The Cordova daily times., 1919-03-04

about them, and it was impossible to
determine just what they represented.
The big producers did not sell any
thing and with them out of the market
there could hardly be said to be any
market There was no way of telling
what the market would have been II
copper had been freely offered by
big producer or if the small producers,
in their fishing, had hooked into real
demand.
Among the big producers there was
neither collision nor illusion, at
least there was no illusion after the
first week or two. The gravity of the
situation, especially as to tho accumu-
lated stocks both here and abroad,
AID the probability that Europe would
not buy any copper for long time,
was scarcely appreciated even in high
quarters, Washington had contribut-
ed to dulling the perceptions by MAX
ing official statements of big orders
to come from Europe, which our read
ers will recall we characterized as
moonshine at the time they were
made, and pci'suading the producers
to maintain production until Decem-
Der 81. Our d:scernment of the situa-
ton here, and our advices from Eu-
rope from an early date, were con-
trary to all optimistic ideas, and ever
since November we had been unsWerv-
ingly declaring the situation and fndi-
eating to weak producers that they
ought to shut down as quickly as troy
could.
However, as conditions became
clear to the big producers during Jan
uary the shock that there would be
to labor with restoration OF the Slid
ing scale Of wages and a drop over
night from the basis CT rs cents,
which had been used up 10 December
became paramount consideration.
1t was necessary to talk things over
with the labor leaders and make some
arrangements. In this both parties
the companies and the representa-
tives Of the miners-Were clear-eyed
and generous. The department CT la
Dor and other branches of the gov
eminent were intelligently helpful
During these negotiations the big pro-
ducers had to avoid making a market
and forcing the issue. But with the
beginning of February the situation
changed, and one after another APP
peared as a seller Of copper ready to
meet the market or to make market
Thus were natural market conditions
restored, and this was the most hope
full first step for the remedy CT bad
situation.
There are troublesome days ahead,
and they may last for long time.
We must expect convulsive market
for while, and also we must look for
lower prices being made, perhaps so
low that they will be a jolt. We have
a situation now in copper, as we'll as
in lead and zinc, wherein cost of pro-
duction does not mean anything in
the market. Many producers will find
it necessary to cease producing. The
more lis production curtailed. the bet
ter will it be for correction of the sur
feited condition. In this connection
let US point out, however. to those
companies whose treasures are in a
good state-and fortunately that can
be said of nany-that this is good
time to resume development work,
which had to be neglected during the
high pressure of 1858. Copper pro-
ducers must now be cool, patient, Hnd
philosophical, and we trust that they
will accept our confident assurance
that in letting nature take it's course
the restoration of normal, heSlthy con-
ditions will come Observation-Disclosures
ing and Mining Journal.