Butte semi-weekly miner. [volume] (Butte, Mont.) 1886-1890, 1889-01-12
4 4 REYiEW.
Developments During 1855 In the Copper
Market Under the s~yndicats's Control.

Developments During 1888 In the Copper
Market Under the syndicate's Control.
In their circular dated january q, Jas.
f. Matthews & Co. oil Denver review the
course OF the copper market for the year
1888 as follows:
Copper has presented the most stupen.
dous trade corner which has ever been
known in any article. The historical South
Sea bubble was no greater in magnitude
and OF far less solid proportions, and
strangely enough this movement originated
in France, which is comparatively u small
consumer OF the article, in no wise a pro-
Queer and in no wise a copper center. The
one great strong inherent support which
the o~riginators had was the complete de-
preston and decentralization OF the copper
interests OF the world, which made all par
ties interested in the article willing listeners
and partners to any scheme that might
enhance their interests and the value OF
their properties.
One OF the most surprising features of the
entire movement was it's comparative
publicity. The French Syndicate was talked
OF freely and it's plans for the moment and
for the future we're laid out with the utmost
detail and generally made knowp, and yet
like the rising flood of a river it's influence
rose continually higher and spread out far
and neal until practically the entire copper
industry OF the world was concenteIed as
to the sale OF pig, cake and ingot copper
into the hands OF the so.called French Syn
dictate with M. Sec.etan and the Societe des
Meteaux nominally at the head Of the
md ono nf tho R0thaehitda and
other bankers presumably back OF it.
Eafiy in January the Syndicate took up
the Rio Tinto, the Mason and Barry, and
the Arizona producre, ia two weeks more
the Tharsis, then the Montana, Anaconda
and Parrot. and before the end OF Febru-
airy all OF the Lake Superior mines. Many
Others followed. and the Syndicate reached
out it's octopus t~entacles even to Japan
until it's obligations reached very close to
four hundred million pounds OF copper per
annum at a cost OF nearly Soc, 200 900.
It certainly sounds large when q mans OBJ
legations are $1,000, 900 per week. The
idea naturally occurs that for a large por-
ton of this amount they would simply be.
come q clearing house, but as a matter OF
fact stocks which a year ago touched only
$4,000 toms nave increased to LOG, 900
tons, and all OF it is being carried by the
Syndicate.
These bulk figures show that between in
crease oil production and decrease in con-
sumption nearly 25 per cent. OF the annual
make has been piled up in order to secure
the higher range of prices, and all careful
operators are touching the article with ex-
treme caution. Early in the year the stock
of lake ingot at New York was about To-
600, 900 pounds, largely in the hands OF
outside operators, but by degrees it was
bought up by the Syndicate and trans
ported to Europe, leaving the stock at
New York at the close OF the year reduced
below 1000, 900 pounds, four-ffths of
which is controlled by the Syndicate.
Among domestic consumers very little
confidence was shown in the Syndicate's
ability to keep control, and they were
willing to make purchases only under all
sorts OF guarantees, but these were gwen
and as a result three large pool sales were
made. The first one in May over three
months at 1850, an for about IL, 000,.
900 pounds, the second one early in Au.
gust for Is, 600, 900 pounds more at 1850,
and the last one late in November for
10000, 600 pounds, also at 1850, and ex-
tending over two months.
In each ease one chief feature of the
guarantee was that the price OF copper
should be kept higher. In a few cases the
clause by which manufacturers bound
themselves not to rs-sell was violated, dis
covered by the Syndicate and promptly
punished by exclusion from the next pool
sale. At the end OF November the Calumet
and Hecla mines again took fire with every
evidence OF incendiarism, and the Syndicate
came out in q card disclaiming all
knowledge about the matter, and ~resenting
the suggestion of collision. Notwithstand-
ing the scourge of two fires in their mine,
the Calumet and Hecla bring up their years
production above hat of last year.
Another excitement in the market was
the shutting down of the Anaconda mine,
with the intimation that it would remain
closed, and a payment OF q large profit by
the Syndicate on an estimated assumed
unmade output. It seems practically a
foregone conclusion that some restriction
OF output positively must take place to
avoid q collapse, for 100000 tons surplus
is no light load, and yet itincreases month
ly, and the latest report is that the Calu-
met and Hecla renewed their contract only
on condition of q lac. price. with no
share whatever in the profits above that
figure.
Some OF the companies in Spain have re-
newed their contracts for fifteen years;
some others for twelve, and some for three,
which looks very much like a continuation
Of this stupendous monopoly. The Pana-
ma canal collapse is considered by manyto
be only the beginning of troublous times in
France. At all events, the coming year is
pretty certain to nuke or break che Syn
dictate.
At New York, the average daily prices
in the several months for Lake copper
was: