Show IRE WRE TRADE SLUMP CAUSES COPPER DROP Big c Mills Overbought Last Year on Rising Mar Mar- ket I A 1 Boston Doston News New Bui Bureau can special over OYer the tho Pollock wire he discusses the copper situation I t lI Uon I as follows follo I While In the Sl te a Q considerable consid- consid truble erable volume of CO copper pt r l' in is movin moving In the supply of ot ordinary trade demands de- de demands de dc mands s there IP Is nevertheless a declining In hIS ing price t tendency The Time best hest opinion Is that notwithstanding the restricted output of at Amalgamated and the so- so called Ryan Cole properties the tho production production pro pro- is slightly in excess of ot consumption This Tills falling oft off In consumption consumption con con- Is almost wholly lh the result of cessation lof ot demand from COPP copper l' l wire manufacturers It was as the wire people who two made the time 20 cent price a few m ago ngo and It is the wire people who are arc responsible In a large measure for present nt trade condition c. c They overbought ht on the advancing ad market t. t and now report that there Is absolutely nothing doing In their department department department de de- cf ct finished 1 goods In the mar mar- ket It Is conservatively ly estimated that at al least 50 per cent of ot the American American Amer Amer- ican consumption of pounds s last year yeal was teas for Cor wh wire o drawing purposes It Jt is caS easy therefore to und understand the time present accumulating supplies when It Is known that wire business Is at a standstill Probably Probably ahl ably one-half one of the consumption of pounds S which went into wire was in connection with electric traction and electric power powel plants which were built for 01 flotation notation pur pur- poses Cant Can't t L Money Ione con conditions have precluded the Kile Ule of or traction securities and 10 si- si the li pounds 8 of pf copper which last year yeUl advanced d the tine price to 0 J cents are arc now hanging hanzing OV over l' l the market a and Jill constitute In effect a portion of or accumulated surplus We Ye have made some l Investigation and anti found Cound by far fm the tho majority of the present present present pres pres- ent a accumulation h by 75 5 per pel cent cont Is bein being be be- In ing carried by the United States State Metals Met Met- l f Metals etI et- et I als S Soiling Selling company and Phelps Do Dodge Doc c Co who have allied ollied themselves them thern- selves Delves for fOl the I present at ut least ast with Hh the American Selling company California Call Cali I formula fornia anti and the people people people peo peo- have been selling copper as ns fast tast as the market makel would take it they did not hold to an any r fixed price when It was found that concession did not ring bring orders They have been determined determined determined deter deter- I mined to lu sell copper and have halo done dono I so 90 Of or course the Metals Ital Sellin Selling company com corn i pan pany and anti Phelps Dodge company compan I have sold some somo copper ropier from Crom time t. t to tn time but hut In r respect pct to tt the tho In larger or or- dors ers they have been outgeneraled by bythe bythe bythe the other trade Interests The demand duin du- du in mund mand a nil during the pa past t GO days has come largely from Parl Parr A great manufacturer u who ho consumes 00 pounds pound lound of lr copper annually states that since July 1 there has been boen a deplorable deplorably de de- f lack oft r demand of If copper wire products and ancI that thu tho conditions 4 n thai nUl Ita eta hr nn l lunt tf t. t G C GI r n I n. n r |