Butte semi-weekly miner., 1889-03-27
FULL OF UNCERTAINTY.

Fluctuations of q the Copper Market
American Companies' Contracts MAJ
Hold Good for Two Years More.
The circular Of Jas. F. Mathews & Co. O
Denver OF March 20 has the following or
the present position OF the copper market
Cooper has continued to be a field o
wide uncertainty and rapid changes. Tha
first scare has passed, but it looks very
much as il the last state of those mer
would be worse than the first. Events
passed in such rapid succession that they
can scarcely be given in sequence, but the
chief features were the assumption OF the
management OF syndicate affairs by the
Mstheson Company OF London, who rep
resent the Rio Tinto mines, which is evil
IDENTIFY the death warrant of the Syndicate
The large loan me de by the Bank o
France last week has been severely criti
cized by some Of the directors, and il
seems more than likely that the Compton
must be entirely. reorganized and built up
with new capital.
Zone OF the first acts OF the new regime
was to sell z. 200 tons to German reiners,
in matte, on the basis Of EST, also ZOO
tons OF Chill bars. 1t is also reported ON
good authority, that Barings and Roths-
childs have assumed the responsibility OF
$4,000 tons at f45, probably the price ad.
vanced on the copper.
"Meanwhil prices have fluctuated widely.
At New York spot Lake was offered at 16
cents aud was graded down about one-half
cent per month to July at IA cents, while
at T.nndnn from fS1 nm Mnnlou
Chill bars ran up to EST 12s on Tuesday,
fell to EAT Wednesday, and recovered to
$50 los at the close. Futures had mean.
while dropped to EAT, and were offered for
delivery over the entire year at close to
those figures.
"Mr. Henry Merton's circular makes the
stock March 1st 21S,000 tons, and if we
allow 40, 900 tons as an average stock,
this will give over 175.O00 tons clear sur
plus which is materially higher than the
same figure as given by other authorities.
1T is understood that all the English
and American companies have agreed to
cut off 20 per cent, not from the produc-
tion of last year, but from the maximum
which they will be allowed. This will not
OF necessity restrict production very sc.
riously, and it seems more likely that the
common cause OF sslf-preservation will en-
IOECc dCtiOu III tuls uuS mOE0 b6NeE6ly GQAQ
any contracts could have done.
"The American companies claim that the
bankers guarantees hold good their con-
tracts up to 1891, and that their copper
can be turned in to these bankers, regard.
less ef the market price, and that they can
obtain nthecontract price OF 13 cents. Others
claim that the bankers merely acted as the
agents OF the Syndicate. but the former
case isprobably the truth. and the bankers
will have to pocket the loss, provided their
are not up in value, to whatever
loss there may be between the contract
price and the selling price OF the copper to
be turned in. or course the crucial test OF
the market will come when our domestic
are released from their pres
snt obligations with the mining companies.
The entire matter is still seething with un.
certainties and dangers"
News ought to tie received about the mid
die OF this week as to what action is agreed
upon by Messrs. Haggin, Lewisohn and
other representatives of American mines
upon their conference with the holders OF
The surplus stock OF copper in Europe, as
he steamer in which thsy sailed only
'eached Liverpool yesterday.