New-York tribune., 1907-10-31
GREAT COPPER. FUTURE
METALS PRICE GOES UP.
Official Erpects Big
Demand by Janudru.


IN earnest last Friday continued yesterday,
and a number Of large sales were reported princi-
paly Tor export at prices ranging between 14I5 and
10 cents prominent copper producer estimated
yesterday that stocks on hand in this country at
the present time were not than $50 600 600
pounds, as compared with approximately $50 900 coo
pounds before the present buying movement began.
This agreed with the estimate made by an officer
OF the Amalgamated Copper Company, who said
that the United Metals Selling Company which
handles the Amalgamated's output, had sold 1OO-
100000 pounds of copper in the current month
Ihere was another advance in the quoted prices
OF copper on the Metal Exchange yesterday, all
grades going up 4 cent in the bid price while tho
asking prices Of electroytc and casting were also
raised Il cent. This made lake Il cents bid 14H
cents asked electrolytic. 132t bid 1i4 cents
asked and casting 1314 cents bid and Il cents
asked.
The Amalgamated Copper official already referred
TO in discussing the copper situation predicted
that IN the next ten years there would be the
greatest consumption of copper that the world
had ever known, and said that he would not be
surprised II the boom should begin early as
next January
by that time we shall have a very much easier
'no'ley market he continued. Copper is being
exported in large quantities. Money Will flow in
from other countries to pay for II and at the anne
time the money which has been employed out West
to move the VIII have returned to this city,
have talked with bankers who say that tbev
"ouid not De surprised TO money down 10 l..
the railroads Will be able to get the money thar
they want for electrfying their lines I was talk
Ing to wire manufacturer yesterday. He said that
during August and September he had been work
Ing his plant at half its capacity Now he is work
Ing overtime. All this goes to show that soon we
shall be back to n condition Of at least normal de-
mand for copper
Now, how about the supply? Amalgamated is
now producing at the rate OF 100000 pounds -
copper q month, instead OF "a cc1 at0 ana = work
thousand Of 4.
ana presume other mines have curtaiied TO this
extent or more. Our agency has disposed Of cop
Per up to within month Of the time when we cut
down the normal production 1t will be only a
short time before all tho copper produced under
normal conditions VIII be exhauf ed Now then
by January YOU will have normal demand for
the metal and a production that S been reduced
by two-thirds. And. in addition. you must re-
member that account of the scarcity of fuel
even under the best conditions, the copper output
for 1908 cannot come up to that of 1906
Presumably the consumers OF copper are saying
to themselves: Well soon as the market shows
! improvement the mines Will start up again and
keep US supplied all right. guess But they for
get several things. In the first place. we have no
immediate intention of wiring order to Butte To
resume work We probably shall do that for
some time TO come. probably several months. Cur
failing production and then resumlng and
falling again costs money. and We don't intend 10
! do 1t until of things. And in the sec
ond place, even If we did decide to do to-day
"Ouiu Iitee months DeIOrc could get back 10
our normal production again. The miners we en-
poyed have left Butte. and perhaps have got jobs
elsewhere. If We gave notice that We were going
20 resume, many woud want 10 walt little while
TO make that IL was going 20 be a steady job.
Now, you must remember that there is way
of stopping copper that has started for Eu-
rope-its got 10 go all the way When It gets
there. the Spectator wants have a substantial
profit for his trouble and risk To sell It back here
he has to compete with copper that is being pro-
duced the spot and in his expense items he has
transportation and insurance across the and
back again. He is much more likely to wait for
chance TO sell II abroad.
Electricity Is what is going TO produce the great
demand for copper in the next ten years that
talking about before. We intend To operate our
, mines by electricity soon, and economic on
the coal which we mining for We
are already using 1900 electric horsepower per
! day-that is when under normal conditions.
We buy the power from the United Missouri River
Power Company. This company. which Is about
eighty miles from US, already has two big dams
the Missouri. and is building another. The rail
roads, will be increasing the electrication of
the lines. West. There a great many
places their roads through the mountains where
they find for than track.
That, Of course, limits the traffic 10 a certain
amount. Engineers say that the establishment Of
electric power at these points would increase the
capacity Of the line by 80 or 40 per
Il do not think there is the slightest question but
that the miners viii accept the reduction in wages
from 81 to s. 80 day. 1 don't think there is any
chance oe a complete closing down now"