Daily inter mountain. [volume] (Butte, Mont.) 1881-1901, 1899-02-03

to / ,661, 1853 tons-which has taken place in
the course of the year. Stocks of refined
and manufactured copper in the makers
works and at Birmingham are doubtless
much less than a year ago; but on the
other hand the stock of sulphate of cop
per is considerably larger, with the large
reduction in it's export the last three
months.
Although there has been no apparent
increase in the consumption OF copper III
England and France, that of Germany
has increased to the extent OF about o,6Vo
tons, which is however only one hall the
increase of the year 1897. The promotion
of companies for the application OF cleo
tricity and the manufacture of electrical
plants and appliances in Germany during
the past -four years has been most nota-
BILE. In the year 1S94-95 the official re-
! turns of the different leading electr!cal
companies give the capital employed as
about 3% millions sterling. In the year
1S97-9S it had increased to IS millions ster-
ling. During this period the consumptlon
of copper in Germany increased 4o,ooo
tons-from g., 1855 tons in 1894 to -apour
1O3. 900 tons in 1898. 1t is estimated That
at the present time the amount OF capltai
locked up in electrical works n kindred
industries in Germany is more uhah 'o
millions sterling, the shares in the com
panies operating them having a very
| popular lIIlcIll VII II p"A
German banks and public for some years
past, with the result that there has been
an enormous Ov~er-production OF such
companies, leading to severe competltlol
| and reduced profits. In view or tnis anu
the monetary %stringency ruling III Ger
many for some time past, lncreaslns u
difficulty of financing these cohipau!cs'
it cannot be expected that this expansion
of electrical works and consequent III
crease in the consumption of copper III
that country will continue during 1922
In the United States the consumpeioh
appears to have been about 5000 TONS less
thar in 1S97-which exceeded that Oh 1921
by "a, 1855 tons. Consumption tnere' 10
however. likely to increase conslderapiy
for some months to come in view Oh 'ne
great prosperity and present extfaorol.
nary DEVELOPMENT Of the general tfaue VI
the country combined with the plethora
and cheapness of money. ,
AS far as returns are at present OBTAIN
abIe production has increased ABOUT co.
900 tons during 1898, our estimate oeins
437, 900 tons for the total ~productlon o. lax
world. The increase IN the ul,!eu ~
is given at Is, 700 tons. Australla mas III
crea sed obout 300 tons, Chile 500, feru
. OOO. and the Cape 1900 tons. The pro-
dlction of the Rio Tinto company ana
Mason and Barry in Spain and PORTUGAL
has fallen off about $3.50 tons, IN conse-
ouence of the scarcity of water. me I'M
lnorts into Europe from Mexico ana Japan
show a decrease, but this is accounted Tor
by increased shipments from Mexico 10
tba limited States and to increased home
consumption in Japan, the exports snow
ing a reduction Of about 600 tons. Both
Newfoundland and British Columbia nave
increased their shipments to the United
States.
The high prices now ruling will UNI
doubtedly stimulate the production OF
copper during the coming year. In the
United States an increase Is expected
from the Lake Superior district, where
numerous mines are being opened or re-
opened-one Of which the Arcadian, is ex-
pected to produce at the rate of about
5, 900 tons per mum before many months
are over,-from Arizona the increase is es-
timated by O high authority at about 49,
900 tons, while Utah, California and Alas
ka will add to the supply. In Montana 1t
stated thai the output of the Anaconda
company's mines will be largely increas-
ed, difficulties in connection with the
working of some of the shafts which have
prevailed the past year and reduced the
output about 10000 tons, have been over
come, and the WashOe company Will soon
produce on a large scale. Australia Will
probably increase at least 5000 tons,
many mines being now developed, addt-
llO1lal IdlINuNS quit anu SlllclllliS Wolh NJ
erected. Increases may also be expected
from Canada especially in British Col
umhia), the Cape, Chile, Peru, Mexico,
and Japan, while the reduced output from
Spain and Portugal is not likely to con-
tinue, and Cuba may agar become a
large producer. That the production of
copper is very profitable even with Stand
ard copper selling below $50 per ton, is
showed by the dividends declared by the
J. loo, 7 /; ,,i,,irC- YAM ~ ~ toe IN cont
by the Rio Tinto. % per cent, by the
Tharsis, 25 per cent, by the Cape, 10 pei
cent. by the Anaconda. as per cent, by
the Roston-Montana 200 per cent by the
+ Calumet and TIeCla, % 1-3 per cent by the
Mount Lyell, While in Chile they have es.
!, pcCially benefited by the fall in the ex-
change.
The value Of copper during the year 1896
will be mainly governed by the ~relativ
development Of production and cOnsump-
ton. For some time, and while the pres
cnt %sanguinc views prevail with regard t.
the prospects of the trade of the world
generally, and of the United States espec.
tally, it seems likely to be maintained al
about SEQ per ton for Standard, and may
go still higher: but later on, with ~increas.
ed supplies from new sources, a decline
from this level appears probable. In tn
year 1886 the public stocks in Europe were
reduced by II $40 tons, in 1887 by 3,S22 tons
:. and in 1898 by 5.109 tons-the total rcduc.
? ton in the three years being from 2.91'
to %. 346 tons. SO long as the reserve stocl
| of copper in Europe retains its present
moderate proportions, and the presen.
high level Of value continues, the make
will be very sensitive to favorable or un
favorable influences, and be liable t.
manipulation in the interests of the hold
ers Of copper or opper shares.