Mohave County miner and our mineral wealth., 1922-05-26
COPPER CONDITIONS IN
 THE STATE OF ARIZONA

Conditions and prospects in the cop per industry in Arizona are exhaust ively reviewed in bulletin on the Copper Mining Industry in the. Twelfth Federal Reserve District. Its Present Condition and the Factors 1n- fluencing its Future" by John Perrin, Chairman of the Board and Federal Reserve Agent, Federal Reserve Bank of San Francisco.
 "The present condition of the cop per industry" says the federal re- serve bulletin, lis reflected in figures showing that mine production in the United States today is at the rate of 20 per cent of pre-war normal pro- duction, that stocks of refined copper and blister and material in process of refining on January 1, 1922, were 793,- COG, ,OOO pounds compared with average pre-war stocks of 360,0O0, ,000 pounds, and that the price of electrolytic cop per dropped from 35.74 cents per pound in March, 1917, to 12 cents per pound in August, 1921, and is today, March 1st), at 12.75 cents, 9.6 per cent under the average pre-war price, whereas the level of all commodities at wholesale, according to Brad streets index number, is 27 per cent above the pre-war level"
 The bulletin is divided into six chap ters, dealing with all aspects of the industry. Some of the most interest ing and important facts brought out are:
 The United States produces more than one-half all the copper in the world, its production being 56 per cent of the total in 1913, considered nor nal pre-war year, and 59 per cent of the world supply in 1920. In addi- tion in 1920 approximately 22 per cent of the world production was imported in this country, chiefly in unrefined form, making the production of Amer ican refineries equal to 75 to 80 per cent of the worlds supply.
 The United States consumed about one third of the copper of the world in 1913, and ranks as the largest con sumer. In 1913 this country used 50 per cent, and in 1920 GA per cent, of its production of new refined copper. It follows that considerable quantities of the metal are left for export, Ger many being the largest buyer before the war, and returning to that posi- tion last year. Total exports in 1921 were 62S, S,627, ,000 pounds, as compared with 926,241,O ,O92 in 1913. Of that 62s, ,627 ,OOO pounds, 233,O72,479 went to Germany, only 64,0OO,O00 pounds less than in 1913.
 Following good year in 1913, when the price averaged 15A cents a pound, copper declined with the out break of the war in 1914, but recover ed in 1915, when the military require ments of Europe began to be felt. The peak of production, exports and prices was reached in 1917. In March the record price of 35.74 cents was reached, and in that same month the producers agreed to supply the government with 45,OOO,OO0 pounds at 16 3-S cents a pound, the bare cost of production. Doubt as to what ad- ditional quantities the government would requisition at that figure caus- ed the market to fall, however, and in September the price was fixed by agreement at 23A cents. It was ad- vanced to 26 cents in July, 1918, that level remaining until control was re- moved January 1, 1919.
 The end of the war found great accumulation of stocks and heavily increased production. The cutting off of the war demand created chaotic condition in the trade, the price fall ing in three months to 14A cents. Assurance that the government would not dump" it's stocks on the market, however, and the post-armistice period of business activity, helped the mar ket to recover to 23A cents in July, 1919. From that date prices steadily declined, although production contin- ued abnormally high, until the slump in exports in September, 1920, gave warning of decline in business and in dustrial operations throughout the world. In April, 1921, most of the large producing plants were shut