Daily inter mountain. [volume] (Butte, Mont.) 1881-1901, 1900-04-13
Jesse Lewiston Expresses His
Opinion on Subject.
NO CAUSE FOR DISTRUST
Demand IS Great and Invisible Supply
is All Used Up-Wnl Grow
Even Better.

Recent dispatches from Boston have
told of some little distrust of the strength
in copper by eason of the fact that off,
Gals of the A~malgamated Copper COM
pany were reputed buyers of copper both
in America and Europe Immediately sue
ceeding a weakness in the metal says he
New York Times.
For that reason this testimony Of Mr..
Jesse Lewisohn of the United Metals
Selling company-an authority on the
SUBJECTS at once interesting and sug-
gestive. Mr.. Lewisohn says:
Copper is in the primest condition that
any metal has been in or can be in. h
demand for the metal is very great, and
the invisible supply-that is the supply on
hand at the mines-is practically all used
up. What is more, the demand, both do
nestle and export, is increasing, while the
production is not. No less than 16, 200 tons
went abroad last month, and not more
than 1000 tons of this could have epre-
sented copper imported for refining pur-
poses. None Of the mines has any stock
on land to speak of, though both the
mines and the smelters are being pushed
to their fullest capacity. And yet even SO,
the production over last year has in
creased but ten per cent, which is merely
a normal increase. The truth is that peo-
pie generally do not know, or seem to for
get, that it takes from two to fOur years
to make a mine. Something more is nee
essary Than merely to strike a vein Of ore.
T my mind, the position of copper
and, as I say, no other metal is in the
same excellent pOsitiOn-will grow even
better. Last year the price was put up
from IL to IL cents a pound, and that high
price is going to remain, while it may go
higher even. But at Is. cents nobody in
the copper business can complain. as it
costs only 6 or Z cents a pound to mine the
metal. The earnings therefore. of the
companies are very great and dividends
are certain to be increased.
1.-The reason of this rise in price is be-
cause of the worlds phenomenal demand
for copper. Electricity is now a prime
factor in civilization. We have the tele-
phone. the telegraph, and the trolley, and
every country, as it advances, gets more
and more of these. Copper, therefore, for
insulating and other purposes is coming
largely into demand. 1t is needed badly;
there is no substitute for it.
A for any story that the mines are
limiting their production in order, by
keeping down the supply, to keep up the
prices. that is absurd. With the present
high prices, there is too much incentive
to produce. in order to reaD the reward,
to keep the mine owners from endeavor-
lib = Wills ~ ohy oANh col lNSiOus
The sum and substance of it is that the
mines are being worked to their fullest
capacity.
.'One thing in connection with earnings
that is worth noting is that the com-
panies are earning from 2 to 3 cents a
pound more than they did last year.
| When the higher prices went into effect,
you see. much copper was sold ahead, the
belief in some quarters being that the
high figures might not be maintained,
and therefore sellers ahead were able to
assure to themselves these high prices.
But the prices were more a maintain
ed, and this will be the case for a long
time to come.
"As for the talk Of moving the copper
stock market from Boston to New York.
that is a question which has been discuss
ed in one way or other for some time. The
fact is the New York public has not taken
to copper while Boston II New Eng
land SPECTATORS and investors have
rome into the stock market side of it and
| have made lots of money. Here there
seemed to be more or less fear of all min
ing propositions: many of them Were
looked on as bubbles. But l would not be
surprised to see larger stock market deal
ings here when the public is satisfied-anl
there is every reason to be satisfied-that
copper mines are good dividend payers
and worth investing in. Any one who be-
lieves them bubbles will be sadly mis-
taken. Copper and copper shares have a
great future"
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