The Helena independent. [volume] (Helena, Mont.) 1875-1943, 1891-03-26
PROSPECT FOR COPPER.
Declining Demand, Weak frices~IArg
stocks, ~IncrsNslng Outputss

Declining Demand, Weak Frtoea-IArge
stocks, Increasing Outputs
New YoRx, March N,-Discuaaing th,
prospects Of copper Brndstreet'a saya tha'
the price has been steadily declining fol
several months. The demand both In do
mestio and foreign markets has been weak
In October Lake Superior copper wal
quoted at Ito. per pound. The mining
companies refused to lower this quotation
for several weeks. but outside operators
who sold at NO. to 10. under this price sue
decided finally in breaking the market. The
decline has been a little over 80. per pound.
the present quotation for lake ingot being
1880.
Stocks at the mines are said to be very
large, and the output has shown : rapid
increase since the first of the year. This
has been due to the fact that certain mines
which we're not in operation last ysar are
now being worked. The total production
in the United States during 1880 amounted
to 27S, $40, 600 pounds, An output which far
exceeded that of n previous year.. The
annual report of the Osceola company,
which has just been issued, gives the total
product of mineral taken from their mines
last year az 6, 169,6 $50 pounds, which yielded
i, 294, 1902 pounds of of refined copper. The
total worlds production for 1880 has been
estimated at ri, 600 tons The great in
crease in the consumption of copper last
year ia the principal cause assigned by
dealers for the reduced stocks in the lead
ing distributing centers Of the world.
The exports from the United States last
wear were much less than in 1855. This
furnishes a fair index of what must have
been the increase in the manufacture of
copper in this country over that OF the pre-
ceding year. The figures for the exports OF
1889. 1890.
Tons of pre-. 45,8a8 24,1s9
Pounds of sheets....... 26,@e Ssh
Stocks in England and France fell of 8. 1874
tons in the four months following Nov. l.
The total supply in these countries Ssarch
was 1901 tons, as against 9l,9SS Tons at the
same time last year, and ~ ,s.6 tom IN
month has shown a further decline reported
at 1900 tons. 1t would naturally seem that
the market should be stronger because OF
the lighter supply. The present weakness
is thus evidently due to other causes. In
March, 1889, when the supply was 80 large
the price Of copper ! n London was t1e>s'
It ia the general belief that the produc-
ton in Chill has not been stopped on
account of the present troubles in that
country. No shipments were made in Feb
ruary, and the total receipts during jan
uary were about $50 tons. about one-quarteA
the average monthly exports. The
fear that shipments may be made
within the next few weeks a~ggregating be-
tween 5000 and 1900 tons mas had a de-
pressing effect upon values, and this infu-
cannot be removed until an estimate
is obtained of the supply now on hand in
Chilli.
The stocks j n the hands OF manufacturers
are said to be very small. Little specula-
ton has been noticed for several months.
This would naturally result from the fact
that values have been declining and were
to 90 much lower. Manufactnr-
ers in the country, and particularly in New
England, report an unusually quiet trade.
Prices have been too high, and the demand
has naturally turned from the 22-cent cop
per goods to the Accent galvanized goods.
The difference in price is considered greater
than the difference in quality and durabili-
ty of the two metals. The same is true
in regard to other substitutes. Nearly
all of the New England mills ars run
ming on short time. Manufacturers expect
by thus limiting production to
values.
This reduction in the consumption of
copper and the constant accumulation at
the mines are the causes which are operat-
ing in this country especially, and, To ONE
degree, in England and France-to produce
a decline in prices. Dealers declare that
the statistical supply does not cover the
actual supply, and that it is the latter and
the former which is influencing the
It is lot always the visible supply
which controls values, as ia instanced by
the fact that when stocks were the heaviest
prices were the highest, but rather the con-
dition of the invisible supply and the state
of consumption.