
results in business, as there is every
reason to believe will happen, it will
far outshine all that has gone before:
Takes Years Output
The main thing to remember in this
connection is, however, that such a
big sale of copper by American produc-
ers would place them in position Of
having done in comparatively short
time enough business to call for their
full output for the entire year 1917.
This, of course, is taking into consid-
Grafton the rush to buy on the part Of
American manufacturers just as soon
as they get wind of the closing of such
a gigantic deal. The domestic buying
that would come along with any such
big export buying movement would
ci n ufo tho rNrndnain0 olnnl
in the copper trade.
There has been a good comeback to
copper prices from the low levels of
fortnight ago. This was stimulated
largely by the knowledge of the big
business pending from abroad. There
was some business done on the sliding
scale when manufacturers and small
producers were anxious sellers, down
to about 26 cents a pound. Now the
market is back again, still on small
volume of business, to around 20 cents
a pound. .... Fl
Big Profits Realized
There is no question but that the
English government is to pay the,price
asked by the American producers. The
worlds copper requirements are COM
ing from mines under control of Amer
lean capital. There is no competition
to speak of from without and the re-
suit is that the Yankee mine owners
and their stockholders are reaping the
benefits as shown in dividends which
are constantly coming to light. The
day is past when the English buyer or
the buyers from elsewhere in Europe
can force prices down under specula-
tive tactics and then come in and pay
his own price for American copper.
That day is gone, and, If indications
count for anything, gone for good.
The American producers are, with the
aid of the Webb bill now before Con-
gress, to be able to combine in their
efforts to sell their products in for
eign lands. They may be able to main.
tain prices on export business and
thereby combat the buying cartels for
Germany latter the war; and such 9TH
er combinations which were formed
for letting the best of the American
mine owners and which succeeded
well Tor q number OF years.
Hard to Meet Deliveries !
The American mills are all working
1t fill tilt on copper. They are using
more metal than ever before. The
producers are hard put to it to meet
III deliveries. The plant of one refin-
ng company in New Jersey has been
/. Used down by a, strike and with
,n00, 900 pounds of copper daily there
~ withdrawn from production the sit
aation is still further embarrassed.
.abor is at work among refineries as
yell as among the mines and the high
rices at which copper has been sell
ng for the past year are the natural
argets for the laboE asitators. u
Not for a month at least, 1t is said,
s IL expected that the negotiations,
started early in December In behalf
If the British government for copper
OF England and her Al
les, covering the last half Of the year,
viii have resolved into actual business
rhe feelers which have been put out
n this country in behalf of the for-
,igners indicate that half a billion
bounds will be needed to meet the re-
Iuirements of England, France, RUS
ia and Italy through the end of 1917.
rhe last big purchase will care for
demands up to the first of July. Cop
,er men conyersant with the situation
tate that as soon as the prospective
British loan has been arranged it will
,e followed not only by the purchase
# large tonnages of copper, but by
ome big steel orders as we'll Copper
PRODUCERS have only to figure on m IT.
,eting their probable output for the
asst six months of the year as they
we're long ago sold out for the first
tx months of 1917. Some sales have
'een made through next December
ut these have been the exception
ather than the rule. A glance at the
ales sheet OF one producer shows
to the year end at 80 cents
pound Regardless of whether fu-
lre orders for munitions come to- the
United States or Canada the world de-
ends upon this country for its copper
equirements. 80.
endency Is To Hold
II is stated that only very limited
,ts of first quarter metal can be pur-
hased with the tendency among the
ellers to hold onto what they have,
wing to the advancing prices and the
act that the demand is in excess Of
an Will ra1ord n cnnnn6 III