The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1903-03-25
THE PRICE OF COPPER
RECENT INCREASE DUE ENTIRELY
TO NATURAL CAUSES.
Consumption Of Red Metal Has In
creased Amaxingly-Used I'm
Jewelers' Art.
New York Commercial.

months copper has again come 10 the 'front.'
with amazing vitality. Since the menora-
bic rise in the price Of the red metal sew
eral years ago. and which eliminated in
the autumn of 1901. when copper was SELL
ing at IL cents a pound. both the producer
and consumer have been contending with
much lower prices. Now. however. all is
changed.
The market, beginning with the first
week Of February, has gradually increased
in volume until at present large orders are
reported both from foreign and domestic
sources. Little attention was given to the
present movement at its inception. IL
was looked upon as a successor OF the sew
eral attempts which OF late have been made
to take copper out of the apparent lethargy
into which it had fallen.
By the end of February, however. IL be-
came evident that some unusual incidents
might be expected. The Developments
since then have been rapid. With copper
selling as low as IL cents a pound on Feb.
Is il worked its way up by almost daily
fractional advances until. on March IL. it
had reached Is cents. Now no one can tell
where or when Ii Is going TO stop.
Conservative men have maintained for
years that If copper could be placed at IL
cents a pound and held there all would be
better satisfied and the periodical demon
In dealing with this phase OF the present
copper activity the question naturally
is due to an exceptional demand for the
metal or whether the advance Is purely
speculative Judging from opinions pre-
vailing among those entitled to speak, an
affirmative answer 10 both OF the Ques-
| tions would be correct
1t is argued that consumers had up to
within the last month or so carried COM
when the advance began and the move
| ment became sufficiently pronounced. a
large percentage of their number rushed
| in to buy, and are reported to be buying
still.
| At this point the opportunity of those
who control the selling Of copper became
been increasing the price Of the red metal
| with much energy. Hence. what really be-
gan as purely buying movement has de-
yel0ped into strong speculative craze.
An authority copper. one whose opin-
ions have much weight with the trade, had
this to say when requested TO make a
| There is no telling where copper is go
ing. Buyers throughout the country ana
| abroad have become frightened and are
however, have advanced beyond the levels
| justified by this impulsive movement. and
it is in the hands OF the spectators &c do
pretty well what they wish. The entire
situation Is within their control.
"Of course, high copper prices mean in
creased dividends for the copper companies.
larger than they have been for some time.
1t is presumed that q European syndicate
has been behind the movement. and elabor-
ate preparations have been made to main
tain the price Of copper at a high level"
JOHN STANTONS OPINION.
John Stanton. when asked for an opinion.
entered into a most enthusiastic discussion
OF the topic. He said:
Those Of US who have not been afraid
to express our true sentiments upon the
position OF copper have maintained for
its real value Last July I said copper
| would be selling at IA cents before May.
1903. Here we are in March, and copper
| is at Is cents. / suppose / can say have
been indicated. for at the time my fore
| cast upon the copper market was rdiculed.
The present price of copper, In my esti-
NATION, is que 10 legitimate demand. fos-
and frightened the market against them
| selves, but on an average would say that
many of the large houses are buying cop
per not only for their present needs. but
| also a little In advance.
Stocks have been very low Of late. and
the consumer has become frightened. Nat
| urally no one can tell where IL is going to
| stop. / doubt very much that IL will go to
| IL cents, but we have seen stranger things
than that before in the copper trade"
Mr.. Stanton was inclined to believe that
no speculation as yet had entered into the
rise Of prices. Shipments OF copper had of
late been somewhat delayed owing to the
of freight on the railroads.
When 1t is considered that the world 8
copper production in 1894 amounted to 32s.-
was able to use 4ss, SEQ tons. an increase OF
164,162 tons. IL would seem that the future
production Of copper has by no means
reached that stage when all surplus produc-
ton must be classed as waste or loss
The many uses to which copper is now
being put account In q measure for this
Il m
more as a suitable metal for all kinds OF
ornamentation. 1t is replacing tin In many
instances. as being more durable and pos
more refined finish than Is obtainable with
the employment OF the former metal
tenths Of the watch cases now made are of
copper. This metal Is enameled with a
silver or a gold preparation One Lake"
copper company frequently sells as much as
from 10000 to $1,000 pounds OF copper for
this sole purpose. Copper Is used In many
| articles which enter largely into other de-
partments of the jeweler. including card
trays, pocketbooks and an bindings for the
finer grades OF leather.
Furthermore, copper is being used as o
substitute for other metals. 1t is frequent
| ly used TO complete work on which iron
and steel have been largely employed.
Hence the greater demand ior IRON ana
| steel reflects an increase In the use OF cop
Last years Increased production Is esti-
| mated at ABOUT 5o,pD tOnS over the feCofuS
of 1901. Nevertheless. In spite OF this large
| increase, il is estimated that the consump-
| ton increased f0S0oo tons. or In other words.
the apparent increase In consumption was
1900 tons over 1901. While the total produc-
| ton of copper was 10000 tons. against $751;
0c0 tons for the preceding year.
The fact that consumption ran so Tar
| ahead of the production of copper without
visibly affecting the quotation or the me,ai
| is due TO the enormous surplus stocks the
| trade had I'm hand at the beginning or the
| year. IL was the accumulation OF tnat sur
plus which brought about the decline OF
| copper from IL cents to 10 cents pound.
| During the year the surplus, togetner with
| the monthly average production, was
| gradually consumed. until the peelnning OF
February showed the stocks reduced TO
almost nothing.
AS to the future Of copper. Mr.. Stanton
"During the last decade we find copper
has Increased in production about &c per
| cent every wear over the net returns OF
the preceding twelve months. No valid rea-
SON can suggest itself TO me why this pro-
auction will not continue, and why a good
market will not exist for this commodity.
The tendency OF the times Is 10 employ
copper extensively.
, "The manufacture Of electrical appli.
ances is continually on the increase. Mo-
tive power is being secured directly from
! the Harvesting OF the rivers and streams.
The great economy that results from the
! use of electricity likewise recommends the
> substitution OF this power for steam. And
when you speak of electricity. 1t means the
consumption OF much copper.
L.