Tonopah daily bonanza. [volume] (Tonopah, Nev.) 1906-1929, 1908-01-11
COPPER SITUATION
LOOKING BETTER


Alright the signs of the times, there is
to be speedy Improvement in financial 4.
and metal market conditions, says !
the Salt Lake Republican. Samuel
Newhouse has released a letter he
has just received from Daniel Gug-
genheim in which the head of the
smelter trust declares: GAS to the
market price of copper, reports reach
me that the quotations given out are
not as satisfactory as the actual mar
ket.
1--WE find today" continues Mr..
Guggenheim, that we can make ac-
tual sales at 13 11c for February de-
livery, and l am reliably informed
that most producers are holding for
1917 cents to a cents.
"In my judgment, copper prices
should soon be quite considerably /
higher.
after the first of January money |
rates are expected to be reasonable,
and people will begin to purchase all
commodities, including copper. 1t
is, | feel, very largely question OF
the money situation. Banks are not
letting money out into the channels
of trade, and the merchants cannot
get funds to do business with.
1.-THE situation cannot hold very
long for the reason that the banking
institutions will soon realize that
boarding money does not make divi-
dends for the stockholders.
1t is a significant coincidence that
a Boston dispatch over the Pollock
wire quoted Thomas F. Cole as pre-
dieting that copper will reach the
price of 20 cents a pound during
1905, preliminary as result OF the
restriction in production which IS
now taking place. He takes the posi-
ton that American consumers are SO
short on stock that they are actually
sweeping up the floors to gather the
filings and that if consumers figure
upon getting copper at below cost to
many of the PRODUCERS, they will be
very much mistaken.
Another Boston dispatch said that
; Calumet and Hecla would within
| ; few days make sales Of lake copper
i at IA cents and that sales were made
recently by the United Metals Selling
2 Company at 1914 cents. Calumet
l and Hecla, Copper Range and other
s lake companies have very little metal
!, on hand it is said Whatever metal
t there is it seems to be in the hands
n of the selling companies and they
e have reduced their holdings to such
5 an extent that they are not disposed
d to fill large orders very freely.
C Mr.. Newhouse in giving out the
Guggenheim letter added that his
: friends in Europe were beginning to
|. see a bright light on the horizon
IS They have advised me- he said, tic
e get out all the copper | can and have
r it ready for the better prices that are
n sure to prevail within short time.
e That Mr.. Newhouse is following
II this advice is indicated by the active
n preparations under way for PLACING
Is the Boston Consolidated Company
a, big concentration in operation by thu
"a production that is being made by thu
ID Cactus mine The Cactus, it is be
t, lieved, will report for December thu
% greatest production it has ever made
is More than.5O cars of high grade or
Id and 20 cars of concentrates have beer
d. shipped to the Garfield smelter thu
Id far, the yield from which will be up
er wards of 1,0OO, 900 pounds of copper
n 1t goes without saying that an up
C, ward turn in the copper market mus
ly be followed by better prices for lea
Id and silver, so that it is possible tina
re the period Of closed mines in Utal
ne camps will be short. Mr.. Newhous
r. says that one of the best evidence
Id that the country is to return to noI
in NAL conditions is the fact that tn
%. big railroad companies are orderin
re heavier equipment and thousands O
nd tons of steel rails for extensions &
IT. their lines. citing the resumption Q
Is work on improvements planned b
to the Union Pacific prior to the none
panic as an example of what Is goin
on. these improvements includin
embarrassing of its main line.
Did not the railroad companie
Is have absolute confidence in the f,
20 ture OF the great industries of TIL
country. including mining he salt
IL they would not be planning vast in
provements and expanding money ft
~, equipment to handle large increa
ed business.
You can't buy macaroni in d.
,at goods store, nor can YOU buy whisk,