Daily inter mountain. [volume] (Butte, Mont.) 1881-1901, 1899-07-10
THE COPPER MARKET.

Boston Financial News: From present
indications, the past week will ultimately
prove to have been a most important one
in the history of the copper market. To
all appearances, manufacturers VINO nave
for months been working unitedly to
break the price of the metal, have lost
nerve and again entered the market as
purchasers.
While foreign consumers We're using
furnace material and old metal in an
effort to depress the market, supplies of
copper continued to decrease. The range
of prices showed no disposition to weak
en-. Statistics of production failed to in
dictate the expected increase, and the
situation held out no promise that the
years output of copper would be more
than 5 per cent larger than that of last
year.
Confronted by a market surrounded
by sue phenomenally strong conditions,
it is not surprising that individual manu-
facturerS broke away and awaited them
selves of the opportunity to buy copper
at what may, a few months hence, look
like very low prices. An increased VOL
ume of business has been noticeable both
at home and abroad. A leading metal
paper which has been extremely bearish
on the copper situation. now predicts that
a more generous buying movement will
set in after the 4th of July.
The revolution of feeling came about
the middle of the week. LOndon's sharp
advance came later. The net advance
in the London market was about los per
ton. while the New York market adj
vanced from a to " cent per pound,
showing clearly that the present center
of demand is on this side of the water.
To what extent the home copper mar
ket has strengthened may be gathered
from extracts from a New York metal
paper. On Monday of last week the fol-
lowing statement was made:
I'm the New York market for lake
copper we can report no change from
those conditions which have prevailed
during the week just past, and prices are
unchanged at IS cents. with future deliv-
cries Offered at from "a to a of a cent
under the price of spot. Casting and
electrolytlc Upper are also unchanged
and with only a small business doing"
On the Thursday following the same
pa per said:
"The surface indications Of stronger
markets for lake copper, which we re-
ported on Tuesday. are more in evidence
today. Bids of IS cents for round lots
are more numerous, and selling at under
1SA are not at all in evidence. Indeed
the Calumet & Hecla. and at least one
other large producer, are not entertaining
offers below 1872 cents. In electrolytic
copper exporters report a more generous
demand from the continent of Europe,
Whlle sellers to the domestic trade state
that consumers inquiries are larger, and
indicate some anxiety from those quar-
ters to cover future requirements. Cast
ing copper is not active. but dealers seem
to be DESTROYS of making purchases for
their jobbing business"
A leading authority on copper expresses
the opinion that the situation is stronger
by far than at any time since the metal
sold at IL cents per pound. Electricity
as a motive owe is growing more popu-
lar daily. 1t is now a demonstrated fact
that suburban electric street railways in
the more thickly settled sections of the
country are highly profitable enterprises.
1t is expected that the recent consolida-
ton of a large number of street railway
companies in New England, and the pub
LEGATION of the high average of their net
earnings, will act as a strong impetus to
the many companies contemplating the
construction of street railways. AS such
construction results in enormous con-
sumption of copper, it is regarded as an
important factor in the present market.