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Show MINING NEWS GERMANY TO COME HERE FOR COPPER The metal outlook as reviewed by the Wall Street Journal on December 16 is Bet forth in the following manner: man-ner: "From the viewnoint of incomlnc From the viewpoint of incoming business tho steel Industry and the copper industry have been moving in direct contrast over the last two or three months The steel companies have been showing extraordinary increases in-creases In unfilled tonnage, the steel corporation's orders alone in October and November averaging more than 60,000 tons a day, or close to 20,000 tons a day in excess of shipments "On the other hand, tho demand for copper In the same period was excei)-tionally excei)-tionally light, but this was due more to the falling off in demand on the part of Europe than to the shrinkage in domestic orders. The strongest feature of the copper situation is found in the fact that the United .Metals Selling company, Phelps, Dodge cc Co and the American Smelting and Refining Refin-ing company will go over the new year with less than a week's supply unsold This is an unusually strong position and means another heavy shrinkage in surplus stocks of the metal later on in the event of Europe's reappearance in the market as a large buyer. "Consumption of copper in this coun try is as large as it has been at anv time this year One of tho largest consumers of the metal says Ins plants have sufficient business to keep them 111 operation night and day for from six to eight months German coppor consumption, according to the best advices received, has not suffered to any extent from the unsettled political situation. Consumption of copper in Germany during the months of October Octo-ber and November was larger than in any similar period since the first of the year If such conditions continue the year If suqh conditions continue j to prevail Germany cannot remain out of the market much longer j "The heavy consumption of copper abroad is reflected in copper statistics which show a cdntinued shrinkage 111 surplus supplies. American selling agencies claim they are justified in holding copper at its present price, as most of their contracts for delivery in the last quarter of this year and earlier part of next jear were made on a basis of IS 3-1 cents a pound Also that if there were signs of a falling off in consumption, concessions might be made n order to induce buyers buy-ers to enter the market "From December 1 to December 12 inclusive, there has been exported to Europe 26,284,000 pounds of copper, which was at the rate of 2,191,000 pounds a day, or 67,900,000 pounds per month of thirty-one days Should the copper companies export even 60,000,-000 60,000,-000 pounds this month, and deliver to local consumers 70,000,000 pounds there would be little if any increase in surplus stocks. "The steel mills of the country con tinuo to opnrnte full, with no signs of a letup In tho first half of next year There has been a shrinkage In un filled business, but St Is Interesting 10 note than United States Steel's orders since the first of the month were larger lar-ger than they were In the correspond Ing period of the preceding month If there is no Betback in the last two weeks of the month, Doccmbcr will record another increase in unfilled tonnage It is not to bo supposed that the steel companies can continue lo add to surplus orders much longer This would be a physical impossibility . as the mills are already sold up from six to nine months ahead. "A slowing down in the first quarter of next year would be In order, but in this connection the trade has been looking for a shrinkage since Juno of the current year It looks as though the car companies had sufficient business busi-ness booked to keep their plants In operation throughout tho entire year 1013. which is one of the best signs of continued prosperity for the structural struc-tural steel, plate, rail and other mills that depond upon the railroads for existence ex-istence " |