Douglas daily dispatch., 1926-06-23

| (By CHARLES f. WILLIS, Editor,
! The Mining JournaD
! 1t was but few months ago wher
it looked as though the United States
was scheduled for q business reaction
of considerable severity and it slowed
up all business. 1t was about as lit
tie effective on the copper industry
as any other and copper was one com
modify that held it's price WELL This
was due to the stable conditions OF
the industry and the fact that copper
was in such an excellent statistical
position. 1t did slow up buying, how
ever, to a considerable extent.
1t appears now that this reaction
on business is not going to prove as
$ar-reaching as was anticipated and
this feeling has reflected itself into
a stronger price on copied during the
past week and put it back to the a.
cent mark. It is further evidenced by
the fact that the buyers of the metal
are assuming a much more progress
sive attitude as to purchases.
In the meantime, production has
been rocking along at about the same
figures. The total crude production OF
copper in the United States for May
was but 200 tons in excess of April
production, the May figures being 49,
65f tons. There was, however, an in
creased production from the porphyry
the Lake mines and custom ores. That
there has been no great changes TAX
ing place is indicated by the fact that
from the beginning of 1924 to date,
the daily pate of production eof pri-
mary copper has varied from 2O9O
tons, the low point in july 1924 to
2463 tons, the high point, which was
reached in February, 1925. The May
daily average production was 2376
tons.
The surplus of copper took another
drop last month as May ended with
but 69A369 tons of refined copper on
hand 5000 tons less than at the end
of April. Thus it will be seen that
the total shipments of copper during
the month exceeded production by a
like amount. Both total world pro-
duction and shipments in May were
slightly less than in April, production
by about 800 tons and shipments by
100 tons. The drop in shipments
came entirely in the domestic con-
sumption as exports increased.
According to D. c. Jackling of the
Utah Copper Ray Consolidated and
Nevada Consolidated Copper COM
panies, a gradual improvement in the
copper market, both as to price and
demand, is foreseen. Settlement of
foreign debts is regarded by Mr..
Jackling< as most important factor
in improvement of foreign metal mar
ket.
\ There is no outstanding improve
ment in foreign metal market, but
tendency is toward Improvement rath-
er than otherwise" he said. Settle
ment of foreign debts is the most i'm
portant factor in this situation. Set
Element of debts will stimulate for
eign demand more than anything else,
not only for copper, but for other
American commodities"
In a recent magazine article, Walter
Douglas, president of the Phelps
Dodge corporation, emphasized the
foreign debt angle to the copper Sit
uation, but stated the need of can
collation. of war debts rather than
merely settlement of the same.
Walter Douglas stated: "a direct
link exists between European condi-
lions today and the prosperity of the
copper industry in the United States,
and the market here would be great
ly strengthened if the conditions of
Europe could afford to buy as much
copper as they need.
The copper needs of Europe are
well known by those close to the.
trade, and those needs can be filled
only through some sympathetic atti-
tude on the part of this country to-
ward the European nations. Absolute
cancellation of all pre- armistice debts
is one of the factors in that sympa-
thetic attitude
This question of better prices for
copper is intimately linked with Eu-
orally conceded that were Europe to
buy the copper she needs, such pur-
chases would soon be reflected. in
higher market here. There is no ques-
ton in any ones mind as to the
needs abroad of the red metal, but
obviously that need can be filled
only through some sympathetic atti-
tude on the part of this country to
wards the European nations.
up to the present the foreign buy
ers have lacked the wherewithal 10
make the necessary purchases, and it
is really astounding that producers of
raw materials in this country do not
seem to realize that their own pros
perity and that of the country as a
whole is dependent to a large extent
upon our ability to liquidate the sur
plus products of all descriptions,
exports.
II think it will be conceded that an
absolute cancellation of all pre-arm-
istice debts would mean a period of
in this country such as we