Evening star., 1907-07-14

X X
The break in the price of copper. which
| has been officially admitted. confirms state
ments made in these letters for several
weeks past Of sales made below the icti-
tious quotations fathered by the big selling
companies and producers. The copper mar
| ket has been virtually deadlocked for two
months or more and whatever business was
| done went on behind the scenes and at
very radical concessions. The marking down
| which has just occurred establishes eiectro-
| lytic copper on a basis of % cents up to
! the first Of September. 1t was loudly adVer-
tised that under the new management there
| were heavy sales. Thus far actual business
has been only moderate. representing the
hand mouth demands Of consumers. The
opinion is held by many Of the larger buy
ers that the copper metal market Is sched-
uled for a still further break and they are
not committing themselves any further into
the future than they ave to at the pres
ent prices. Since the ginning Of the year
the great mines have been curtailng rather
| than increasing production.
Wherever possible they have been work.
ing on low grade ore and leaving the rich
grades for reduction and smelling later on.
The practical effect Of this policy will be
to pile up vast reserves of the better class
new mines upon which development work
has been proceeding for the last year or
two, and which are expected to begin pro-
ducing within the ensuing twelve months.
d
with the price around Ii or 20 cents
pound the production might run as high as
500. 100000 pounds a year, or so per cent
above the current output. Many Of these
new mines cannot be worked profitably with
copper on q Is cent basis where many look
for 1t to gravitate within the next year. I'm
less the consumptive demands for copper
increase enormously there are hard times
ahead and ruinous competition for many Of
the new copper mining enterprises which
are now being hurried forward to the
producing state. The older established and
richer mining companies are preparing Tor
the struggle and expect to put newer COM
petition ''on the bum
The tobacco trust, against which the gov
ernment is proceeding. Is generally regard
ed one Of the most shining examples Of
the oppressive operation of combinations In
restraint of trade. The trust is a mOnu-
ment to the organizing and administrative
genius of two men-James B. Duke and
Thomas F.. Ryan. Both have given the
business great deal Of personal attention
OF the two Duke has probably made the
most money out of tobacco. He has never
had time to go into other things, and the
total Of his fortune is probably below that
of Mr.. Ryan, but what he has sprang from
the one narcotic source, whereas, Mr..
Ryan's multi-millionS have originated in
many places. He has dabbled extensively
in railroads. fractions and banking and in
surance. taking toll from everything he
touched. He keeps his money exercised
continually and has gift of making the
money of other people work for him. Now
he has political and social ambitions and
would like to represent Virginia in the
Senate of the United States Mr. Duke is
apparently we'll content to confine himself
to a sphere where he Is already pre-emi-
nently a master. Mr.. Dukes fortune Is
variously estimated at $50O0O.000 to $751;
600, 600. and that of Mr.. Ryan from $780,
coo 900 to $1OO O000,O coo. The outside figures
are probably within the mark.
The government crop report for July
gives most of the crop experts bad black
eye. These specialists in the crop-killlng
line have been bulletining Wall street and
the country at large to be very grave dis
asters confronting the farming community,
aud t,sv have made considerable impress
sion ON sentiment both on the stock ex-
changes and boards of trade. 1t would
now appear that while the yield of grain
is not going to be record breaking. there
will be plenty to go around. At the same
time farmers are likely to get good prices
for what they have to sell. The deficiencies
abroad promise to be quite serious big
enough at least to insure firm markets for
whatever surplus the outside world may
have to spare consuming peoples. Ameri-
can railroads are going to have all the
grain they can carry If the congestion in
western states is not bad as usual
everybody will say thank God There will
be no measurable decrease in railroad
earnings on account of grain tonnage, and
the movement Of freight may be smoother