Santa Fe new Mexican. [volume] (Santa Fe, N.M.) 1898-1951, 1900-12-15
FACTS
ABOUT COPPER
High Prices Will Probably Continue
to Prevail for the Next
Year or More.
FOREIGN PRODUCING MINES
The Increase in Production Hardly Keeps
Pace With the Demand-A Big De-
mand Of Copper for Export
Some Figures.
Engineering and Mining Journal

Engineering and Mining Journal)
There has been some anticipation
among that the copper mar
ket would follow the iron and other
markets, and that a sharp decline IN
prices was to be expected. This antici-
patton has been carried so far that some
manufacturers have been buying only
for their immediate needs, and have
been very reluctant about contracting
for any considerable supply~at current
rates. There is, however, no indication
thus far that this forecast Of the mar
ket is a correct one.
Certainly it has not been correct thus
far, since copper, although the quota
tions are below the highest point
reached last spring, has recently shown
much strength and a tendency to adj
vance rather than to recede.
For this we believe there are sub
stantial reasons, and the present
strength of prices is not due to specu-
lation, but rather to causes which it is
not difficult to trace.
SLIGHT INCREASE IN PRODUC-
TION.
For some years past the annual in
crease in the worlds production of cop
per has varied but slightly in either d.
rection from 10 per cent, and this has
continued so long that it might almost
be accepted as the normal rate in
growth of production.
During the years of depression which
followed the Barring failure in 1891, and
our w currency panic of 1898, the
growth in production continued, while
at the same time there was a falling off
in demand, and these coincident move
ments resulted in the very low prices
of the metal which prevailed for several
years.
With the reverse movement, or in
crease in activity in trade, which has
marked the last two or three years, the
demand for copper has again increased;
and the Improvement has been aided by
two special sources of consumption, the
first and more important being the
great development of electric work OF
activity in ship-building, and chiefly III
the construction of war-ships and wal
material.
DEMANDS OF ELECTRICITY.
The electric demand alone has called
for an immense quantity Of copper in
wire and other forms, and the numer-
Gus electric installations for lighting
power, traction and other purposes
which are now under construction and
projected in Europe, as well as in this
country, show that there is no proba-
bility of a decrease in the requirements
of this class of work for some time tc
come. t.fAh
There has been recently a marked
falling off in the construction Of mer-
chant vessels, but, on the other hand
an increase in the building of w~ar-ships
in which the proportion of copper used
for various purposes Is much greater
and the current news indicates thai
there will be no lessening in the quan.
titles of war material called for.
LAST YEARS PRODUCTION.
The production of copper in the Unit
ed States, as reported by Mr.. JOHN
| Stanton, who acts as statistician FOL
| the companies, reached a total of 134,o7l
long tons for the half year ending June
80.
The increase over the first half of lSJ,
was 1 O,030 tons, or only 81 per cent; and
it is to be remarked that of this increase
219O tons only came from what are
known as the reporting mines, which
include all the important mines in the
| country, while 7S40 tons came from
what are known as the outside sources
| which include copper from a number Of
smaller mines, and also the copper OBJ
tanned from ores and bullion which are
worked chiefly for their gold, silver OF
other values.
In part, this small increase from tine
reporting mines may be attributed t.
the fire in the Calumet and Hecla mine
| WillSll plCNSAtCo LIZ ~ ooAA
by that company, although the results
of the fire have not been important
enough to cause n c~onsiderabl;
change. The gain from the outside
sources is due in part to the number o.
small mines which have been opened
and which are able to ship ore, or smeli
it, at a profit at present prices; and IL
part to the increased quantity of cop
~per-bearing ores which have been Of
fered to the custom smelters.
With all the Inducements for a large
production which have been presente'
by the conditions Of the market, we fin;
that the growth for the first half of thi
year was actually less than the 10 pc
cent which, as stated above, We hav
come to regard as a normal yearly in
crease.
HIGH PRICE OF COPPER.
1t might have been anticipated-and
indeed, was anticipated by many par
ties-that the high price Of cope
would stimulate production very large
~, and that mines would be opened !
all parts of the world. This has no
been the case, however, to any consld
cradle extent in the United States.
1t is true that many new companie
were started. but the number of pro
ducing mines thus far added to the lii
has been, small.
1t must be remembered that the open
ing and es~tablishmdht Of a new cope
mine is a work which in most cases re