Salt Lake Telegram | 1935-09-16 | Page 1 | War Buying Sends up Copper

ARB BUYING NG SENDS UP J COPPER COPPERI I Residential Construction Also Aids Rise In in I Sal Sales s 's Stocks Reported R ported at Low Point r t. S Shares ares on Exchange G Gain in r V By United Press NEW EW YORK YORK- Sept l 16 Heavy 16 Heavy purchases purchases- s s. s of or copper topper copper b by for use in inthe the East African r and l Italy y use can campaign sh sharply im improved improved proved domestic r residential construction have created created a boom jh In b both domestic and foreign foreign copper copper markets market With s sales l s running at the best volume wor world d' d dwar war the domestic price today t ay vas was advanced to 9 9 cents cents' a a po pound cent cent a pound ov over oyer f. f r- r prec ev l and equal to the y price established under the NB A code code- It was a full cent a pound over the quotation which wh h followed inval datum of t the New Deals blue gt m sati dati n e WORLD Meanwhile 1 fe world stocks of copper oppe decreased approximately tons in August making total tota stocks O tons t the lowest in ma many y years The decrease ase was far gre greater te than anticipated earlier arlier estimates having ranged around 10 tons A August gust sales of copper copper here ere aggregated some tons the highest total for for any any hy month since th the world war war and thus far this month volume has kept l pace ce with that turnover I Indications point to cont continuance o of heavy buying g. g A U United Press r report port f from om Waterbury Conn r revealed that three of the nations nation's largest brass and and- copper rolling mills which furnished most of the raw materials used in m munitions-making munitions dur during duming ng the world war have gone on a a 24 hour day day production basis to fill war r requirements placed by the Italian government Operations at these plants have been stepped up to the best in six years 1 MINES NES INCREASE OUTPUT Reports from th the west vest disclose se that many any copper min mines s sj have increased ased their output to supply this demand As a an au indication of th these s b operations er electricity output in th the of these mines are lo located located lo- lo Rocky mo mountain region where most has risen almost 50 per cent above a year ag ago The Walker mine in Plumas county Cal Utah Copper Anacondas Anaconda's subsidiaries at Butte Mont and Dodges Dodge's mines at New Cornelia Ariz are among the mines where the production i increase f has s. s been een most pronounced pro pra- pra A large deman demand l. l for copper within in recent weeks also h has come from th the construction industry The F. F W W- Dodge cor corporation report reported d that th t r residential l const construction t on in n the U United States in the second quarter of f t this s y year rw r w was some per cent above the thc first quarter and arid at the highest level since 1931 SHARES RISE SHARPLY Indicative of the improved outlook outlook copper copper shares on th the New York York stock stock exchange have risen sharply rc recently LaSt t week three copper mining issues were among the 20 O most active issues traded f for or the week In the foreign forein market arket sales have been len exceptionally heavy and prices have risen to cents a pound the best since last May when the domestic price w was s 9 cents underlie under the lie code It lt is known that most of this buying has been een for I Italian ia I account but a good meas measure t also s. s has tas c come front from F 1 Great Britain md and Sweden where a up pick-up In in Ule d copper r trades has developed j X t