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Newspaper
Anaconda Standard
Location
Anaconda, Montana, United States of America
Date
Aug 26, 1916
Page
12
The stock market swung as rumors of a nationwide railroad strike grew stronger. Steel and copper shares fluctuated while Anaconda and Kennecott showed mixed moves. brokers urged buying coppers on weakness, predicting renewed high levels and potential dividend pay dates amid mounting labor tensions.
Copper markets show an exceptionally tight position with refiners holding only about 40 million pounds of deliverable copper, less than a week's supply, while monthly refinery output stands around 170 million pounds. Foreign visible supply is near lows, with most material not readily deliverable as refined copper.
Demand for copper and spelter rises as 10d war orders placed with American manufacturers spur strong market activity. Purchases total 150,000,000 pounds of copper at prices up to 27 cents per pound, with lead and spelter also firming. The American Smelting and Refining Company reissued quotes at 6 to 6.4 cents per pound, while Western refiners bid 9.0 cents for September deliveries and early 1917 contracts show robust inquiry and bookings.
W. Clark, director of NABOD, reports the Denver mine on Pine Creek shows a tunnel face with gold zinc sulphide ore and Tennin streaks. William Beaudry says the showing is the finest at this stage of development yet seen on any property in the Cover-Walene area.
William Dunn, manager of the Original Bannack, arrived in Butte to arrange pumps for a 200 foot shaft and to push a mill site. The project includes multiple shafts for gold and copper, with a mill to be completed within six weeks. Downtown market notes follow about ore shipments and cattle prices.
Promoters at Empire Copper Mine in Idaho predict a major expansion after current operations yield 10 tons daily with about 15 000 dollars monthly profit. Plans include sorting waste to raise ore grade, increasing plant capacity to 125–260 tons daily, and adding a pebble mill to target 30 tons of 18 percent concentrates per day.
Copper prices reach a multiweek high as Lausier Wolcott Co reports a Boston wire from Tucker Hayes Bartholomew showing 28 cents for copper for delivery through year end. Electrolytic copper quoted at 27 to 28 cents with metal exchange noting spot 28 12 and dull at six to six and a half cents for lead.
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