The semi-weekly miner. [volume] (Butte, Mont.) 1882-1886, 1885-11-18
THE COPPER

Business in copper continues very quiet.
In the New York market copper has been
offered freely at a decline. Lake Superior
has sold as low as $1O.4O and all other
brands, including Arizona and Montana
copper. at 10 cents, and there is reason to
fear even a shade lower. A large quantity
of American Electrolythic copper has been
offered at 92 cents, but failed of finding a
purchaser.
Prices in Europe are still low, at f39 5s.
for Chill bars and f43 for hest selected.
Most Of tine mines in Europe and in Amer
lea are working without profits and have
passed dividends, while some OF the mora
favored have cut down dividends. No inn
provement in the prices Of copper can be
expected before several OF the largest pro-
ducers either come to an understanding to
limit their productions or some OF them are
compelled to shut down.
The New York Metal Exchange has just
issued the following circular upon the sub
ject of copper and copper contracts: "Un-
like iron or tin, copper il distinctly an
American product, and one OF which we
may well be proud. The iron used in this
country is, it is true, mostly produced at
home, but hardly any is exported; while
tin, as lately noted, all comes from foreign
countries. Copper, on the contrary, stands
much in the same position as wheat, in
that while there is a prohibitive tariff that
excludes i~mportations entirely, we are not
only the largest producers in the world,
but also can and do produce it so cheaply
that beside supplying u entire home de-
mand, we export it in large quantities,
with a controlling influence on the markets
Of the rid. In 1884, the product OF our
mines was "a, 900 tons. or about 80 per
cent. of the entire supply OF the world; OF
which we consumed ourselves $4,000 tons,
leaving $4,000 tons which was exported.
in addition to 5000 tons taken out of the
stock on hand at the first of January.
Outside of the United States, Chill, Aus
tralia, Germany and Spain are the coun-
tries from which come the largest quanti-
ties of "copper", the leading market for all
of which is on the London Metal Exchange.
The speculative medium there, the price OF
change, is Chill Bars containing SO per
cent. OF pure copper but in America all
dealings are in refined, or 'iDgot' copper,
from which all but the minutest percent
age OF foreign substance has been removed.
We recognize, moreover, four leading d.
visions, known respectively as Lake,
Baltimore, Oxford and Anchor,
each being the output OF a different
smelling works. ALI of the copper minedin
the famous Lake Superior district is
.smelted at Detroit, and although the
various companies have different brands.
the quality is SO nearly uniform that the
trade at large handles all the brands in
differently as Lake Copper. This consti-
tutes about fifty per cent. Of all the Ameri-
can supply, the balance coming chiefly from
mines in Montana and Arizona. Compare.
lively little Montana copper, outside OF the
product OF one mine, is used in this coun-
try, the bulk Of it going to England in the
shape Of ore, Or the partially reduced form
known as matte" The Arizona ores are
shipped either to the Baltimore Copper
Works, where it is smelted into Baltimore
Copper" or to the Oxford Works at Bergen
Point, N. j., where "Orford Copper is
turned out. Anchor Copper is produced
at Ansonia, Conn, from Arizona bars. We
have spoken at length ofthese distinctions.
a. it is necessary to know them TO compre-
bend the quotations On Change, as Lake
enjoys a preference over the other kinds OF
about a cent d pound, and contracts are
made for each of the kinds separately.
The wonderful development in the pro-
duction of copper has established an en-
tirely new basis OF values and rendered
comparative statistics almost impossible.
Not only our own Western mines, but the
great Rio Tinto mines in Spain are the
growth of only a few years, and where 25
cents was once the nominal price Of Lake
ingot, we have now seen quotations for a
year past under liz cents, which is gener-
ally understood to be less than the cost of
production in many cases. After going
down to l5H cents during the great depres-
sion which eliminated in 1878, the 25 cent
mark was again touched in January, 1880,
and since then the decline has been 6 cents
a pound in 1880, 3 cents in 1881 (rallying
4 cents temporarily, 2h cents in 1882
from the highest point in the previous
year,, 3 cents in 1883, and Ak cents in
1884. Since the opening Of the year prices
have been steadier, ranging between liz
cents and 1OS cents, but the net decline Is
already IA cents, or nearly 60 per cent. in
ess than six years.
The minimum fluctuations in copper are
the same as those for tin-fve-hundredths
of a cent per pound, and a single fuctua-
ton on a contract for lake amounts to
1925. Lake, Oxford and Anchor are sold
in lots OF 12,5OO pounds each, but the
contract for Baltimore, which is packed in
casks of a different size, is 10000 pounds.
The original margin which can be called
for under the rules, is $75 per contract,
which in Lake copper now amounts to ST.
375. The commission charged non-mem-
bers each way is $40 per contract; men,
bers paying S. per contract if the broker
carries the transaction, $3.50 if the prin-
cipaTs name is given up. Deliveries are all
made in New York warehouses;, and dis
putes settled by a special committee OF the
Exchange.
As stated above, there has been such a
vast increase in production in the last few
years, accompanied by a co~rrespondingly
increased demand-growing chiefly out OF
the growing needs for electrical purposes,
and the much greater consumption ofbrass
goods created by low prices-that we have
not thought it necessary to extend our sta
tistics lar back. and will content ourselves
with noting that the American production
beginning with 100 tons in 1916, and reach
ing only 5000 tons in 1855, has since in
creased to $500 ons in 1865, $4,000 tons
in 1875, and is expected to amount to 65,-
900 tons in 1885,"
James Lewis & Sons monthly report to
date of October 81. as to the state OF the
copper trade in London, says:
Chill bars nave declined FL IS. per ton
during the month. Between the LIST and
9Th instants, they fell f4O los. to f39
IS. Sd. cash, this latter figure inducing large
purchases-to the extent of about $500
tons in two days, which caused an advance
to $50 1Ss. Cd. cash n f4O los. three
months. Values then declined agagn to
f39 6s. Sd. on the l4th. advanced to f4O
- IL. 1nkl --l Lo,o e;,,oa rro1,,o1 liz fol