Daily inter mountain. [volume] (Butte, Mont.) 1881-1901, 1899-05-09
H e ME II

which includes the ROthchlldS and the
Standard Oil company, will awaken re-
newed interest in the future of the red
metal. Coming on the heels of the state
ment emanating from European sources,
published in the Inter Mountains Asso-
ciated Press reports yesterday, to the
effect that foreign capitalists are not in
terested in the Amalgamated Copper
company, it may serve notice on the
world hat a rival copper combine, is in
process of formation and that Mr.. Clark
is instrumental in bringing that move
ment about. D, "a
1t would not create any surprise if Mr..
Clark, with the influences at his COM
mand, would set in motion a deal whereby
a large percentage of the great copper
properties not already listed to the
A~malgamated Copper company may be
associated in a rival company. Certain
it is that the world is on tip-toe respect
ing the outcome of the movements that
have to do with the output and price of
copper. The last issue of Iron and Steel
has the following interesting article
anent the copper situation:
Large of copper are inquir-
ing why a copper trust was formed, par
ticularly at a time when enormous profits
are being made by producers with the
output insufficient to meet the present
demand. The price has advanced in six
months from II cents to 10 cents per
pound and consumption has increased
largely in all lines of metal manufac-
lures. The cost of mining copper is
claimed to be Z cents in Montana, 6 cents
in Michigan and still less in Arizona.
The European visible supply decreased
from 1887 tons last August to p. 79S tons
in October, and in February this year
was down to 24,s26 tons, but the recent
high prices checked consumption and the
figures rose in March to 2S,497 tons. At
the present market price Of Anaconda the
stock is selling equal to $24O, the par
value being $25, while the stock is quoted
in the stock exchange in dollars INC not
in a percentage of its par value. The par
value of the stock Of the Calumet &
Hecla is s25 per share, and the current
quotation SS4S. On a capitalization of
81, 500. 600 it has paid $50, 900, 900 in divi-
dends. The dividends for this year UP
to date exceed 70 per cent-4O per cent
regular and the rest in specials. The
tendency Of combinations is to restrict
eA$ oAIo lhIC VI lNCS, l"O ldCe
tors which at the present time question
the success of the copper industry.
The danger line exists in the condem.
nation by consumers of the exorbitant
greed Of producers. The point has been
made that copper has already been
moved up to a point which makes manu-,
facturers very slow about taking the
actual copper unless they are compelled
to purchase to work up actual contracts.
This, 1t appears, is now keeping consump-
ton down to the consumption Of last
year, although the high prices have in
creased production enormously. ALI of
this, it is maintained, greatly unsettles
the actual metal business of the country
besides leading to the use Of substitutes
for copper. Telegraph companies, for in
stance. are said to be using galvanized
wire instead of copper wire, owing to the
largely increased cost of the latter. AS
to the speculative sid Of the question,
copper dealers say that all of the mining
stocks are selling at prices far above their
intrinsic value. including stocks Of the
leading and handsomely paying mines.
The disposition Of American copper pro-
ducers in their eagerness for control of
the market menaces the success Of West
ern copper mining. The countries pro-
ducing copper in competition with the
United States are Algeria, Argentina,
Australia, Austria-Hungary, Bolivia,
Canada, Chile. England, Germany, Nor
way, South Africa, Peru, Russia, Sweden,
Spain and Portugal. But the United
states has heretofore surpassed all these
in combination, their aggregate output in
1898 having been 1870 900 tons, as against
our $4,000, and the nearest approach to
our figures having been shown by Spain
and Portugal in conjunction-53, 225;
While these last named figures show a
small but steady reduction from 1895,
when the output was nearly 5000 tons.
There are now abundant signs that Cam
ada which shows an increased produc-
ton, but whose total for 1898 was less
than 5000 tons, will in the future become
more and more a cope producing coun-
try. Her undeveloped wealth in this d.
rection it is impossible to estimate, but it
is manlfestly enormous. The low-grade
COPIED ores of Canada and Mexico will
undoubtedly come into the market at the
fancy prices now prevailing, and to what
extent is a serious problem for the new
syndicate. Notwithstanding these infu+
ences, however. if care is exercised by
American producers, and foreign con-
sumers are not forced to desperate meas
ures for supplies, by being driven to other
countries for copper. western output will
be increased and the industry sustained
IN its healthy growth. Consumers unpro-
vlded with a copper min Of their own
feel apprehensive and are hungry for in
formation regarding the future course of
the combination. n
The Helena Independent is terribly
worried over the future Of Butte ana
Great Falls, fearing that all the smelters
will be moved to Anaconda in a short