Weekly journal-miner., 1908-11-11
REO METAL MARKET DOES NOT WAIT
 0N ELECTION
Prediction Made Copper Will Top IS Cents
 This Year

'he election. says the Mining Record
 Tor several weeks past the improve
 ment has been marked. and there i,
 at this time every evidence that tn,
 red metal is going 10 push up 10 ,h.
 place which every producer unaues
 tionably wants to see realized
 cent copper before the close of ,h, year 1908. The weekly sales are now aggregating better than 5o,0Oo ooC pounds, including both the domestic and export trade. IL is not difficult to see that this is far in excess of the maximum production. This fact doe. not indicate that this great record will be, or can be maintained, but is shows that many orders held in abey. anee must have grown tired of wait. ing and have been put upon the books. IL also indicates that Europe has been purchasing for actual consumption rather than for speculative purposes. Selling agencies are not anxious 10 place copper n, any figure under li cents pound, and it is certain that the producers are not attempting to sell any lower than the best price. The big mines are running without surplus, proving that n strengthening of the market will be logical, and that II will not be in danger of any such setbacks as those that came with the excessive prices of IS months ago.
 To set forth the facts concerning the red metal, we would direct attention to the figures of production. The max. imum output of the United states. Mexico and Canada is placed at 9OO,. 100000 pounds of refined copper m. ually. This would call for an average daily consumption of 3,000.O0O pounds, figuring out Sundays and holidays. If at this time the daily sales aggregate thre- times this amount. it follows that orders are calling for delivery well into the future. This is the con dition that makes for higher markets. True, much of this excessive ordering is To carry some of the large manufse- turing plants well along the road for weeks, or even months, 70 come. But fl their optimism is based on fact. then we may assume there will be repetitios of orders at high prices. Europe is using more copper than it ever did before, and demands are in ereasing right along in this country.
 What might be termed the technical situation of copper is exceptionally strong, and even though Nevada, Utah and other sections are striving toward heavier output, it follows there should not be any change in the price pro gram of the metal. The stocks-mean. ing the copper seeurities-have al ready begun to strengthen, and they win follow with the actual physical progress of the enterprises; meaning, by this, the results of new develop ment work, the successful placing of the output and the growth in copper demands. The dividend rate has great deal to do with copper stock prices, but the large companies will take no action in this respect until there is evidence of a large surplus.
 News from the red metal camps is also encouraging, showing that activ- ity in the properties is by no means a theoretical thing. The earnings of the North Butte are now better than $7 a share annually. The company is al' ready paying on a basis of $4 share, and it is whispered that an advance may be looked for soon after the first of the year. The company is produc- ing close to 3,75o,o0O pounds monthly. The cost of production is placed at s cents pound, meaning profit of approximately cents a pounds, or s225,O00 month, implying $2,70o,oo0 year net. This should experience g considerable increase with the better ment in the copper market.
 The Butte Coalition is producing at the rate of 25,0OO,oOO pounds a year, and this is to be increased to at least 4O,0O0,o0O pounds yearly. The new de- velopment work has disclosed the fact that the Coalition ought 10 be the premier of this district, and this should have a marked effect on the market value of the stock. No defn' ite word has been passed as to the div idend outlook, but it is believed that some action will be taken soon after the first of the year. The company is making a most eommendable showing from the earning viewpoint.
 Anent the possibilities of the mar. ket, one of the largest interests has stated that there will likely be at least l4h cent copper before the close of 1908, and others are just ss firm in their predictions of l5 cent copper.