Honolulu star-bulletin. [volume] (Honolulu [Oahu, Hawaii]) 1912-2010, 1917-05-22
:: Business And Financial News ::
PRICE OF COPPER
RISES once MORE

. NEW YORK, n. Y. May THE
copper market Ii passing into q new
stage, the product Of extensive buying
at higher prices than prevailed a fort
night ago, and to a lesser q agree OF
reports showing rather unfavorable
operations at several mines. Copper
for immediate delivery was reported
yesterday as priced at 81 cents
pound, compared with 80 cents on
Monday. This was a substantial rise
for a single week, and emphasized par
ticularly that only few days ago re-
sale metal was offered freely for early
delivery In moderate lots as low as
q cents.
The spot market movement was con-
sidered significant in the industry, but
more importance was attached to big
buying of metal for third quarter ship
ment. Competent observers OF the
market said that fully 100000
pounds had been bought on Friday.
and $4,000, 900 pounds more yesterday
at 90 cents a pound, delivery to be
made In July and August. Two weeks
ago, producers with third quarter cop
per to offer were glad to accept 25
cents. At that time the prediction
was made by sellers at Is cents that
the market would probably remain in.
active until near the end of May, and
that the new buying movement for the
second half Of the year would not be
surprising II started at a level as low
as % cents.
As regards production, refinery ca
pacity over the full year will be some
what larger than in 1916, owing to adj
ditions, and the refiners are exerting
every effort to keep output at high
level. The works, however, were seri'
ously affected by strikes last year and
retarded deliveries of mine product
because of the railroad congestion Is
said to be checking operations" In
the ability of the refineries and mines
to keep their output at top notch fig
ures lies the crux of the situation,
according to copper men.
<Quarteriy reports issued by the
Utah Copper Company and the Nevada
Consolidated Copper Company showed
o falling off Of 81, 72s,s41 in net operat'
ing income, or more than 30 per cent
from the preceding quarters record IN
case Of the former, while the net reve-
nue. OF the latter, amounting to $3,021,.
917, was $1,239, 1857, or more than 40:
per cent lower. than the preceding
three months brought in. 80
Compared with the corresponding
quarter last year, the Utah Company's
net from operations declined SAC, SOC
and the Nevada's income v Is $455, 663
less than IN the first quart.r Of 1916
The latter's output Of 1S,S52,32I
pounds was about 1000, 900 pounds un-
der the total for the last quarter OF
1916, indicating that production had
been interfered with on q substantial
scale BY bad weather conditions.
S. w. Eccles, president sof the New.
ada Consolidated, said in the quarterly
statement yesterday. that worse
weather had never been known by the
operating men. Steam shovels could
not be adyantageously moved because
of the deep snow, and frozen ore inter.
Tered with milling operations. These
general conditions" he added, "natur.
ally had the effect Of Increasing costs
In all departments"
Gossip IN the trade indicates that
the problems of increasing costs and
the question Of whether or not the
companies will be able to get out
enough metal this year to meet the
enormous demand are causing con.
sumers to do a lot Of thinking This
apparently found expression in the in.
creased buying last week The i'm
preston Is gaining ground that the
needs OF the home and Allied govern.
ments during the remainder sof the
year will require fully 1 ,250,000, 900
pounds OF the metal, exclusive: Of the
deliveries now being made to England,
France and Italy on contracts running
to July I, of which the United States
may use $50, 0o0, 900 pounds.
These enormous totals may not, OF
course, actually be consumed, but cal.
culations OF commercial consumers
ere being based on the possibility. The
estimated output Of the country's re.
fineries this year IS put around 2,S01,.
000, coo pounds, provided that the /
works are kept running at rate close
to capacity. or this the European Al
lies have engaged to take close 10 800. |
100000 pounds by the end Of June,
leaving 4 theoretical total of i,S00;00s,.
900 pounds for the remainder of the
year. If the total Allied demands
should amount to 1,250. 000.0o0 pounds,
4 balance no greater than $50 .0o9, 900
pounds would be left for domestic con,
sumers.
D. s.. WOMEN TO WEAR 7
I TR0tISEaS 1iIpINfs MAp