The copper country evening news. [volume] (Calumet, Mich.) 18??-1907, 1897-07-21

both here and in Europe, cannot be re-
garded as wholly favorable. or likely o
result in Immediately higher prices Tor
the metal, uulees decided change takes
place in the home consumption, which is
exceedingly small and which shows but
little tendency toimprove, although there
are reasons for believing that by and by
there will be an increase in the amount oil
copper used here. That the production
of the metal should increase Ii not TO be
wonde ed at considering the low cost OF
production now obtaining and the wide
margin OF profit for the mining COM
panies. The domestic visible supply of
copper. as near as il is possible Tor expert
copper statisticans toestimate, increased
nearly 6 900 tons in the six months from
January TO June 30, or at the rate OF
/ 900 per month, while the European
visible supply increased 1000 tons dur
ing the fret two weeks OF the current
month. Under normal business condi-
tons, the domestic consumption oil the
metal would be at least 80 per cent
greater than at present, in which case
the recent accumulation OF the metz
would vanish entirely and there would
be decline in the stocks OF copper at the
rate of 2 1000 tons per month, with the
current rate of production inforce. That
is. the present home co. sumption OF cop
per is 6 600 tons per month and an in
crease of 80 per cent would bring it up to
5000 tons or 5000 tons more per
month. which is not an over.estimate ac-
cording TO the best authorities. Thus,
the increase in the ibesupply has been
due TO lack of demand from domestic
manufacturers, the exports OF the metal
having been nearly 60 per cent OF the
total production.
On the other hand, the large and in
creasing exports of copper to Europe is a
most satisfactory phase OF the situation,
Although the foreign visible supply in
creased during the past fortnight, the
amount held there, as compared with the
fret OF the year, is considerably smaller,
which is more equitable comparison.
The export demand for the metal holds
strong and much better than has been
anticipated in most quarters. Undoubt-
eddy, this has been due to the great activ-
ity on the part OF the foreign govern
ments in manufacturing munitions OF
war and, from the present outlook, the
foreign governments will have to continue
enlarging their navies and their army
equipments for some time to come. Cop
per has been strong IN price so lar this
year and the mining companies have been
able to make their regular dividends and
something more, which, in some cases,
has been distributed, while in other cases
the extra disbursements will come in
later. The holders and spectators in
the copper stocks have been rampantly
bullsh, but they cannot afford to ignore
the fact that more copper ID being pro-
duced at present than is entering into
consumption and that, il continued, low
er prices will rule for the metal. So long
as the price of copper holds where it is,
the mining companies will go on increas-
ing their output to take advantage OF the
favorable market price, but, sooner or
later, the.supply will so far exceed the de-
mand that lower prices will be inevitable.
1t is not unlikely, however, that general
I.,o t<, N ort anab n nj q q
trophe and any revival in business means
better demand tor copper from home
consumers. Only moderate increase
would suffice to absorb the present sur
plus etocks OF copper, insuring a steady
market for the metal, il not higher prices.
Among the events OF the week. interest.
ing in copper circles, were the declara.
tions OF dividends by the Quincy and Bos.
ton & Montana mining companies at the
regular rates OF 81 and $3 respectively
The Quincy's dividend was semi-annua
and maker 80, 47O, 900 declared and paid
to date by this company, and the Mon
tana's dividend was quarterly, making
the total dividends by that company te
date $6,275,0O0.
The Wolverines annual meeting occurs
soon and it is rumored that a proposition
will be made to have Boston represent
alive on the board OF directors.
The Pioneer gold mining company b II
disposed OF it's II, 500 shares OF treasur.
stock. The last block, some 16,OO'
shares, was sold to New York parties ant
it is believed that the price was some
thing under the current market quota
ton OF So.
The Centennial mining company he'll
its annual meeting last week and reflect
ed the old board OF directors without or
osition. The annual report was con
, piled in great detail and will be printe
i'd mailed to each stakeholder.
The plan OF consolidating the Osceolt
the Kearsarge and the Tamarack JUNO
mines has been variously commente
upon. but general opinions thatit wou