Daily inter mountain. [volume] (Butte, Mont.) 1881-1901, 1900-06-15
Market PRICES
ARE FICTITIOUS
A COPPER PRODUCER so BRANDS
THE PRESENT QUOTATIONS
FOR RED METAL,
MARKET DEPRESSED
FOR A SPECIAL REASON?
Can Hardly Be Said That the Object
Is to Buy Calumet Product at
A Bargain.

a
The copper market was almost with
out a pretense of strength last week.
Transactions were very small, but the
demand was not strong enough to take
the small offerings without important
concessions in prices, says the Boston
Financial News.
In London spot standard lost 81 lbs
net, and futures last 81 LIS I'D. Final
quotations from three or four sources
in New York differed 80 widely as to al
most indicate that there was no market
there at all. One authority quoted lak
at Is cents, sales. Others quoted it Of
fered at 1871 cents, and one quoted l6h
cents bid.
None of the large producers have re-
Gently been in the market as sellers, and
the weakness has developed, while small
and floating lots were the only pressure
On During the latter part
Of this month and the first of next, at
least four Of the largest producers will
again be ready to make contracts for
metal to be delivered during July, Au-
gust, September and October. Accord
ing to present indications these contracts
will nave to be made at even lower fig
ures than are at present quoted.
It is rather remarkable that the cop
per market should have developed so
HULL at q AAAiS AS &AS oNA
umet & Hecla, the second largest of the
worlds producers, is suffering from a de-
.structive fire, which is reducing the pro-
duction about one-half and the term1na-
ton of which is still a matter for con-
lecture. According to the latest reports,
the Calumet stamp mills will be run
only half time until the mine is again in
full operation. The Calumet produces
about 5000 to sc, 1000 tons of copper an
nually, or 1000 tons monthly. The loss
of one-half of this $4,000 tons monthly,
if it is long continued. will cut an inn
portant figure in the upper market.
One conservative representative of a
leading producing company is quoted as
saying that the existing market prices
are wholly fictitious. He evidently be-
lieves that the market is being depressed
for special reason. such an argument
as this would W. sounded more plausi-
BILE before it was that the Cal
umet & Hecla would not again figure in
the market as a seller, until the fire in
the mine had been extinguished and it's
ability to resume production on the reg
ular scale had been demonstrated. If
the copper market declines now it a
hardly be said that the marking down
of prices is by the Amalgamated inter-
ests who wish to buy Calume OPP at
a bargain. The Calumet company sells
it's production ahead like all other min
liz GAM III / ~ lAAAAAO
sell again until it is sure it will have a
production to deliver.
At present the general business outlook
is not of a very encouraging character.
For the immediate future it would seem
that prices of all kinds of commodities
would continue to work lower. The bet
ter condition of affairs in South Africa is
likely at any time to become the basis
for a general expansion of business in
Great Britain, however, AND with the ma
tional election in this country out of the
way. the United States may see a return
of the boom times enjoyed a year ago.
On the general bushes conditions at
home and abroad, more than IN anything
else. the copper market now depends for
its support.
In their monthly report on copper, is
sued the 1st inst, James Lewis & Son, of
Liverpool. Eng, say:
Notwithstanding their great stake in
the maintenance of value and their
large holding of standard copper, the
representatives of the American combin-
alton did nothing to support the market
and allowed prices to fall away to the
extent of f5 IS, for cash and Els for three
months prompt-from E766 los. and ELS
los. respectively on the LIST to Ell 5s. and
e70 los on the 28th ulto. This inaction is
understood to be due to negotiations on
the part of the Calumet & Hecla COM
pany TO sell some l,oUU or O,UUO tons OF
their copper to American On
the 10Th ulto it was reported that his
sale had been made at .16A cents per
pound or better but it is now doubtful
If it has taken place. A fire having brok-
en- out in the Calumet & Hecla Mine and
the wal in South Africa promising to ter
inmate at an early date. there has been
a reaction from the low level touched on
the 28th ulto.. and closing values for
sta ndard copper E72 los. for cash and G72
5s for three months prompt.
"As usual in a falling market, consum-
ers have abstained from buying and but
little business has been done in English
refined copper, though for high conductive
ity wire bars there has been a fair de-
Best selected ingots are quoted
at EFT IS. to EFT los in Birmingham.
American electrolytic copper is not free
ly offered and the Amalgamated Copper
evince no anxiety to sell at
current values either here or in the Unit
States, where prices are expected to
improve after the Calumet Hecla sale is
concluded.
Imports are Is, 724 tons and deliveries
9, 847 tons greater to date than during the
period last year.
'"The total arrivals in England and
France for the month have been 16, 1888
and the deliveries Is, 579 tons fine.
Stocks have increased 1879 tons and the
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