Copper Figures

Some months ago, when conditions in the copper business were unsettled, the trade discontinued its practice of collecting and publishing each month statistics as to the amount of surplus copper held by refiners and producers. At the time it was felt that the large copper stocks being carried simply operated to hold down the price of the red metal, and that discreet silence was a better policy than embarassing frankness, if higher copper prices were to be seen. Since the discontinuance of the monthly reports of surplus copper, therefore, only quarterly reports have been issued.

In the meantime, conditions in the industry have apparently altered much for the better--although the copper business is too temperamental to admit of cocksure prophecy. Recent curtailment of production is said to have reduced output by 20,000,000 pounds from levels reached last spring. Demand has continued strong and varied. What stocks of surplus copper amount to, is now anyone's guess. But rumors in the trade are to the effect that July and August figures will shortly be forthcoming.

The policy of withholding depressing statistics and publishing favorable ones would not be followed in a perfect world. But the copper trade has at least been perfectly frank about the matter-- more so than certain other industries which have practised the same policy. Moreover, blank silence is probably preferable to the issuance of partial, inaccurate or careless statistics.