The White Pine news. [volume] (Ely, Nev.) 1906-1910, 1907-08-01
THINKS" AND COMMENT

1t is much to be regretted that
more copper Is not forthcoming.
Think of all the magnificent Indus
trial enterprises that could be, ard
would be, undertaken we're the wo1 Id
producing three thousand million
pounds of copper instead of only
half that quantity Were the larger
quantity produced, copper would be
selling at around IS cents a pound,
and even at that price would be maxi
ing multi-millionaires of it's pro-
ducers. And every pound of the
larger quantity would be profitably
utilized. Look at the problem as you
will, it solves itself in but one way,
and that way is, more copper. The
business affairs of this old world are
now so conducted that more copper
must be provided; the metal-no
other need apply-is a modern ne
cessity, and must be found.
Much has been said and written
about the deadlock which existed
and which, in a measure still exists,
between producers and consumers of
copper, but it has remained for
leading eastern wire manufacturer
to set forth the true and understand
able causes for such deadlock. He
says it is due almost entirely to the
stringency of the money market, and
then goes on to say: THE price or
copper does not enter into the stu
alton, and were conditions as they
were a year ago consumers would
buy the metal just as freely at 26
cents as at 20 cents. Our business
has fallen off, so far as copper wire
is concerned, approximately 30 per
cent from the volume of last year.
This is due to the fact that electric
light companies, power companies,
street railroad concerns and other
users of copper wire are finding 1t
practically impossible to raise new
money for their various needs, eX-
cept at prohibitive rates, and as a
result new business is coming slow
ly.' Which explains how the milk
escaped from the cocoanut.
The London Statist says: ION
May goth of the present year the
surplus reserve held by the national
banks all over the United States
were very small. Consequently, the
probability is that when the moving
of the crops begins there will be but
a narrow margin to draw upon. Ii
so, money will rapidly become scarce
and dear in New York. If that hap
pens, New York will desire to at
tract gold from Europe. Whether
it will succeed in doing so Will de-
pend, in the first place, upon the
European banks. Already American
bills in large amounts are being ne
gotiated in London and as the bills
are in themselves first rate, and as
| rf011 fc
are being freely taken. Amongst the
bills, as matter of course, there is
considerable proportion of finance
bills, and the proportion will cont1n-
ue considerable. Therefore 1t Is for
our banks to consider carefully what
is the proper course to adopt. With
in limits it is quite clear that the
taking. of such bills is good business.
observed. The interests of the Lon
don money market ought to out
weigh the interests of all other mon
ey markets. If, then, the finance
bills offered in London should threat
en- to be so large as to give New York
an undue power over the London
money market, it is clearly the duty
of the banks to limit the amount OF
those bills they will take"
1t is not my intention to send any
one on a wild-goose chase, but l do
think, and know, in fact, that nearly
every foot of White Pines hills and
mountains contain more or less min
eral and it can be found by the hunt
ing. If the prospector and even men
who are not prospectors will get out
and hustle, fortune awaits some OF
them. Instead of sitting around fan.
ming yourself this hot July and Au.
) gust weather, get out into the noun
, tains where it is cool and do little
: prospecting; the outing will prove
: healthful as we'll as enjoyable ant
| YOU may be one of the lucky one!
4 and find mineral Sin place" that will
put you on Easy street, as soon a!