The daily morning journal and courier. [volume] (New Haven, Conn.) 1894-1907, 1899-08-28
THE SUPPLY OF COPPER.

mo Present Hope mat 1t VIII quickly
Equal Observation-Disclosures in Produc-
ton This Year Less Than Four Per
sumption Nearly 50 Per Cent.-HigE
Calls in Scrap Copper.
Copper brokers, copper smelters and
copper miners who have been seen by
the Sun reporter the past week all
agree that the marvellous increase in
the demands for copper metal that has
developed the last year is going to con-
tinue. There is at the present time an
actual scarcity Of the metal. The
mines of the world are not producing
anywhere near as much copper as is
needed to carry on the tremendous
electrical improvements that are in
process. The United States is the great
copper-producing country of the world.
The average production of the United
States for some years past has been
in the neigborhood of 10000 tons per
month. At the present time there is
not ton of free copper in the country.
That is to say, all the, copper that has
been produced up to the present time is
now in the process of manufacture.
L III opltt VI lllS letIl tiietl tiiC iliAiiSS
in the country produced during the
first six months of the year 124,457 tons.
In Europe the entire stock at present
is in the neighborhood of $4,000 tons,
or less than two-thirds of single
months production in this country.
This in spite of the fact that since
January, this country has exported to
Europe 63420 tons, and in the last two
months has sent there nearly 1900
tons, and in spite of the fact, too, that
European mines have themselves pro-
duced 1929 tons in six months. This
16, 900 tons of copper is all the copper
there is to be had.
Copper to-day is selling for from 1872
to 10 cents per pound. Five years ago
it sold for 10 cents a pound. Five years
ago it cost to produce copper IN the
best mines in the neighborhood OF
cents a pound, delivered in New YORK;
to-day in the best mines it costs little
more than cents pound to produce
II and deliver it, So that the profit the
copper mine owners are making to-day
&c something over 10 cents pound
more than in 1894.
The men who are familiar with the
conner business in all its branches say
that the demand for copper in these
vears-or, rather, since the present
boon, started-has increased 80 per
cont Tn that time the customary 10
ner cent annual increase in production
has not been kept UP, and this present
wear. instead of the 10 per cent in
crea Sc in the amount of the copper |
taken from the mines that copper users
axnected. there has been less than |
nor cent This is not because anybody |
has tried TO limit the production. be- |
canse ALI the workable mines have been |
worked almost to their limit. There Is
not and has not been since the demand
for copper began to rise anything APP
a corner in copper. There
has been no attempt to corner copper.
The demand for the metal has been
such that it has occupied all the ener-
gies of everybody interested in the
metal in the production of it. The in
crease in price has been the result of
the working of the law of supply and
demand
OF course it is customary in times
ike these. when the supply Of an arti-
lie does not reach the demand and the
price goes way up, to say that the
Is DelHS coTlelttl, VI II /
many sources Of production are in the
hands of one concern that the combina-
ion is limiting production to boost
III prices But prices have gone up so
high in this case that they enable
,wners of mines long since abandoned,
because the ore could not be taken out !
1t a profit, to resume operations and |
onpete with any combination, no mat
er now big IL may be- 70 put the
natter in another form, the owners of
zig mines which may be in combina-
ion can produc their ore at g. and 8
ents q pound. There are many old ]
aines that can'tproduce orefor less than {
2, Is or IA cents pound, and as long
S the copper stays at is cents pound 1
10 combination can ever control the t
unless 1t gets in all the c
lines in the country.
Upper is the story of the advance of 5
he science Of electricity. The two /
ave gone hand in hand. Every i'm c
rovement in the electric line has (
rought out a fresh demand for cop I
err; every Improvement that is made v
owadaye- brings out new demand I