Evening star. [volume] (Washington, D.C.) 1854-1972, 1930-04-27

than discount the worst possible.
Looking for cause for the continued
weakness one finds 1t readily in the
general slump in industry, for the metal
is very generally used in many indus
tries and is the basis of many. Just as
soon as there is general betterment
In business and in mass production
among our manufacturers, that activity
TO which we are used, the metal will
be in demand and the recovery in price
will be speedy.
Those who have confidence in "the
coppers" know that this is true. but
their chief interest at present concerns
the probability of delay in business
betterment and the possibility of being
forced to carry their stocks until they
become burden.
Americas most important financial
men have added to their fortunes
through ownership Of copper stocks
notably, GuggenheimS, Morgan partners
Hayden, Stone g. Co, chiefly CHARLES
Hayden, also Charles E. Mitchell, Percy
A. Rockefeller, John D. Ryan, John D.
Kelly, Stephen Birch, Daniel G.. Jacklin
Walter Dodge, N. F. Brady and Arthur
G.. James.
Congress Favored Producers.
Congress permitted the copper pro-
ducers OF this country to unite in price
fixing, so that all exports of the metal
are priced at Is cents a pound. ire
spective of the home price; and to make
1t more binding American copper inter-
ests practically control South American
production and, with their subsidiaries,
have large interests in African mines
more or less OF real monopoly.
PRODUCTION In America has rarely
been pushed to the limit, but in 1918,
with every ounce Of energy employed.
969, 900 tons were mined.
Price Cut Ordered.
Active buying Of copper ceased shortly
before the stock market crash last Oc-
tober and since that time consumers
have been pursuing a hand-to-mouth
policy. This buyers strike" resulted In
large accumulation of surplus stocks
In the hands Of producers. In order to
dispose Of this metal on the 18th day
OF the present month, the leading pro-
ducers met and agreed to make the ex-
port price 14.3 cents pound, while the
price for domestic use was dropped from
ID cents pound to II.
This cut was intended also to stirnu-
late an export demand, being the low
est price for years.
Women Favor Copper Stocks.
Inquiry at brokers' offices confirms
the belief that investments in copper
stocks for the account of Washington's
women traders investors and specu-
lators are very heavy. They have made
money in these stocks and are confident
OF making a great deal more, once con-
ditions in the industry are brought back
to normal basis.
Their investments are not confined to
commitments in the shares of the larger
producers but also include holdings of
Calumet & Hecla, Nevada, Calumet &
Arizona, Cerro de Pasco, Miami, In
spiration and other active producers.
Referring to the recent price cut, a
bulletin reports as follows:
This reduction has come and with
unexpected force.
From the buyers standpoint, this Is
% per cent reduction. From the pro-
ducerS standpoint, the decline is much
more severe. Cost Of production varies
with producers. The following table
stresses the per cent of profit reduction
estimated for a group of companies and
for that reason Is distinctive from ia
bles that have been published: