The Wallace miner. [volume] (Wallace, Idaho) 1907-current, 1907-09-26
worked admirably in both
Copper Mining ON Solid Basis

Copper Mining on Solid Basis.
Notwithstanding the periodical an,
alternating rise and fall in the prize
OF copper stocks, in a majority of In
. stances arbitrary, the copper mimi,
industry, employing approximately
billion dollars in this country ant
Mexico. Is on a solid basis. thorough
ly safeguarded for the future by tn,
: constantly increasing consumption 0
the red metal, due largely to the re
Quirements of electrical constructio,
and structural uses. Hence lu!'n:
low price OF the metal for month
or two or even year or longer car
have little effect upon the earnings
of copper mines, whose dividend dis
bursements are quite as regular a.
the rising and setting of the sun and
In such large amounts as to amaze
an always interested public,
Copper mine dividends are sc
enormous In the aggregate as tt
astound even those familiar with the
industry For instance, the Calume,
& Hecla mine of Michigan since 1911
has distributed dividends amounting
to $106,360,00 the Boston & Mon.
tana ranking second with $5G,l25..
600 and the Anac DADA third with
$37,200,000, while Senator Clarke s
United Verde bonanza has enriched
its distinguished owner with profits
to the extent of $a3, l70,32c during
the past fifteen years. And SO runs
the monetary history Of the copper
mines.
Good Profit in 10 Cent Copper.
1t Is we'll to bear in mind the fact
that utterly vicious manipulation
of stocks by the professional gang
Of Wall Street rogues has nothing
whatever to do with the vast net
earning capacity of American copper
mines. The price of copper ruled
lower for 1894 than for any previous
or subsequent year, being $3.50 cents
per pound; yet the well developed,
adequately equipped copper mines
paid handsome divid ends for that
year OF unprecedently low prices.
I The average price of copper for the
four following years was, respect
lively, 10.730 cents, 10.980 cents,
1850 cents, and 12.O50 cents. This
was the low price period for A,.ler-
lean copper; yet the bonanza pro-
ducers all yielded substantial net
earnings.
From 1898 to the present time the
price of copper has ruled consider
ably higher, for the year 1906 aver
aging 1856 cents, the highest aver
age since 1877, and for the first
eight months of this year 1880
cents. Although the production of
copper has gradually increased dur
ing the past ten years the price of
the metal has also kept pace with
the increasing production, thus CIV
ing weight to the very logical con-
tention that consumption, freed from
unnatural and arbitrary hindrance,
Is still ahead Of the producing capa-
city of all the copper mines.
Abnormally High Price Hurt.
It is a universally admitted fact
that the price OF copper for the past
eighteen months has ruled abnormal
ly high, the figure being such as to
array the consumers against the pro-
ducers, with results at this time quite
satisfactory to the former. Every
foundryman in the the United States
was rightfully fighting Is cent cop
per, and in that contest had the NOR
al support of every fair-minded cit
izen. With copper at the present Is
cent quotation the Amalgamated
company's alleged surplus stock will
be quickly absorbed FIFTEEN cent cop
per will serve as guarante that the
copper mining industry will remain
more stable than at the robbery price
Of Is cents.
1t is worthy Of remark in this con-
nection that the chief producing cop
per mine of the Occur d'Alene dis
trict, the Snow Storm, earned splen-
did dividends during 1904 when the
metal averaged but 10 cents.
Stability of Iead.Silver Mining.
The chief industry of the Occur d
Alene district is lead-silver mining,
and to speak with due regard for alb
solute truth, the industry is enjoy
ing degree of prosperity calculated
to satisfy the avarice Of the most ex-
acting mine owner and proflt-gather-
ing shareholder. Almost every local
mine is producing to Its full capacity,
and each is earning enormous profits
without, however, unjustly filching
from the pockets of the consuming
classes, as was the case with 25 cent
copper. The proper relative price OF
copper and lead is three to one. II
the former metal Is selling at Is
cents lead should bring cents per
pound. This relative status is war
ranted by normal trade conditions.
It follows, then, that when copper
was selling at rs cents lead should
have brought Ia cents instead Of
6 cents, the average New York quo
tation for the first four months of
this year.
But neither cent lead nor rs cent
copper was justified, even though the
United States has enjoyed degree
of trade expansion and domestic pros
perity in recent years never before
experienced. Copper quite properly
took a fall from 25 to Is cents,
whereas lead has suffered only a
slight decline (about one cent?, the
present New York quotation being
from $4.65 to $4.75. 1t is pertinent
to here remark that all authorities
worthy of recognition openly assert
that the prevailing price OF lead will
not be lowered owing to the stable
demand for the metal.
Lead Mining Most Profitable.
When a comparison is made Of the
capital employed in the two indus
tries, the lead-silver mining Of the
Occur d'Alene district holds the
y {~r trt ~