The Anaconda standard. [volume] (Anaconda, Mont.) 1889-1970, 1895-01-10
ALL ABOUT COPPER
The Way the Market PllCtaated in
1894.
1T is BRIGHTER NOW
Tho Engineering and Mining
Journal" Has the Whole Stu
alton Sized Up in n
Special Article,
BRIGHTER NOW

ment TO all those interested in copper.
and certainly 1894 was not very much bet
tor, and upon carefully reviewing the
course of events il will be found that the
surprises were perhaps even larger.
During the preceding year copper was
disturbed by the tremendous financial de-
preston which spread all over the coun-
try, and which for time reduced con
sumption to quito n nominal figure,
almost to nothing. but then when report
ing year ago the outlook was such that
it could be fairly anticipated that within
n comparatively short time consumption
of copper in this country would reassume
its normal proportions, j. c., TO what IT
was prior TO the panic. Unfortunately,
this anticipation was not realized, at
least not until quito late in the year.
Consumption dragged, for manufacturers
were poorly supplied with orders, tho
railroad consumed almost nothing, build
ing operations were greatly restricted,
and the year had already somewhat adj
vanced before n larger demand was no.
ticeable for electric purposes, which then
practically took tho larger part of tho
copper consumed. Fortunately, tho con-
sumption in Europe continued at quite n
good rate, and, had not this been the case,
nothing would have saved copper from
reaching even lower level than il
actually did during the past year. In any
case, Europe was not prepared to continue
taking such heavy quantities OF copper as
we have shipped them all during the
period now under review. Exports during
tho last six months of 1893 amounted to
57,425 tons of 2,2i0 pounds, against 5000
tons in the same period of 1892. From
Jan. / TO June 30, 1894, 81 400 tons we're
shipped, against 1880 tons during the
same months of 1898, while during the
period from July to Nov. 80, 1894, tho OK
ports were 30, 500 tons. This latter was the
moro disappointing to Europeans, as since
the summer there were reports from this
side that consumption was on the increase
and that we were approaching the time
when the full quantity taken prior to the
panic would be consumed over here; and
this actually proved to be the case for at
least two months, say during August and
September, but then there was a lull prior
TO the elections, in consequence of which
the market Immediately showed signs of
weakness, and producers had again to
look TO export in order to market their
produce.
During the year 1898, the lowest price
for copper was reached in September.
when tremendous sales werc mado for ex-
port at about 9% TO 81 for Lake, but at
no time was copper available at such
prices over here. and the market opened
considerably higher in January, when 104
was quoted for Lake and 81 to - for
Electrolytc copper. Very soon, however,
with light demand, values dropped, and
February 90 was reached. at which price
tho market remained steady until the end
of March, when the Calumet q Hecla Co.
made largo sale. said TO be about 5000
tons, at 81, and that practically made the
market for some time TO come. The other
Lake companies who had hitherto held for
rather higher prices were soon compelled
TO follow suit, and, although the strike on
the Great Northern railroad for some time
prevented supplies from being received
from the works of the Boston & Montana
and the Butte q Boston companies, il
did not influence the market to any
great extent, and flatness continued
TO rule. During this time larger or smaller
sales of Lake copper were repeatedly
made from first hands, mostly for export,
somewhat below the market price estab-
lished here; but at no time did the for
egn market take such large lots of Lake
copper as were practically necessary to
relieve the market here, while tho pro-
showed more readiness TO meet the Vows
of foreign buyers, AMI consequently COM
paratively larger quantities of this metal
were exported. The result of this was
that at the beginning of June the Calumet
q Hecla company dropped their price for
Lake copper for homo consumption TO sc,
or the lowest price on record. Consumers
bought very freely thereat and took
whatever they could see their way
TO consuming. In all from 1000 TO
5000 tons were taken, and, considering
the poor demand for manufactured cop
per, this was a remarkably large quantity
Very few of the lake companies could
exist at this figure, or pay their share
holders fair remuneration, and with
money as cheap as II was quoted through
out all the year, they preferred TO take
their chances to accepting these prices.
Very few sales were therefore made, and
lake copper moved up fully Nc. after the
large c. & II. sale.
During the summer months the demand
again became Stacker, and tho continued
drop in the foreign markets lot one time
e. Nj. BIS dropped to 49, los and ass, or
about the lowest point ever reachcd) could
not but react unfavorably on our market.
Prices therefore sagged slowly off, and by
the emu OF August &c. had again been
reached, but only small quantities could
be had at that price, as most of the pro-
ducing lake companies preferred TO alb
stain from selling.
Then the second surprise of the year
was experienced, when at the end of
August the Calumet made another sale at
&c, and this time of about 10000 tons.
for delivery up to the end of the year. and
this left most consumers we'll filled up.
Immediately after this sale was consum-
mated. the price of Lake copper advanced
to 81, and was held very firmly thereat.
Holders of Electrolytic copper had also
held back with sales. and while nj this
period during the preceding year tho
difference between Lake and Elecirolytic
copper was usually &c, the large demand
which nov set IN for wire bars enabled
holders 10 realize full lake prices, and in
fr,uf f...s &