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Show SALES OF COPPER iNilINT European Stocks So Depleted That Foreign Consumers Look to America. MUST PURCHASE SOON Balkan War Sure to -Be Followed Fol-lowed by Scramble for the Metal. A recognized student of the red metal situation In quoted in tho cast in the following manner: During tho year from November. 1. 1911, to November 1. 1912, tho stock of copper in Europo (in England and I'rance, Germany and Holland) has decreased 104,930,520 pounds. It would seem but natural to suppose that while these foreign slocks were being so severely depleted that thero would bo an accumulation on this side, and yet American otocks have decreased in this period to tho extent of fi8.2o2.G7S pounds, or a total' of 163.192.19S pounds. U Is well known to everyone that the production of copper has been pushed to tho utmost limit to get tho benefit of the materially higher prlceo obtainable through most of tho year, and yet. notwithstanding this large production. lh stocks of tho metal at those points where it is stocked up throughout the world, apart from tho stocks held by the consumers In their own plants and for their own daily use, have gone down to tho enormous amount of 163.192.19S pounds, showing show-ing tho tremendous rate at wntcn copper has boon consumed during tho past twelve months:. Europe Must Buy Soon. Thcso llgure3 aro highly significant, as they reflect in a marked degrco the present position of the copper Industry. At the present tlmo the situation, as Is well known to thoso closely informed in-formed In tho trade. Is that tho stockn of copper in Europe, apart iiuiii muse sluukq aviucii ire neiu 101 speculative purposes only and because be-cause of quality and condition are not available for competition with American olectrolyjlc copper, havo been so depleted that thero Is practically prac-tically no more to draw from. Europeans Euro-peans must now soon buy American copper to keep their plants coing. as it is the general opinion that not only have they no stocks to draw from In public warehouses in Europo. but that their own stocks In their own plants are exhausted and thorn is but llttlo duo thorn on ctirront contracts con-tracts for shipment from this side. Tho position of tho producers, It would appear, has never been stronger strong-er than it now Is, and the market conditions are certainly as sound as can be. The adjustment of political complications com-plications abroad will promptly release re-lease and restore to the Industries thero the usual amount of capital, and this should soon reflect Itself In another buying movement for copper. Tn calling attention to this matter, Thompson, Towlo &. Co. quote another authority as follows: September Purchases. During the month of September there was good buying in America, and consumers at that time entered tho market for their requirements for tho last quarter of the "year. Abroad, however. a3 a result of tho war and financial difficulties, consumers con-sumers havo been hold'ncr off and have not yet laid in their supplies for the remainder of this year, and tho Indications aro that they must soon como into the market and buy heavily for December shipment. Tho present situation Is merely analogous analo-gous to other periods which have been experienced In the copper situation. sit-uation. Tho general opinion of those best Informed is that this period of Inactivity In-activity is now drawing to a close, and that we are about to enter another an-other buying movement. As a result of this, the position of the metal is becoming exceedingly strong. Consumers Con-sumers abroad are rapidly exhausting their supplies obtainable from America, Amer-ica, while the stocks of suitable European coppers aro already practically prac-tically exhausted. The factories are running to full capacity on old contracts con-tracts which will keep them busy for some months to como. WorlcPs Consumption. As a result of these factors, It is a question of but a short tlmo until Europo must enter tho market for' large quantities of tho metal. The present situation Is much tho same as that which existed at the time of tho Moroccan trouble In Europe. During that period there was a very pronounced lack of buying abroad. However, when thin trouble wan settled set-tled Europe entered tho market and purchased largo quantities of tho metal. In fact, the buylnar at that time was exceptional because of the largo supply purchased, and It would not bo surprising, with tho settlement settle-ment of tho present European situation, sit-uation, if the copper trade would e:c-perlenco e:c-perlenco a like demand. Tho consumption of copper throughout tho world Is excellent, and Is now better than ever before. The outlook for the continuance of this la very good, and indications point to no material change for niontha to come. Producers aro now giving their attention to the execution execu-tion of orders on hand which are sufficient suf-ficient for tho ontlro production to tho end of the year. Tho consumers consum-ers must enter tho market in the vory near future, as their supplies are almost exhausted, and the price of copper will have to adjust lt3Clf to the conditions then existing. |