The Washington times. [volume] (Washington [D.C.]) 1902-1939, 1906-01-15

the price of bessemer pig iron advanu
from $16.S5 TO 1888 a ton al PittsbuA
and bessemer steel bfllets from 81 TO "A
a ton. Every effort has been made "a
prevent a runaway market. The prof.
duction OF pig iron exceeded $500, go |
tons last year and VIII doubtless ex-
coed 10000 900 tons in 1906. Stin the de-
mand for consumption increases and
eanrot be so accurately gagged. Thus
FAR prices have been kept down below
the extreme high levels OF 1892 Exports
nave been less than ia 1904, because Of
the huge home demand. and imports
nave gained slightly. Still il will be in
terestlng 10 watch the struggle Of pro-
oocers TO keep up 10 the consumption
q very different problem from that of
40 40 years ago when the price OF pig
Ion could hardly be kept above the
cost OF production
ne problem OF the cost OF produce
III. vas more openly discussed in con-
as O. t win copper than with steel,
o. the tIne when the Amalgamated
copper Company was 7oInderine
around IN a seemingly homeless en-
oeaVor to produce copper and sell il At
pIont. Eighteen cents a pound is now
accepted as a fair price for conner and
II IS doubted If the prodUctlo6 "a, ~
made 10 equal the cousuuautfoD Tha
SITUATION differs vastly from the sim
alton Tour years ago. when the price
was about is cents For then tha 1,rsee
was artificial and II stimulated erest
oNefproducuon which finally over
"Heimed the market and drove copper
down 10 about 10 cents a pound
mere Is the greatest difference in thu
cost or copper production and new dis
coFeries play havoc with calculations
But there Is no doubt that the leeiti-
mate demand for copper Is at present
vel above the probable output for 1es
However nA Of
depends upon variety of Conditions
! ne tennessee Copper Company has the
lowest grade OF copper in the world that
IS smelted for copper alone The copper
companies in British Columbia have ex-
tfemeiy low grade copper. running TWEEN
= POUNDS or copper 10 the ton Of ore.
but the copper Is mined with silver and
colo which has a value OF ~ cents for
each pound Of copper smelted, and the
cost or the production Of the pure cop
per IS thereby reduced.
The Worlds Production.
The total production Of the world in
1905 was about ,625. 000O)9 pounds Of cop
per. Of which this country produced
about 950.000.OJ0 pounds. The Calumet
and Hecla produced about 5000 091, and
the Copper Range about 100000. The
Anaconda Mining Company is producing
in its several mines about 10000 90
pounds Of copper a year. the largest pro-
ducti0n Of any single group Of mines in
the world Here enters an interesting
phase Of the copper industry The great
Anaconda properties have been working
on ; Der cent ore that is. on ore pro-
ducing sixty pounds OF copper 10 the ton
of ore. In this ore there Is cents worth
of silver and some gold 10 each pound
Of copper. The claim is made that the
new vein of copper struck at the 100
fEH a# "a Z =
cent ore, or ore five times as rich as the
balance, and containing 800 pounds OF
copper TO the ton. Whether this shall
prove true or not there is nothing phe-
nomenal in ore of such Il high grade,
excepting that experience has never eX-
tended 10 ore Of 50 high a grade at
such d depth belOI the surface.
The quality OF the Anaconda strike de-
termnes the value of. the Anaconda
property and ct all events illustrates
the difference between copper proper
ties and the discrimination which must
be exercised in buying into them But.
however variable may be the values or
different mines. the basis Of an incTeas-
ing value for all Of them is the ad-
vancing value Of the raw material which
they supply. SO IL is with lead, silver,
with tin, with all the basic materials
that enter into manufactures. So We
have shown il 10 be with iron and steel
and with coal And IL is TTu1sm that
the country which produces and 0eVei-
OBS the greatest volume or natural pro-
ducts for which the markets OF the
world are clamoring. that that cOun-
try has the foundation OF commercial
success enduTingly laid and will find no
ordinary limits set TO its periods OF
prosperity. Such a condition character
lied the United States and discredits
the continual warnings Of ultra -conserv-
alive people who fail 10 appreciate the
country's wealth.
II. c. C. BARNABY.
January g. 1905.