| Show COMMENTS ON METAL MARKET Goorge L Walker WM er Says Money Situation it i At Bottom of I Extreme Reversal S I CONDITIONS WILL BE E NORMAL Ihu Mity 1 or M Three J iVo so o llon of suf Co Another dray di la In the tile prie of or r WM was report reported d teSty and the tile owners owner ow of a au tt SIl SIla ll II lla a the lb h II holders Mr of Oil epper to k arc are arelinn be beginning b ginning linn to weeder where II It Is I all 1 sIEg to end Thaw Th who mad the penile dle P Uon a few t weeks In ago go to tile the effect e pct that the metal tal would not drop below b low 17 cent hare haY been Men disappointed Other have lien said ald 4 that the decline would mt Ret end and until It II cent cant a pound was Wall Walland wasand and then they would look for u LL gradual recovery until the thu metal s tit il 1 flints Ita again lounge L 1 1 Walker Walkr the Bt 81 i n coppe cOp authority and editor of ot UK thc th Holt Commercial looks loolu to 10 the th lUlu how however ever ev av with a great crt del deal of pUm and anti hi llla his lat last letter on the Ibe subject Ol O metal markets market aya 1 All AlI the large lare producer air at HOW now a unit In lii 1 13 11 H cents ente for lake Uke and 11 tl 1 for electrolytic copper opper They have hat maintained this Ihl for tuc a Aw week w k or two Iwo past pant and a II o 1 volume volum of business has hal bee be done dOD Quite heavy hea sales lIal of ur have been made In Europe Euro at IK itt reiji OI and nd domestic consumers quite quit g tally been buying for i rd r de delivery delivery livery Sat Bale of or lake lak have ha beer be nado recently at t 1 15 cent nIR These therefore make malt the market mark 1 for th tb ilm time being and nel It 1 la Ca MIT iry 1 good that they will 11 be maintained the th Ih remainder malner r of or the year The money situation is III at thi th hot bot bottom hotton toni ton of the th tb extreme reversal of If di 11 1 lions which have laa rome come about In III it th metal market In the put past alx six or ight weeks When hen the American Telephone company compan tailed ailed to rul money toy foi the I he usual yearly extension of nt Its It line lines a anti ml the Western Electric company wee wan at as ata a au asu u a result forced to 10 cbs do down It its wit win winmill I mill the change front from an excesS of ot re cit resumption 01 to an CU XII of or product III n began bean The money mon market markel must mut mu blamed Since Sine then Ihn It ha hu haa ben been pra pr tl ally all for Independent tl te phon companies street railroad railroads ai A AI alt alta l lx x I very fry great majority of other ee ok 01 enterprises to 10 rake raise money f or ii orne i new ne contraction construction work The Th lion of topper has bar ba thus thu been n arrested d temporarily probably to the extent ut ot 26 U per cent This naIl condition will con continue continue continue until money I III ic easier r and all money will grow row easier r very rapidly If thu retrenchment In general business ton con condition continue It Jl was the tb abnormal al iii volume olum of buln that thai used up ull tho tim world money mODey supply Business cost con conditions are arP getting back bk to normal R nd d within two or three thre month we a shall ahall surely url have hae has normal money lOOn market con oon condition again ageda The claim that there thre I Is III an II accumulation lion tion of to M OM 90 pound poua of copper I ii absurd urd It I possible that producers producer hold a total of to tn pounds pound of ot unsold copper which I Is reined refined and anel ready realty for tor consumption lion tion To claim that the amount I Ii great greater t tet er et 1 than this however boever I is to argue that consumption ha lies decreased 78 75 per pr cent within three t month which klc of ot course CUr 1 la Is Impossible The Te limited amount of cC o Investigation which I have been ln abU able to make mk since mince Ine my III return from the tb west wt convince me m that sit all al the Ule copper above ground Is I held h by tUr producer adwers Under normal conditions consumers consumer wn would be b carrying at t least leat pounds pound In 1 their working mocks A Ac un a money mony condition ak es up slightly 11 this thi copper coppi cp will wi change CU ownership In the meantime leMe there I Ino ta Is tano no other cuss claa of or corporation In mInce ence nc not cu excepting a the banks which I is In in a a ac good o a condition to finance 10 1 80 to 10 10 pounds pound of copper M as the producer them Thelt trees treas treasuries tr uries une WI are strained straId to 10 the tle bursting bulUn point pDt with wih profit which have bavo accumulated during the time pat past three year yr of high priced copper The Tb he 1 of or conditions has hu given VOll the trade a severe vere Jolt and a nd It I Is I nat natural Url ural t therefore that opIum opinion ur 1 ions ion should be b heard beard on 01 every er side Ide It ItI I ItIs Is Ie I not nt of course ou ours that tb t the t worst wort I 0 yet et to t come om But I feel per perfectly satisfied Ual myself that the worlds copper e production during the footing two or three years year will wi be b r end and at It 11 1 cents cent per pr pound u provided producers wise II enough to tob t tobe p be b united t and asking In that price r It l MM ait be remembered that electrical 1 lt the thi tl world over ha his I only o oni Just Juat 1 begun UI |
