New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1899-05-21

sef aratfng and 1meiting methods employed
herewith leave a mass of matte" only % OF
s. per cent fine This Is then sent to refneries
for publication For many years the American
matte went to Europe for this purpose But
the development Of cheap systems Of electro
lytic refining FIVE or six years ago, together
with American enterprise, made 1t possible tc
conduct the work this side Of the Atlantic
For a time the principal refineries here vert
IN the East, but Montana now refines large
part Of her own cope
Some idea OF the enormous sums Of money
that have been maze out Of the copper industry
can be formed from comparison Of the cost OF
production with the prices that have prevailed
for two or three decades. Thirty years ago the
average price in New-York was % cents 6
pound BY 1876 It had come down to 20 cents
and from 1888 to 1890 it was not far from Il
cents. In 1892 the average IL cents. al
though 1t dropped at times to 10as cents. The
mean for 1894 was $50 cents, but by 1895 the
average had risen fully a cent Already in 1891
ard 1892 some sort Of understanding hac
been reached by the managers Of the principal
mines to control the business and in few
cases production was actually reduced.
1t was estimated five or six years ago thai
Montana copper could be delivered in New-Yorl
for 8 or OK cents a pound. But this figure
should be reduced or 25 cents. to allow FOL
the gold and silver recovered from the Montana
ores Any excess over or TX cents then wa.
profit The Anaconda producing 1O00OO.0Ot
pounds a year, and clearing from TO cents
a pound. was able to keep its owners out of TIT
poorhouse; but the present price. IS cents
ought to hasten the day when its possessor
can retire from business and pass their OLE
&c
not improbable that prior to the depression o
1SS1'94 at least from TO 10 cents a pount
was cleared on Montana copper.
THE COST IN MICHIGAN
In Michigan il has been estimated that tn
cost Of mining was about 10 cents a pound II
1890 but only 6 cents in 1895 These figures
are regarded as too high by some authorities
However this may be, it does not appear tina
the Michigan producers have been getting mucl
less than cents a pound profit, and at time
they may have had 10 or u cents. The amour
OF capital originally invested was small, ant
from year to year the companies would buy neV
real estate put in new machinery. and incu
other expenses and yet were able to divid
er ormous sums among the stockholders. Tn
Quincy mine paid from 100 TO 225 per cent oil
the stock year after year. and it has been esti
mated that Calumet and Hecla paid its owners
IL ready cash from 1G5 to 432 per cent in
single year, The guess has been ventured by
close observers that Senator Clark, of Montana
who was interested in the United Verde of Ar
xons and a number Of mines in his own State
HAD revenue one year OF 100000; but it II
impossible to find any good backing for the as
sertion
1t was remarked six years ago that 10 pc
cent OF the American copper came from dis
tricts that were controlled by five individuals
No details were furnished But 1t seems prob
able that the interests mentioned were tn
Calumet and Hecla, managed by Aexande
Agassiz for the Boston owners; the Anaconda
OF which Marcus DAILY manager, although
a half-ownership had passed to the Exploration
Syndicate OF London. in which the Rothschild
were said to be active; Senator Clark; Phelps 8
Dodge. who own or control the Copper Queen
Detroit and other Arizona properties, and tn
Lewiston & Bigelow people. who owned tn
Tamarack Kearsarge and other Michigan mines
Although 1t Is difficult to say exactly how
much the new company, that is supposed t.
have the Rockefellers behind 1t, has actual!
accomplished, it seems probable that it has OBJ
tanned control OF the Tamarack and less known
properties in the Lake Superior region and tn
Anaconda mines. Rumor has assigned to TIT
new combination the Parrot, OF Montana, for
nerly owned by Franklin Farrell; but it Is no
quite clear that this story is correct. The Calu
met and Hecla the Phelps Dodge interests anC
SCI ator Clark appear to preserve their indie
pendence still.