Daily inter mountain., 1900-01-13

were encouraged by the upward course
of the markets in other metals. The
former. especially, became quite regular
In their demand and the state of trade
generally at this time was prosperous
In America great activity prevailed in
all branches Of the trade. Producers
were sold out for some months ahead and
began to hold for higher values. Large
quantities of electrolytic copper were sold
and wire drawers were extremely busy.
All this had good effect on our mar
ket. The European demand emanated
chiefly from Germany, but England and
france also bought, and fair order for
hne copper was placed by the British
government. Speculative business, how
ever. was comparatively small, opera
tions being restricted by a tightness in
the money market and the unsettled state
of politics. This caused sales of cash
warrants and contango of 12s. Cd. on
three months copper was established.
The attitude of America, nevertheless, re-
manned bullish and values, on the WHOLE
+ underwent but little change, the price
paid at the close OF the month being much
the same as at the opening, 276 It's. Cd.
three months. The European production
or copper showed an increase of 2.749
tons for the first six months Of the year.
While American production increased 1000
/ tons for the same period.
, The simultaneous arrival of two large
cargoes of copper, together with increased
shipments from Chile, and other coun-
tries, produced, in the beginning Of Aug
ust, quite sensational statistical posi-
ton, the Increase in the supplies for the
fortnight being as much as 4,500 tons.
Prices suffered in consequence, but the
strong support of the American opera
tors acted as a counter influence, and
the net loss was but slight cash copper
quickly recovering from Els lis. 3d. to
e76 IS. Speculative business afterward
became extremely quiet. some sessions
passing without a single transaction, but
on the other hand there was no desire
to sell in face of the strong American
reports, and prices improved. Lake cop
per was quoted at 1850 at this time, and
for electrolytic copper 17.75c was paid.
Consumption in Europe was very good.
and large sales were made to continental
buyers even as far forward as Decem-
Der. All these conditions, together with
an utter famine in electrolytic copper,
beth in England and America, strength
ened the market. and values improved at
the 1eleAe to E76 1Ss. Cd. cash and EFT
3s. Sd. three months, with very small
turnover.
september was more or less disturbed
by tpQhsiral troubles in the Transvaal,
WhicH considerably depressed stocks, and
these, as usual, reacted to some extent
upon the metal markets. American sup
port was absent at this time as far as
new purchases of warrants were con-
cerned, but they still showed their de-
termination to put up prices by export
ing large quantities of Chile bars from
England to the United States. The ex-
treme scarcity of electrolytic copper was
also largely responsible for these ship
ments, as the intention was to convert
! the copper into electrolytic and reship
the bulk of it to Europe. The primary
effect Of them however, was that of
serious depletion Of the available sup
plies. The activity in the wire trade at
thus time was almost phenomenal and
all the cable manufacturers were flood
= ed with orders. Toward the end of the
month, however, American consumers
had pretty we'll covered their require.
ments till the end of the year, and elec-
trolytic copper was little more OBJ
tainable. The war office placed an or
der for 300 tons of fine copper, but con-
tinental consumers held off somewhat,
awaiting political events. Prices Of
standard copper varied but slightly until
the end of the month, when dearer mon
ey brought out more plentiful supply
Of cash copper and caused "a drop of EOS.
The closing values were e75 lis. Sd.
cash and e76 2s Cd. forward.
The effect Of the large shipments of
Chile bar copper to America made itself
felt in the beginning of October. when
the supplies showed a decrease of 3199
tons for the preceding fortnight, making
4,O61 tons for the month. The attitude
Of the trade toward this new American
move, however, became one of suspicion,
as 1t was seen that consumers were being
forced to pay unnaturally high prices
and the result was the latter pursued a
StIiCC -lO-IIlOulu pOlNy. "A IurIner
decrease of 2,164 tons was shown in the
middle of the month, the deliveries in
Guiding 2,275 tons shipped to America. It
then became clear to most people that
the position was an unnatural one, and
prices actually dropped 20s. in one week.
the effect of the higher bank rate being
apparently greater than the statistics
The truth was that most people were
no longer misled by the figures ,and rec-
ognized that the large decrease simply
n Ia nd fn A
lea of copper that would sooner or later
find 1T way back. This may have been
partly the cause of sudden weakness
which showed itself in the American mar
ket at this time and was proclaimed
throughout Europe by cheap offers of
electrolytic copper. which were eagerly
| taken w. The lake companies reduced
their prices considerably causing a great
sensation among holders who fastened
to clear out The bears. seeing their
opportunity. fought against some re
newed American support, and worked
prices down to E72 lis. Sd. cash, bur
steady purchases on the part of dealers
prevailed in the end, and ETA 12s. 3D.
three months was paid. When they had
done, however. renewed selling caused
weaker market again and the ground
was all lost, e72 los. cash and 6 73 three
I months being accepted at the close. This
renewed activity was a strong contrast
to the extreme dulness Of the previous
weeks The reserved attitude of con-
sumers was strictly maintained during
this period but in America large guam
titles of lake copper We're disposed of at
lie.
In November the bears continued their
selling operations, with everything in
their favor. viz: The continued weak.
ness Of the American market, alarming
news from the Transvaal and an increase
Of $40 tons in the supplies. Prices gradu-
ally receded to f72 cash. but strong sup
port was then forthcoming in the shape
of sudden rush of buying orders. which
once more turned the scales. In gen.
eral desire to hllX hixher xalues NJ ara