The copper era. (Clifton, Graham County, Ariz.) 1899-1911, 1907-10-24
Walkers Weekly Copper Letter.

SOnG lOWCI have D6Gu
made. Lake is now quoted at 134
cents to IA cents and electrolytic at
49, cents per pound. Only a very
small amount of copper has been sold
at these prices, if any at all. Sew
eral of the leading producers say
they have not yet made any sales be-
low 14t cents. The exact attitude of
two or three of the largest factors in
the metal market cannot be obtained
at present, but there is reason to be-
lieve that they will refuse to make
large sales at current prices.
General conditions continue very
bad, as viewed from short range.
Manufacturers who are large users of
copper claim that it is almost i'm
possible to obtain accommodations
from the banks to help them through
with new contracts. Those of the
consumers who are in a position to
buy are as much at loss to understand
the situation now as they were
months ago. The money market is
clearly at the bottom of all the trou-
BILE. There are hundreds of electri-
cal enterprises awaiting organization
or extension until such time as the
companies can sell their bonds. The
money market ought to be easier
very soon, however, and with it
should come a decided Improvement
in the metal market.
Those who are interested in copper
desire most to know what the metal
is likely to sell for during the coming
ten or twenty years. No better than
estimates can be given, of course,
and these must have for their basis
the probable relation of consumption
or production. Though stimulated
by prices which have yielded an aver
age profit of 80 per cent. to 100 per
cent. over the cost of production,
the output of copper has not main
tanned its normal growth of 10 per
cent. annually during the past few
years. When the worlds production
was 500, 900, 900 pounds annually it re-
quired only 4 slight expansion by
few old mines and the opening of
half a dozen new ones to provide the
50,000,000 pounds needed to make up
the 10 per cent. increase. With the
worlds mines putting out !, 800, 100000
pounds yearly, however, a new Calu
met & Hecla, North Butte and n
Old Dominion, or their equivalent,
must be developed and equipped
every twelve months to keep up the
10 per cent. annual increase pace.
1t will be several years before all the
new producers of Bingham and Ely
combined will be able to put out an
aggregate of 100000 pounds of
copper annually.
Very few new copper districts are
being opened up. Those who have
been interested in mining during Il
decade are we'll aware of the fact
that it takes a great many thousand
wildcat promotions to make one
mine, and also that even the pros
poets developed under the direction
of the most successful mining talent
often fail of results. It will be a
great many years before Alaska
sends 100, O00,O0 pounds of copper to
market annually. Arizona's produc-
ton will not increase 10 per cent.
yearly again in the lifetime of the
present generation. The big gain in
output must come from Utah, Nevada
and Mexico, and it is improbable
that these combined will be able to
increase the worlds production an
/ = ua of 2 cent Annually 6nr-
ing the coming ten years.
The worlds consumption of copper
| increases more than 10 per cent. an
nually, on the averages; but it iluctu-
ates with varying business conditions,
and is often cut down sharply at
times when a very high market price
encounters a trade reaction, as it
did six months ago. Between 1883
and 1898 the copper production of
the world cost about 8 cents, and the
average selling price about 121 cents.
This was a normal and fair business
profit. Since the last date named
the uses for copper haye increased
very greatly in number, and the cleo
trical demand alone has more than
doubled. Since 1898 the average
price of copper has been 10 cents and
the average cost about 10 cents. The
average profit, therefore, has been
twice as great during the past nine
years as it was during the preceding
fifteen years. The higher price can
be explained in but one way. 1t is
due to the fact that the consumption
demand has increased very much
more rapidly than production, fact
which was made especially prominent
by the advance in the price of the
metal to % cents per pound this year.
LOST.-A bunch of keys. Please
return to Clifton Meat and Cold
Storage company.
FOR SALE.-Household furnish
! ings at bargain. Apply to Mrs.
Lula Smith, South Clifton.
American girl owning property
wishes business partner for improve
ments. Address f. Kelly, Box 767,
FL Paso, Texas.
Free our Jewelry and Silverware
/ a1Onna Send n Onre before fbe