Evening public ledger. [volume] (Philadelphia [Pa.]) 1914-1942, 1921-01-10
Copper Turning the Corner

For the first time in months the
copper market appears to have turned
the corner definitely This is due to Il
meeting OF representatives of all the
leading producing companies held last
Wednesday. at which the situation was
discussed at length. and which is likely
to result in action of material benefit to
the industry generally.
One development is likely to be the
withdrawal of low priced offerings by
some dealers as IL was noted that i'm
medintely following the meeting prices
stiffened somewhat, and it was impos-
sible to purchase tn" metal below IL
cents, whereas, on the first two days
of the new year some sellers were actu-
ally offering as low as 12l2 cents per
pound
While no final details have been
worked out as yet, it is stated that the
plans have progressed favorably, and
the indications are that there will be
no hitch in the matter, rs the repre-
sentdtives of the producing companies
appeared more than satisfied when they
left the meeting.
Newburger, Henderson l. Loeb
Unless surface signs are absolutely
misleading there Is every reason to be-
lieYc we are turning the corner. The
general market situation as measured by
the weeks substantial recovery move
ment Is indicative that the speculative
security position has quite fully dis
counted adverse factors which are daily
coming into light, Bank failures, de-
structions and business mortalities to-
gether with dividend omissions and re-
ductions, although making unpleasant
reading. have been pretty we'll taken
s,,sa h,, tbn lr,,,I
of prices. While we may see some
further chilling Of speculative cnthu-
siasm because of these disturbing plc-
ments, yet every indication points to a
steady absorption of the good stocks.
This absorption will bccom" more ap-
parent as professional drives are at
tempted in an effort to create fresh pes
simism and dislodge stocks. \ much
more confident sentiment has arisen
since the opening of the year concern
ing the industrial and business situation,
which apparently is justly warranted by
the adviccs of gradual resumption Of
operations by number of industries
shut down toward the close Of 1920"
Hughes & Dier--''It should BE- re-
membered that we are Il great, pros
porous and wealthy nation; that our
annual income of more than 500 900,
600, 900 would extinguish the whole cost |
of the late great war in less than five |
years; that we were exceedingly for |
tunate in that the personnel of our
population was depleted only to the ex-
tent of Il few in numbers that the great |
destruction which took place in many |
parts Of Europe did not fall to our lot ; |
that we emerged from the great conflict |
free from entangling alliances of all
kinds and that financially we stand head
and shoulders above all other nations of
the world in that the debts we owe we
owe to ourselves, that our wealth is not
impaired and that from nation in debt
to Europe we are now creditor nation
of more than $4,000, ZOO, 900. We are
thoroughly grounded and prepared to go
on our way TO a substantial peace. n
hitherto unheard of prosperity and to a
condition of national supremacy such IA
the most optimistic would have scarcely
dared to hope for even few years
ago.
Jones 4 Baker say: Zone of the
reasons for the increased demand for
copper shares Is found in the report
that, us result of an Investigation OF
conditions in the industry, leading cop-
per producers have decided to withhold
their stocks Of copper from the market
for the time being. 1t Is added that a
number of constructive measures have
been discussed at informal conferences
between prominent copper interests
which II is expected will lead to i'm
proved conditions.
West \ Co; Such severe losses