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Show Copper Metal's Position Sound While there has been no advance in the price of copper metal dur- ing recent weeks, there is accumulative evidence that it is working consistently into better statistical shape, giving practical assurance that better prices will follow efforts now under way to control output to more nearly coincide with demand. An overhanging supply of scrap copper in European warehouses, principally in Great Britian, is being shifted to this side of the Atlantic under orders which doubtless doubt-less originate in the movement inaugurated on this side. When that has been completely wiped out, it is reasonable to look for better demand de-mand from all parts of Europe and that will doubtless constitute the ' final factor in lifting prices upward. Meanwhile, it is interesting to note that in spite of the largely augmented consumption of copper, production is only running very slightly ahead of last year. North American smelters, for the first eight months of the year, produced 688,344 tons of refined copper, or at the average rate of 86,043 tons per month. If that rate is maintained main-tained during the remaining four months, production will reach 1,-032,516 1,-032,516 tons, compared with 1.011,247 tons in 1!25, or an increase of but 21,209 tons. At the beginning of September it was estimated that copper in process of refining in both North and South America stood at 157,969 tons, and refined copper in the same hands at 60,038 tons. The latter figure shows .an increase of less than 2,000 tons over the previous month, but a reduction of approximately 6,000 tons since May 1. Authorities look for continued growth in the volume of consumption, consump-tion, a conclusion amply justified by the tremendous increase of recent re-cent years and the certainty that copper will be needed in many a new industry in the future. Speaking of the situation recently, John D. Ryan, chairman of the board of directors of Anaconda, said: "The market for copper and brass has enjoyed a greater volume than at any time in the history of the industry. The output of manufactured products in the first six months of 1920 was twenty per cent greater than in any previous like period, and Anaconda in now manufacturing manufactur-ing twenty-five per cent of the world's output. Althaugh European consumption is twenty-five per cent below normal, American users have taken up the slack and consumption per capita .last year was exactly double that of ten years ago." He added that he anticipated sufficient continued growth in the volume of consumption to easily take up the added production of Andes Copper Co., when available and the additional production of Chili, Copper Co., which will come on the market next year. President Godfrey, of Kay Copper Corporation and Mother Lode Coalition, another close student of the situation, in a recent New York interview, properly said that copper should be considered in the light of enormously increasing consumption, as the most important factor, and not in terms of production, which is of secondary importance. There is no knowing to what length the demands for copper may-ascend may-ascend through constantly increasing uses, while, in a general way, the sources of major production are already largely delimited. Mr. Godfrey puts his finger squarely upon the most important phase of the whole situation. There can be no -manner of doubt that if demand increases proportionately, we shall soon be facing the possibility of shortage. The great troubles of the copper producer are now behind him. The future is extremely bright. |