The Cordova daily times., 1919-03-29
Readjustment Reconstruction

All authorities agree that the pres- ent period of economic readjustment is to be brief If things progress as well as may be expected in Europe, industry in this country should be get ting the full tide of reconstruction ac- tivities by next September and headed for at least two years of prosperity and splendid business.
 The present pause in industry, as everyone knows, has it's being in the cost of commodities. The price level dustry could thrive so long as it's products were required by govern ment. But the minute that the mar ket depended on private consumption that minute industry had to come to a standstill.
 But the transition from a war-price level to peace-price level is being ac- complished with rapidity that had been thought impossible. Copper, one of the basic commodities, already has dropper to normal pre-war levels, and other commodities are making satis- factory progress. Nor has the transi- tion, so far, resulted in the panicky developments and the epidemic of pailures that had been predicted. Re- ceiverships may come later to the less far-sighted concerns that were caught overstocked with goods pur- chased or produced at wartime cost levels. But so far all classes of busi- ness have managed to keep af1oat and the decline in commodity price levels has been so generally expected that it is probable the business fatalities resulting therefrom will be fewer than has usually been the case in minor readjustment periods when the dan ger was much less, but not so gener- ally appreciated.
 The performance of the copper mar ket since the government price went off, January 1, has had more than any other single thing to do with the predictions of an early resumption of business activity on a peace basis Refore the government put the lid on Copper prices these were up half way |between 30 and 40. cents a pound The, government price was 26 cents a pound. Even before the regulation was withdrawn, on the first day of the year, there had been an unofficial shading of prices. Since January 1 copper has dropped steadily until at this writing there are sales reported at 15 cents pound This is a drop of 42.3 per cent in seven weeks. Be- fore the war copper frequently sold at the 15-cent level. Taking into con sideration the somewhat higher costs of labor and materials Gas compared with 1914) that are likely to obtain in general for several years, and also the formation of the export organiza- tfon that will keep foreign buyers from forcing down American copper prices, copper is today selling consid- erably cheaper than it did in periods of activity before the war.
 Copper was the first of the commodi- ties to get back to peace basis be- cause the copper industry was left in worse shape by the unexpected end ing of the war than any other big industry. The producers were left with < a billion pounds of copper on hand produced at the 26-cent cost level. Neither American nor foreign consum- CTS could or would pay this price. The metal simply had to get down to more reasonable levels, and it did
 The copper situation, being thus so bad, holds within itself also the germ of growth for a new period of active production and prosperity. In the United States is copper-consuming public that has been unable to supply it's needs for year and a half. An enormous domestic demand is certain to spring up the minute that construc- tion and general business production are resumed. Abroad, Germany and Austria-Hungary have been without any new supplies of copper since 1915. When industry finally gets on it's feet there a very great demand should gradually be created. The allies them selves have had copper only for mili- tary purposes, and as soon as shipping and other conditions more nearly ap- proach normal, they should join Ger many in very heavy demand upon the American copper interests.
 Conditions being at the moment SO bad in the copper industry, the con sumers will hardly be in shape to place big orders before midsummer. But thence onward the orders will roll in, and by next November, say,