Show COPPE COPPER MERGER AND CURTAilMENT IS I ALL ALLI I ABSORBING QUESTION I II I I More is tS again heard about the IhO hi big merger mer mer- gem ger of producing copper properties Since Cl the return of Charles Io Hayden en from a roundup of the largo large porphyry properties of the tho west cst he le and some 01 other oilier her copper in interests interests in- in havo have been entertained by John DRan P. P Ryan Ran This has lead to a revival of the copper merger ta talk I In Jn reply to these Comments comments the tho various Is IR largo 1 O interests have denied that there is to any be-any copper cop op pet per consolidation considered for 01 the pres- pres ut 11 Ol One Olio of the best best reasons assigned fOI for this postponement is that the large arge interests are arc awaiting the tho decision of the government in the American Tobacco and Jo Standard Oil 01 cases These hese decisions will wi not be given out for several months at least a and ld it i Is probable that the present working agreement embodied In fn tho the curtailment curtailment cur cur- of production will wi hold operators operators opera opera- tors Lors to together ether harmoniously until the tho big consolidation is actually agreed upon As AI one big interest expresses a it i the actual plan is Ig to keep the large producers to together together together to- to gether gether so 50 that there ther will wi be not over over- production In view o of the present conditions the next important matter mattor with copper producers producers producers pro pro- is the tho curtailment During During the months of Tune Juno and October as shown by comparative tables the output from the larger producers shows the percentages of reduction to average abou about 10 per cent The he table follows in pounds Per cent District June lune October Dec Butte 1 11 flAA 13 I l Ii Superior 1 Arl Arizona otla 28 Nevada 15 Utah 15 Miscellaneous 11 1 Total 95 10 The next most important consideration is the extent to which supplies will m be augmented next year by new copper pro pro- ducton Careful estimates have been made and the conclusion reached that the mae new now porphyries together with wih the additional additional addi addi- I tonal output planned by br the Utah Copper Copper Copper Cop Cop- per company will wI not in the aggregate Increase next years year's refinery production b by over pounds a sum um equal eual to but 5 per cent of the American output The Utah Copper company copany Chino Ray and arid Marni will wi all aU contribute to an Increased Increased in increased In- In creased supply of copper in 1911 1911 The Utah Copper company in in increasing its it plant capacity will wi probably add 2000 pounds We the probable in- in as follows Utah Copper C Chino hino Ray Rn a. a ee 0 VV Miami Ilami lami p Total 6 It I should not be understood that the I above figures indicate indicate mine output as It Itis itis i is quite possible that the mines of or the four tour companies above mentioned will wi show an increase of pounds next year but the pounds pounds refers to the estimated amount of ot copper which it is expected will wl be put on the market et in refined form It I has been recently demonstrated that it i takes fully four months from the time the copper ore or is mined to the time it i is shipped from the eastern seaboard refinery in in- marketable in-marketable shape Under normal conditions of trade an a addition additon of oC pounds to the annual annual an an- nua nual output in any anyone one year ear should not exert a depressing Influence but under conditions of unsatisfactory trade even this additional output might develop de into a factor of considerable importance It I is plainly apparent that unless unIes trade conditions materially improve the price of copper can only be be sustained sustained sustained-in in the face of 01 forthcoming additional supplies supplies- by a a of the policy poley of re rei restricted ro- ro i output |