OCR Text |
Show TRYING PERIOD Of COPPER PRODUCERS HAS BEEN PASSED By reaaon of tha betterment In prices for copper mete., there seems to be ground for belief that a change for tha better haa really come. The- first alx months of the year were a very trying period for the producing and of tha business, busi-ness, and tha underlying cause la gfven as the very quiet buinea condition In the I'nited H tales. in addition to this ft haa been plain that the continued large production In tha quiet times had a drastic dras-tic effect on the metal price. Consumer! were wjM aware of the condition of the metal market, and took advantage of tha Rltuatlon to use up all the old stock on hand, and simply purehaaa In tha open market the metal that was needed for Immediate Im-mediate uae. Of thla situation tha News Bureau says: "Thla had two Important and nnfor-' tunate reanlta: the market for tha metal Waa narrowed even more than would ' have been caused by business quiet, and the so called 'Invisible' supply dwindled to almost nothing, while the visible supply sup-ply continued to grow larger and larger, with Jta Inevitable depressing effect. "Tha one bright spot haa ben the steady grow th in consumption abroad, which haa been of sufmient proportions to continue tha depletion of exltng mip- I iT'-rTSKtBawalr'''1 M"T 'nrn,'rn Increases In surplus stocks of copper In I the I'nited Htates. . Thus the world's sur-i sur-i plus, which on January 1 waa 3w.000,ooO pound, gradually Increased until on April 1 It amounted to 3 4. 000, SAO pound; In April and May It showed a decrease of ld.Ono.Aflft pounds, or from I4.0on oo to S.'R IWe.M0. (he foreign visible supply In that, period decreasing 2Z.o0O.0O0 pound while the 1'nlted Htates surplus Increaaed . 600,000 pounds. Furthermore, there Is every reason to believe that the world's aurplua for June win show a large de-create, de-create, estimates of the hriiikaire In r it nlted HtAt- surplus varvlng from 10.-, 10.-, one. ooo to lR.Ooo.ooo pounds; the foreign t visible decreased a.OOO.OOv pounds during the month. ' How It Averse ad TJp. "In the following table it is shown hbw United Htate production thus far In lftll haa kept up to the average of the 1910 year, and thla In face of the decrease In i ' both domestic and export deliveries. Kor (the purpose of thla table we have estl-i estl-i mated production for June at KT.ooo.iioe, .pound, domestic deliveries at 70.000 000 1 1 pound, and export deliveries at SX.nso.000 Kiunda. The estimates of deliveries are rger than for any previous months of (the year, hut ara undoubtedly conservative conserva-tive In view of th turn for the better within the month. The table follow: Six Month. Monthly At. . Dec Itll. - 191. . ' . Pitxluctton jri.ooo.noo Ki.eoo.cvw) Itomeatlr rtellrery S7.5i O.'lOO 6;.."iN) IX '0 ( 0(10 A Export delivery ' 000.000 0,(iQO,l)uo 1,0(10. 000 Effect on Price. "Price of the metal made a sad exhibit. Starting the year at 121 cent per pound. It steadily declined until In May a break below 12 cent wa recorded, the average for the month being 11.992 cent, the lowest In nearly a decad. The Improvement Improve-ment In June, however, has been rapid, land th month closed with price practically prac-tically on parity with the commencement of tha year. Average prlc for June was 12.3Kb cents. An interesting feature I that during th latter part of Jun l4ik copper, whleh has !way commanded a : premium over electrolytic was veiling at ipractlemlly th Sams price a electlolytlc. Th reason is that there has been a larger lar-ger proportionate falling off In demand for Lake, so that this grade of copper In th country' surplus of th metal 1 larger than usual. . Ploada for ATwnnt.'' ' "What the next alx months will bring forth Is difficult to forecast. The curtailment curtail-ment 'agreement expire on August 1. and whll it bs been more or less of a farce Its abandonment could not fall to result tn a still lrger production, which consumptive needs would hsrdly be able to la km car of. It Is considered likely, however, that there wlH be a renewal of this agreement, ao that Increased output during 1911 Is to be looked for chiefly from the new porphyries. Ray and Miami, which commenced production some month ago. Kay should hav an ultimate output of 100,000.000 pound per annum, whll Miami's limit will be about 40.000.-000 40.000.-000 pound. It I unlikely that total output of the two during 1911 will be over 80 000,000 pound, a amalt amount In Itself but of uftlctent present and future fu-ture al,lfloanc to make It worthy of consideration by other producer when the curtailment "understanding" la discussed. dis-cussed. "Never wa co-operation among all the larger producer more Imperatively necessary nec-essary than today. All the recent gain will be lost, and quickly lost. If excess production is not kept !ark." Mountsln Lake Kx 1 Oil Mammoth 1.00 1.18 Nevada British . 40 Nevada Hill 1.45 S.SJ New York 0 .091 Ohio Copper l.M 1.00 Opohongo 171 -191 Ptoche 1) ml John 11 .lit rliilus 01 .07 Prince Consolidated .73 . 7- Provo t Pittsburg-Idaho 0 .OS Richmond A Anaconda ... ,07 Retail '.04 .041 Secrainentn Oil Seven Trough .04 .041 Silver Kin Coalition 1.80 l.au Silver Shield 011 .or. Sioux Con lo .31 South Iron Blossom ool .011 Swansea Con ".07: .OH) Kwansea Kx-enslon OOJj ! .onk Silver King Con ,....1 1 I.3T1 Tlntlc Central .0311 03 I'ncl Sam e-l -8 .'. Ctah Consolidated .. 0I1 .041 I'nlon Chief I .21! .Su Victor Con "i I "81 Victoria Con 78 I .81 Western Nevada 0 .08 Tanks Con . .l-'ll .18 Yerlnglon Copper 03 I .031 |