Show EUROPE EU PE HAS LARGE SUPPLY STOCK OF COPPER Accumulation of Red Metal Is Estimated at About Poun Pounds 5 I NEW YORK March A 4 size sizeable ble surplus ot of copper metal has been found to exist in Europe the stocks being prIncipally in England France Fiance and Italy This accumulation say returning travelers approximates pounds Neither Germany nor Hungary Austria has any copper and the question ot of future purchases will of course depend upon ability to finance Today the stocks of refined copper in the United States exceed pounds in the hands of producers in addition to which must be considered consid- consid ered the pounds of government government govern govern- ment copper which the selling agencies agen- agen cies will undertake to market This is quite apart from the pounds of scrap copper and brass in this country which will probably be disposed disposed dis- dis posed of through the brass concerns J. J P. P Morgan MOlgan S. S R. R Guggenheim and others just back from Europe bring word that it will be a long time before before be- be fore a large foreign outlet for American Amen Ameri- can copper can he be expected A big demand from abroad according to these authorities Is not likely to develop develop de- de until late this year While no doubt exists as to the ability of producing companies to finance their copper through a long period of waiting the wisdom of further further fur fur- ther increasing the accumulation has been given serious consideration Further curtailment appears table In fact it will be increased in inthe inthe the near future by some of the larger cOmpanies cOmpanies' cutting their present 50 per cent basis to around 30 per cent The treasurer ot of a pound producer says that his company will immediately put such curtailment into effect with the probability that others will follow suit |