| Show COPPER PRICES IRE ARE IREIN AR ADVANCED IN LONDON TODAY I Another Another advance a of at 17 shillings was a made in copp copper copIe r metal prices In London toda today The rapid gain gin is attributed to the I fact tact that metal merchants ar are rece receiving liberal orders for stocks from consumers s. s and the most moat authentic o obtained obtained ob ob- ob- ob tamed Is to the e effect that there are no nc hidden stocks of metal in this thi country countr or abroad A representative e of the the- metal metai brokerage firm of Morrison Co of London London Ln Lon Lon- don who Is is now in the tho United St States States' tes forthe for forthe forthe the purpose of studying conditions in the tho copper industry and also to discover if It possible the whereabouts of or the alleged I huge huse hidden stocks of the tho metal says nays to tC toa toa a reau representatIve of or the Boston News lews Bu Bureau Bu Reports Report of f large largo stocks stock of ot copper not appearing in the published statistics 1 I J believe to be wholly without foundation I have havn visited all al leading leing copper holse houses In New York and every ver ono one has stated to me that thero there are no bidden hidden stocks of or the metal in the United States From om these and other sources I 1 havo reason rca rea re- re son to believe beleve that such Is la the case In Europe there arc aro no larger larser reserves reserve un- un un reported In this connection however it I should be remembered that Italy Ialy for tor In Instance Instance In- In stance Is a I fair consumer of or copper anc and of course courso must maintain some surplus at consuming points but this thin applies to consumers consumers con con- sumers eumers all al over o tho the world for they must carry some stocks to provide against order orders orders or or- ders der an and also such nuch fuch contingencies as ma mo may arise There has been profit taking In tho the standard warrant market In London and these profits have been most handsome handsome Our firm has made hatfuls of or money for Its iti fl customers market having gone sone up 25 with wih scarcely a 0 setback While warrants warrants warrants war war- rants abroad have been weak eak as a result of liquidation the sellers of or real rel copper metal have firmly stuck to their high nigh prices Ordinarily the tho spread between standard and electrolytic copper ID Is about l 1 a ton now it I is about 3 3 3 standard having declined We rC have ha implicit faith In the tho statistics of ot the tho Copper Producers Producers' Producer association in New York believing them fully to set sot forth the tho true conditions of the metal In Inthe inthe the tho United UnIte States Foreign figures which appear apper fortnightly In London arc are also als re re- re liable lable Here in America AmerIc thero Is no true tre conception conception con con- of the existing conditions among the consumers of ot Europe This vear year consumptive consumptive con con- demand for cop copper pOl will wil exceed last years year's h by fully pounds electrical manufacturers manufacturer have some eom bl big orders for tor both Mexico and I South American countries into which enormous amounts amount of or cop copper er will wi 10 go Countries on the continent a also alao o have record rec Tee ord or orders order on their books bools Wh Why did ld we e become bullish on copper conditions In the United Unite States State State before your own people Well Wel we we studied the facts and und figures before us and camo came to the conclusion that this country countr after having stood toO practically still for a four- four year Nir period perio while European consumption was constantly gaining was the place to look for the commencement of or a new upward movement mo In th the tho metah We Wo worked alon along that line lne and about thirteen months months' ago started to get our clients In Interested interested In- In in copper Of Ot course the real big move did not start until October and did not reach even larger larer proportions until th the new year The results have been bren cent copper and big profits for the tho pro pro- The talk tk of hidden stocks to me seems absurd particularly when It Is realized that at 11 cents copper metal has haR reached the tho highest highet price In years yer at which point pint nobody would hold bold back copper You may state that te the tho selling of ot warrants warrants warrants war war- rants a week ago Monday bv by London was WI not for account of ot New York speculators speculator In fact there thoro has ha been no interest in standard warrant market for tor several years year on tho the part of Americans and that thata Is a one of ot the reasons why I am making my trip at this time Copper should work hIgher I believe beleve and I look lok to s sIt see It t at per Jer ton eventually |
