Honolulu star-bulletin. [volume] (Honolulu [Oahu, Hawaii]) 1912-2010, 1917-03-07
Especial Star Bulletin Correspondenee)

Dig tnlnS before the copper mar hca
at this writing is the prospective de-
mand from abroad, Ringing around a
government inquiry for amounts which
are said to vary from 500, 1000, 900 TO
COO, 000, COO 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 years
requirements are already filled, as
was told at the time the last big bust
ness was done in the closing months
OF 1915. That amount was 44S,O00, 900
pounds of copper for which the Allies
paid about % cents pound. IL 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 a 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
gigantic deal. The domestic buying
that would come along with any such
big export buying movement would
simply stagger the producing element
in the copper trade.
There has been a good comeback TO
copper prices from the low levels OF a
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 y pound Now the
market is back again, still on small
volume of business, to around 20 cents
q pound. Jsoc
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 conf
ing from mines under control of Amer
Jean 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 tzen 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
en- combinations which were formed
fer getting the best of the American
mine owners and which succeeded
well for number OF years.
Hard to Meet Deliveries
The American mills are all working
at full tilt on copper. They are using
more metal than ever before. The
producers are hard put to 1t to meet
all deliveries. The plant OF one refin-
ing company In New Jersey has been
closed down by Q strike and with
l,0OO, 900 pounds Of copper daily there
by withdrawn from production the sit
uation is still further embarrassed.
Labor is at work among refineries as
well "a among the mines and the high
prices at which copper has been sell
ing for the past year are the natural
targets for the labor agitators.
Not for a month at least. 1t is said,
is it expected that the negotiations,
started early in December In behalf
of the British government for copper
requirements of England and her Al
lies. covering the last half of the year,
will have resolved into actual business.
The feelers which have been put out
In this country in behalf OF the lor-
eigners indicate that half q billion
pounds will be needed to meet the re-
cuirements Of England. France, Rus
STA and Italy through the end OF 1917.
The last big purchase viii care for
demands up to the first OF July. Cop
per men conyersant with the situation
state that as soon as the prospective
British loan has been arranged 1t VIII
be followed not only by the purchase
of large tonnages of copper. but by
some big steel orders as well. Copper
producers have only to figure on m ".
keting their probable output for the
last six months of the year as they
were long ago sold out for the first
six mouths of 1917. Some sales have
been made through next December
but these have been the exception
rather than the rule. A glance at the
sales sheet of one producer shows
transactions to the year end at 80 cents
a pound. Regardless OF whether fu-
ture orders for munitions come to the
United States or Canada the world de-
ponds upon this country for its copper
requirements.
Tendency Is To Hold
II is stated that only very limited
lots of first quarter metal can be pur-
L.. n