The Anaconda standard. [volume] (Anaconda, Mont.) 1889-1970, 1899-01-01

to various causes-of which the attempt
to maintain an absurd level or price
10 years & and the general
of the value of all commodities with
reference 10 gold are taken as the main
cause.-the price Of copper has been SO
low as to render unremunerative many
of the mines which previously could
produce at a profit. 1t may safely be
said that any mines which have con-
trived to pay their own way during THIS
period of extremely low values, even II
they have done so only on a moderate
scale. may now expect to have n pro-
longed time OF prosperity to make up
for their previous low dividends. unless,
as the case with Cape copper, the out
look at the mine is the reverse OF en-
couraging. Even those which have
been carried on at more or less loss,
rather than hut down, n thus throw
the whole machinery Of their enterprise
out Of gear, may look forward to par
ticipate in the coming boom.
IL is difficult to see what other metal
can take the place of copper in the
many departments of industry to which
II is now applied: and it is also inn
probable that the cost of production
will be reduced within a reasonable pc
riod TO such an extent as to cause n
glut of the supply. At the moment, n
before any great extension of its use
has begun, there seems no doubt what
ever that the supply is less than the
demand and that the deficiency hsy
been made up during the present year
by a direct deduction from the store Of
copper which is usually held in hand to
meet future emands The s~lackening
Of the supply from any n or two
great sources at the present moment
might. indeed. drive the price Of the
metal up to as high a level as IL reached
in 1sss-e7s a ton. At present the price
is about ESQ a ton. or nearly EGO more
than IL was not very long ago. The
question arises: How is a panic level OF
price to be met? And the answer. OF
course, Is: Only by developing new
mines and bringing their productions
speedily pm the market. But cope
mines. however promising they may be.
cannot be opened up and brought into
bearing with rapidity. Only mines
which are already developed. and have
their appliances at once at hand. can
Immediately tax advantage of the
promising aspect of affairs In their in
dustry. To open up and develop a good
copper mine takes nan months, often
many years.
This should be borne in mind by in
vestors when their support is asked for
the copper ventures which doubtless
will 500 be offered to their attention.
Mines already in working order. with
considerable amounts Of ore in sight,
and with machinery that they can at
once put to work In full. have an I'M
questionable advantage, therefore. Over
virgin properties. however valuable
they may seem TO be. Copper. indeed.
can scarcely be considered. a. the cop
per industry is now conducted. a min
ing venture in the ordinary sense OF
the word. Copper mines are worked
on the same scale and with the same
attention to the conditions of the mar
ket as any other manufacturing indus
try. and they should be judged by In
vestors on much the same basis. Where
there Is a large supply Of ore. even of a
low grade, with considerable assets In
the shane Of furnaces or other appli-
anoes OF recent date. IL is scarcely pos
sible that. with good management
other than good results should accrue
There are new copper companies com
ing. n with the present plethora OF
O there is no doubt that any good
sounde enterprise introduced under good
auspices will meet with a favorable re.
ception from investors. who are tired
OF leaving their deposits uselessly In
the banks.
The argument that North Americs