in transit and in process up to the stage of delivery of primary manufactures, i.e., rods, wire, sheets, etc. About half of the copper production is then ready for direct consumption as wire. Large parts of the copper production go, however, to other manufacturers, who make hardware, valves and fittings, condensers, ammunition, pins, cooking utensils and a thousand and one things. These wares pass to a more or less extent through the hands of jobbers and retailers before they reach the ultimate consumer. It is no exaggeration to say that the normal stock of copper in the United States is equivalent to something between six months and 12 months production, and more nearly the latter than the former.
Of crude and refined petroleum three months supply is regarded as a minimum working surplus. At the end of 1916 there was about 220,000,000 bbl. on hand and at the end of 1920 about the same amount.
Cold storage stocks of meat and lard at the middle of 1920 were 694,000 tons; at the middle of 1921 they were about 600,000 tons. The latter was estimated to be about 23 days supply for domestic consumption.
In the general retail trade it is common to figure that with the best management there will be four turn- overs of stock annually. This indicates three months supply of goods in stock all the time. Naturally there are variations among the different lines of trade. Thus, obviously a fruit store can not carry more than a few days’ supply, for the commodity is subject to spoiling. On the other hand, a hardware merchant who must carry in stock a great variety of articles in order to meet all demands will not find it possible to make anything like four turnovers per annum. The Harvard
