OCR Text |
Show STABILIZING COPPER. Forseeing decreased demand for copper during 1930, owing to diminished dimin-ished industrial activity, American producers started curtailment early in that year. As a result, world production produc-tion of the metal was 14 per cent less in 1930 than in 1929. However, the favorable results of this were more than offset by an increase in surplus stocks on hand. As a consequence, the price of the metal rapidly declined, reaching, on several occasions, less than ten cents per pound,, the lowest level in many decades. Consumption continued to lag behind production. Now it is believed that brighter days are ahead. A more normal consumption con-sumption of the metal is being reached, reach-ed, and price fluctuations are less violent. A new spirit of cooperation among producers is paving the way to a return to stability. When 'that is achieved, it will be a great day for many western states. |