The copper country evening news. [volume] (Calumet, Mich.) 18??-1907, 1896-01-23

BosroN. January "a, 1896
Our Boston Letter.

BOsToN, Mass, January 20, 1896.
Lake Ingot seems TO have broken II
cents which. il was thought would b,
low water mark for some time, but
which may prove TO have been just thu
opposite. Today, the current quotation
for Lake copper is 91z@& cents with moth
ing in sight, additional to what has been
TO cause better demand for the mel a
or an Improvement IN tine price. 10 il
somewhat aggravating to read every
week that the statistical position of the
copper market is better than for nearly
ten years past and that. despite this fact,
the market is weak and declining. But
such are the facts, however. and il be-
comes the duty of the chronicler of ev-
ents to so record, notwithstanding its
apparent unreasonableness. A good de-
mand for the metal for export still is to
be noted and such orders are filed at cur
rent quotations while business in the do
nestle make, is rather slow and trades.
in most instances, are contaminated only
at concessions. There seems to be, how
ever, a certaio activity in the making of
lower quotations which is highly sugges-
tive OF bear influences at work. This is
nothing unusual nor surprising in the
history OF the copper market, although
the speculation in il is confined TO small
circle OF operators. No remedy, proba-
bly,, can be found for counteracting the
depressing influences OF the bear specula-
ton in the copper market, any more than
in the stock or the grain markets where
the speculation has much wider field
and in which there are so many specula-
tors majority of whom usually are
operating on the short side.
The government bond issue seems to
be the sole topic OF discussion in business
as well as in financial circles The popu-
lar loan at present promises to be a
"howling success" so far as subscriptions
are concerned, but from a more practical
standpoint, that OF the welfare of the
National Treasury and the benefits, II
any, to be deriyed thereirom, the out
look is discouraging, so much so, in fact,
that it is not at all unlikely but what the
whole loan may yet be awarded to one
or two syndicates in bulk. lie is the gen
eral opinion among Boston bankers that
the president makes a mistake In trying
TO float 80 large an amount OF bonds
with the public Small investors usually
are more anxious to secure a. better rate
OF interest than il offered in the present
instance by the new government bonds
while large capitalists would hesitate
about disturbing their present unma-
tured investments for the sake OF taking
a chance of getting few new govern
ment bonds at a little lower than the
current market quotation Tor similar
government securities. Then those indi
viduals who SO desire TO subscribe must
either pay "A premium for the gold or
draw IL out OF the treasury with green
backs or cola notes which will leave the
gold reserve just about as low after the
bonds have been sold as before. In deal
ing with a syndicate, the government
can make contract, and il can be
reasonably sure OF lts being kept, that
no gold TO pay for the bonds is to be
withdrawn from the treasury and that a
certain portion OF the bonds be placed
abroad. No such contract can be made
with each Individual who subscribes for
a popular loan and very few, il any, OF
the bonds will find a foreign market |
Perhaps when the smoke clears away
and the public lees the folly Of attempt
ing TO place 500, 900, 900 bonds among
- IL. -. l.
clamor for popular" loan when next
it becomes necessary TO issue more
bonds. The r fits OF the Morgan syndi- |
cate as figured in the widest dreams OF |
the popular loan advocate will be but a |
flea bite when compared with the mount |
Of gold taken out OF the treasury to pay |
for the bonds if subscribed for in full b, |
the public. "Nuf sed. F"
There has been no interest either in the |
copper, gold, industrial or railway shares |
in the stock market during the past week |
and mid-winter dullness has come To be
almost as intense as thatwhich common
ly call midsummer dullDess. Money
rates have been too high and funds too
hard to borrow TO allow Of much trading
in the usual way on margins while the
commission houses have been experience
ing period OF almost no business at all.
The professional traders on the floor of
the exchange have been engaged in ex-
tracting an occasional on arbitrage
business and prices have fluctunted with
n an exceedingly narrow range not even
the sentiment of the street on
he current news OF the day which has
'een somewhat mixed. Railroad earn
Dgs have been large and increasing
vhile the same may be said OF gold ex-
orts. BEAN EATER. 7