The copper country evening news. [volume] (Calumet, Mich.) 18??-1907, 1896-08-26
MINING.
our Boston Letter.

BosTON, Mass, August "a, 1896.
The stock market has ben irregular
during the past week. Prices have ac-
yanced and declined on alternate days,
yayed only by the gossip OF the hour,
AMI without tendency ia any general di-
rection. In short, it has been very much
like a ship without rudder. A small
amount Of gold has been imported, or
rather engaged for Importation, from
abroad, which has been the only favor
abe factor. Business failures have in
creased numerically every day and have
exerted an uniavorable influence on the
stock market az well az in mercantile
circles. The combination Of events, both
political and commercial, has kept the
money market tight and merchants are
hard pressed TO renew old, or secure new,
loans, even at the current high rates OF
discount. Banks are accommodating
regular customers at from 10 10 per
cent on notes OF the gilt-edge variety,
while the market for the less desirable ac-
teptances, practically is closed. The ap-
preaching election is the principal topic
OF conversation in both financial and
commercial centers, and all seem 20 agree
that everything hinges on the result Of
the battle Of ballots next November
The situation has been aggravated, il
anything, by the application OF leading
New York bank for clearing house certifi-
Gates, although il was done with the best
intentions: that IL, to encourage the
smaller and weaker banks to make siml-
lar applications il necessary. According
To last weeks statement, there were
twenty-five out OF the sixty.iive New York
banks in the clearing house association
which did not hold the % per cent re-
serve az required by law. With the banks
IN such poor condition, il looks absurd
for those institutions 20 talk about assist
ing tine government in maintaining the
national gold reserve.
The copper market participates in the
depression noticed in other lines OF trade,
although the bulls assert that the mining
companies are well sold ahead and are
not much interested in the present condi-
ton of the market for the metal Lately,
sales OF Lake ingot have been made at
10y cents, while the quoted price il 10Y
all cents. The transactions at the
lower figures may have had some consid-
GRAFTON attached which was not made
public, but the fact remains that the act
ual selling prices are below those quoted
for publication. The increased produc-
ton OF the metal and the falling of in the
domestic demand in certain 10 cause
lower prices and until these conditions
are reversed, il IL difficult TO see how the
mining companies can expect BET ter
mari ct for their product
Director Coram and ex-Superint, ndent
Palmer, Of the MERGED mine, are going TO
California TO find out what the trouble il
and TO discover n remedy, il possible, for
whatever may be found to be the matter
with the mine or the system under which
il Is operated. IL il asserted that the
mine is all right and that il has an excel
lent and modern plant, but for some rea-
son the returns have failed TO come up TO
expectations.
An attempt to bid 10 Pioneer has been
made, but so far without success. The
insiders, evidently, are bent on getting
their div dends out OF the stock market
through the manipulation OF the shares.
letting the smaller stockholders derive
col comfort from the rumors OF good
news from the mine" which have been
circulated TO facilitate the rigging" OF
tie market.
III ere are signs that bull operations are
about to begin again in Montana. Any.
way, the recent interviews on that mine
point to some such scheme
IL il said that the prospects for rail
road to the Old Dominion mine are still
n good IA ever. Probably az good az
are the prospects of no railroad at all.
EVERETT.