Los Angeles herald., 1905-03-13
Oriental Countries Still
Desire the Red
Metal
TENDENCY IS TO
INCREASE STOCKS
Big Gold Strike Excites All
Redding-Mills Pound
ing Out Bullion

lu& Oub DulAlUn
Last week proved, as reports from
the east show, rather dun and unin-
teresting in refined copper, as domestic
consumers bought single carload lots
for early shipment and the inquiries
from Chinese interests for export de-
veloped into few contracts of import
ance. At the same time China has
purchased several thousand tons addl-
tional through European houses and
the metal will be exported from both
Atlantic and Pacific coast ports.
With the great activity in railroad
and Industrial consumption of coppe:
In the United States during the next
six months as compared with last year,
but with a falling off in exports 20
Europe, making due allowance for the
increase of exports Co the far east,
total consumption Is not likely to In
crease at a greater rate than is produc-
ton. With copper at 15c and over all
mining operations are being stimulated
to the utmost.
Since the first of the year the tend
ency has been toward slight increase
in surplus stocks rather than other
wise. United States production and
imports are giving us monthly sup
ply of over $4,000 gross tons, while
domestic and foreign consumption COM
bined is slightly under this tonnage.
-tcto tn io
unsettling industries, has had a de-
pressing effect in other European coun-
tries, but some improvement is already
noted in Germany and France. Euro
pean consumers Of copper have largely
provided themselves in advance at
ing, but during the last week there
have been number of transactions Of
rs to 50-ton lots for March, April, May
and June shipment at an advance over
the prices current during the previous
week, but to appreciate thiss fact 1t
should be remembered that sales cf
refined copper were made on the con-
tinent early this month at $50 los to
ESQ lbs, while sales are now being
made at $40 to $40 los, equivalent to
15.20c to 1890 elf European points.
During this period of weakness in
Europe the American market has been
well sustained, but evidently there is
small room for an advance in prices
already high. Small sales of Lake
copper have been made within the last
few days at from 15.30c to 1880, but
the whole range is from 151lc to 15kc,
the outside price delivered 80 days.
Electrolytic copper is quotable at 15Mc
to 1920 and casting grades at 14%c
to 15c.
Redding Gold Excites
Near Redding, in Shasta county, a
strike has been made in the White
Oak mine, in the Lower Springs dis.
trict, that is creating more than usual
comment. In fact the owners, who live
in San Francisco, have been sum-
moned to the property and general
jubilee is to be held to celebrate the
discovery. This strike is practically
at the back door of the town of Red
prospectors and miners for years the
excitement has grown as the strike be-
came more fully known. AS is usual
the discovery was BY accident, as the
owners directed that a cross-cut Oil
the lower lead should be extended to-
opened the ledge that had been passed
by. and since the discovery the ledge
has been opened for twenty-three feet.
The ledge has been penetrated by
two drill holes fifteen feet apart. The
drillings from the westerly hole as
twenty-eight inches. The easterly hole
(eight feet from the east face of the
drift also showed a width of twenty
eight inches and the drillings for the
first twenty-four inches assayed $45.57.
The remaining four inches were espe-
cially high grade and may bring the
average for the ledge up to 800. In
termediate holes will be drilled about
four feet apart. One of these had al
ready penetrated for about thirty-two
inches and was not yet through the
ore. The rock is found to be very rich
in free gold. visible In abundant guam
titles, although the most of the values
are in sulphurets or tellurides. Some
handsome specimens show the rock
virtually plastered with free gold.
Between the ledge proper and the
hanging wall is filling of waste rock
three to five feet wide that runs from