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Show COPPER STOCKS ARE BEING ABSORBED IN EUROPEAN MARKETS The Indications are that there will be shown a substantial reduction In copper stocks or the world when the statistics are compiled for March. It appears that there has been a large amount of the red metal consumed In Europe of recent date and that a revival of buying haa taken plsce which bids fair to bring about greater confidence In metals. Some even predict that the market conditions are such ss to Insure higher prices for the metal within a few weeks. One of tne big officials of the largest copper selling agem-y says: "There Is a very general feeling that too much copper la being produced. During Dur-ing the past seven months (March estimated esti-mated the production haa averaged 600 tons monthly, an Increase of 10 per cent over the previous eight months, and In this period there has been an increase In stocks: Tons. America Increased 17.000 Europe decreased 1.000 Total Increase In world's stocks September. 1912-Mareh. 1913. inclusive . -r- 21.000 Tills Increase In stocks Is more apparent appa-rent than real; It Is simply a reflection of the statistical position of copper as shown up by the reports published monthly of the American refineries and the European warehouses. It Is not, as a matter of fact, nearly so much an Increase In-crease In stocks ss it is a transfer of stocks from consumsrs to producers. Under Un-der norms 1 conditions In the industries and financial markets this stock 21.000 tons) would have been distributed and dlsappesred In the plants of consumers snd would then have been classed as so called "Invisible" stock in the hands of consumers by contrast with the "visible" stock in tne hands of proaucsrs ana in the Kuropesn warehouse "The world'a conaumptlon of copper for laat year was approximately 1.175,000 tons, distributed aa followa: Tone. America 410,000 Germany !75.000 England 145.000 France 45.000 Austria 50,000 Italy 50.000 Russia 40,000 China snd Japan 35.000 Holland and Belgium 15,000 Sweden and Norway 10.000 Other countries 10.000 Total 1.174.000 "This shows an average dally consumption consump-tion for 300 working days In the year of approximately 400 tona. and therefore, that the 21.000 tona which are now "visible" In the stock of the world represent rep-resent a five daya' supply. Every one conversant with the conditions now existing ex-isting In the trade knows that the consumers con-sumers are so Inadequately supplied that It would not take much of a buying movement move-ment to exhaust this stock. "During this period of seven months (September-March-lnclualve. March eatl-mate.1i eatl-mate.1i we have aeen the American production pro-duction Increase, by contraat with the same eeven monhta' period a year back nv 72.000 ton, and vet In that time, with condition In the political and financial worldfl bordering on panic, and every ef-ford ef-ford exercised on the part of conaumera to aubatlUlta cash for copper by unloading unload-ing their atock of the metal, we aee an Increase In the world stocks of but 21.000 tone. Snrelv this Is a remarkable exhibit. Inasmuch as the metal haa had no friends. "Some American copper ha gone Into store In l-'urope. Rut for the foresight of the AmeiloHP producers In taking up all ", 'earner room thev could get for the pki three month well ahead of sailing, there would have been at times an acute shortsge over there The quantity BO atored must he insignificant, aa European stocks .howed a decline at the middle of March. There ia now quite a demand for copper in etor In Europe, and It la commanding command-ing a premium. "Looking forward there la every prospect pros-pect of essier money In the near future. Till ehonld stimulate the speculative element ele-ment operating op and through the London Lon-don metal exchange The fsvorable sta-tlstlca sta-tlstlca expected for thla month ahould attract at-tract ' this element, particularly those operating on the ehort aide. A movement move-ment upward in Ixndon. If auatalnel. cannot fall to Influence and encourage buying for consumption. "The present level of prices le satlsfsc-tory satlsfsc-tory to the trsde. snd the period of the year when coneumptlon I at Ita beet la now at hand, to continue through the veer. Confidence In BtaHllty of the price 1 the a'l-lmportant element to hope for. Th outlook for the metal from every point of view le favorable, and Inaamueh as last yea- the price advanced from 14c In January to 171c In July, there la warrant war-rant for quite an upward movement thlt vear. and In the near future, from tba present level of ltc. "The object of this retrospect la to assemble as-semble the Importsnt facta bearing on 'opper during the past seven months, the period In which buyers have kept out of the market and stock, have accumulated: to Institute a comparison with present conditions atvl form soma conclusions as to the futute. The production In thla seven months' period ha been the largest In the metal'B history. The conaumptlon haa also been on a record basis, as the figures prove. The one conspicuous feature fea-ture ha been the complete change In attitude at-titude of the buyera; they couldn't buy enough prior to Balkan war. wnereaa Ince the war broke out their policy ha been to aee how long they could refrsln from purrhaelng: how much they could rlean up their atocks end convert their own produota Into caah. Thla altuatlon aa to production and purchasing haa had the natural result to force the prloe down. Nothing could prove more conclusively the sound position of the metal than the exhibit of accumulation of five daya' aup-ptv aup-ptv for the world In this aeven months' pe'rlod with every condition adverae to It." AFTERNOON KALES. Beck Tunnel. 1000 at tc. Crown Point, 3100 at He. Iron Bioaaom. il at 11.40. May Day. 1100 at lie. Ploche Demijohn. 3000 at lie. CURB TRADING On the curb thla morning Oolumbua Extenton sold 10.000 share at fl cent snd soon st 51 New Terington Copper acid 5"0 shares at 41 centa. Dragon Consolidated Con-solidated aold It share at 10 cents. Closing quotations on the un'.tsted stocks were ss follows: ! Bid. lAaked. Oolumbus Extension t .05 t .051 Naw Terington Copper ... .Of 1 .Oft Dragon Consolidated 10 . Rico Wellington it , .32 Thompeon-Qulncy 35 .34 Mlchlgan-l'tah 34 .45 Alta Conaolldtd if ( .to Oper 04 NEW YORK LISTED STOCKS James A. Pollock A Co . hankar and brokers. 144 South Main street, furnlah the following, received over their private wire thi afternoon: IQpen High. Ixtw. I Cfcas, Chlno I 10.0001 43 1141 42 Oold Con . . 100, If ! i Nev Con ... 1.1401 11i It If Ray Con 1.100' 20 : 1111 1". Tenn Coo ..' 4.10 "Tj 17 374 Miami Cop -I . 24l 24li 241 l.'tah Cop . .. 5 0i 551' 141 54 Inspiration . Q0 Iff 17l 111 Dancing at Saltair toaigkt. Fare 25e. |
