Arizona republican., 1922-05-21

| United States today is at the rate OF
20 per cent of pre-war normal pro-
duction, that stock of refined copper
and blister and material in process
of refining on January l, 1922, were
793, 100000 pounds compared with
average prewa stock of $50 600 00t
pounds, and that the price of electro
lytic copper dropped from 1914 cents
per pound in March, 1917, to IL cents
per pound in August, 1921. and is to-
| day March 1st) at 1875 cents, sc
| per cent under the average pre- war
! price, whereas the level of all COM
Inodities at wholesale. according TO
Braostreet's index number, Is 27 per
| cent above the pre-war level"
The bulletin is divided into SIX
! chapters, dealing with all aspects of
| the industry. Some of the most in
teresting and important facts brought
out are:
| The United States produces more
| than one-half all the copper in the
world, its production being Sc per
cent of the total in 1918, considered
a normal pre-war year, and 50 per
cent of the world supply in 1920. In
addition in 1920 approximately % per
cent of the world production was i'm
ported in this country. chiefly in un-
refined form, making the production
of American refineries equal to IS 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-
sumner. In 1913 this country used so
per cent, and in 1920 ga per cent. of
its production of new refined copper.
1t follows that considerable quanti-
ties of the metal are left for export,
Germany being the largest buyer be-
fore the war. and returning to that
position last year. Total exports in
1921 were 628,627.0 900 pounds, as COM
pared with 926.241,092 in 1913. OF
that 62S,627,000 pounds, 235,072479
went to Germany. only 64,000,00O
pounds less than in 1919
Following a good year in 1918,
when the price averaged 15A cents
pound, copper declined with the
outbreak of the war in 1914, but re-
covered in 1915, when the military re-
quirements 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 100000 pounds at
162s cents a pound, the bare cost OF
production. Doubt as to what addi-
tional quantities the government
would requisition at that figure
caused the market to fall, however,
and in September the price was fixed
by agreement at 23A cents. 1t was
advanced in July. 1918. that level re-
naming until control was removed
January ]. 1919.
The end of the war found a great
accumulation of stocks and heavily
increased production. The cutting off
of the war demand created a chaotic
condition in the trade, the price fall
ing in three months to 14A cents.
Assurance that the government would
not dump" its stocks on the market,
however, and the post -armistice
period of business activity, helped the
market to recover to 23A cents in
July, 1919. From that date prices
steadily declined, although production
continued abnormally high. until the
slump in exports in September, 1920,
gave warning of decline in business
and industrial operations throughout
the world. In April, 1921, most of the
large producing plants We're shut
down. This resulted in cutting down
accumulated stocks, until in October
a noteworthy increase in demand be-
came apparent. The end of the year
found the best prices since the pre-
ceding January. and at the present
date the industry is reviving. with
the mines reopening. though prices
are still below the pre-war average
quotation.
Arizona, which in the bulletin is
considered as entirely in the twelfth
district, although five of its counties
are properly in the eleventh, ranks
as the largest producer of copper in
the country, producing. in 1920, 46
per cent of the metal in the United
production. Production in this state