The semi-weekly miner. [volume] (Butte, Mont.) 1882-1886, 1885-01-03
THE COPPER MARKET.
Some General Talk about Reduced
Values.

Acablegram from London yesterday
received by WA. Clark reports cope
at 947-5s, the lowest point it has eve
reached in that market. If this quo
tation is based IN y long ton (2,24Olbs
the price of this metal in the LOndOI
market Is 10! cents per pound. This
is disastrous to copper producers, ant
the entire interest is seriously af
fected thereby. Mr.. Clark is alst
advised by a leading copper author
ity In New Jersey that it is not con
sldered unlikely that the Copper
Queen of Arizona will DOE close
down. This is done as q cOnserva.
tive measure, as there is no margin
in producing the staple, even if absO-
lutte loss is avoided, and thus the de.
posits are being impoverished to no
good purpose.
This extreme depression In the
copper market is due to two principal
causes; the general settling Of values,
and the largely increased production
of copper in this country. A new
source OF mineral supply that is
largely productive, always produces
q panic in the market, because it dis.
turbs existing conditions and exag-
gerated estimates are pretty certain
to mislead the judgment.
It is generally believed that the
smel.ers in this district will also close
down for a time, which action will
tend to relieve the copper market at
\ dull time. But the purpose of the
smelter companies is not SO much to
enhance the price Of copper-thls be-
ing beyond their control-as to re-
duce the cost of producing the same.
With copper selling at 81 cents in
New York, and 1t costing the owners
Of copper properties fully that much
to produce the metal and lay it down
there, 1t is clearly evident that some
saving must be effected in the vari-
u mineral processes, or in the cost
of transportation, IN order to con-
tlnue the business.
mentioned q few days ago,
discussing this same subject, that the
heavy falling off in freights oonse-
quent upon the closing of tho smelt-
ers, will appeal to the lenses of the
Union Pacific mana& ement, and have
the possible effect Of bringing them
to some concession. It does not need
to be shown that the interest of the
and the common carrier is
identical; a the correct policy
Of the latter is to encourage pr0duc-
lion, and even work for an made.
quate profit rather than close up an
industry. The exigency |
has now arrived when the ore pro-
1ucer and the railroad company must
pool their issues; that is, SO adjust |
burden of depressed times that
both can live.
A reduction In freight rates, which
hall include all classes of goods
,res, machinery, mining sup
,lies, coal, merchandise, ETC.,
would not only reduce the
'ost of working Jul mines and
meters, but it would also lower the
Expense of living. 30 that a reduction
q wages would not work 80 great a
hardship. But this latter we should
Ike to be the last resort. 1t is the
rule with employers, when
rade is dull and prices low, to take
l0ld of the wages book and make the
irst saving at the expense of their
vorkmen but this is an injustice, as
heir means of living are impaired
nd no corresponding saving Is Of
cred in the price of n~ecessaries.
The fact is, times have been good
n Montana; miners, farmers and
have been literally re-
and we have adopted a
inflated mode of living. :
he completion of two trunk lines Of
in the Territory first affected
be farmers, as they brought in pro-
uce from 2 distance at q price with
,hich our home producers could not
ompete. Now the mining industry
affected and profits are again
horn. This contingency can only be
let by adopting more economical
,ethods of production and living
lore moderately. The shrinkage in
aIues is coming home to ali classes
nd to every variety of interest, and
,e only safe way to meet the stress I
by taking in sail and keeping an
1e to windward.