The copper country evening news. [volume] (Calumet, Mich.) 18??-1907, 1896-08-19
MINING.
stocks.
Our Boston Letter.

BosTON, Mass, August Il, 1896.
The past week has been characterized
by a bull movement in the stock market
Not so much of a bull movement, per.
haDs, but more in the nature OF a recoy.
cry from the several weeks OF declining
values Immediately preceding. Begin
ming Monday last stocks took an upward
turn which continued throughout the
week and at the close on Saturday the
average price OF the leading stocks was
55A as compared with 524 week ago,
or the lowest OF the year TO date The
highest point thus far this year is 6S4,
on April 81. It is difficult to say
whether or not the tide has turned per-
manently for a long upward pull. A
week ago the panic was at its height and
1t seemed az though lower prices were in.
evitable. II the downward movement
really has ended now il the time for the
investor to buy for it il seldom that 80
many good stock market securities can
be purchased at such low figures az now
are ruling and the swing OF the pendulum
toward higher prices, undoubtedly, will
he as great az was the swing towards
the present low level.
The copper shares have been unexpect-
eddy dull and have not been much in
tiuenced by the general decline in the
market. The condition of the copper
market is factor which will dictate the
course OF these securities and il il almost
impossible to say whether lower or
higher prices are in store for the copper
stocks in the immediate future. The sta
tistical position OF the metal IL strong.
but the past is sufficient evidence that
the copper market does not reflect actual
conditions az indicated by the statistical
position. Although there il an enorm-
Gus foreign demand for copper for con-
sumption. domestic consumption does
not show satisfactory vitality There
fore, until business improves at home,
the mining companies cannot expect a
much better market for their product.
Figures OF the production OF copper for
the month OF July have just come to
hand. The total Tor the United States
for the month was 1886 tons against
16,O25 tons in June and 13, G27 tons for
July last year. The European produc.
ton in July was SAT tons against 4
900 tons in June and G, 9Ss tons in july.
1895. The exports OF copper from the
United States in the month we're lO.ss5
tons against 9,797 tons in June and
6.O35 tons in July last year while the
total exports for the seven months ended
July 81 this year were G9.7O3 tons
against 40,259 tons in the same time in
1895. The United States production in.
creased only 1865 tons or 81 s. Der cent
as compared with the same month Last
year while the exports from the United
States showed an increase Of 20, IA tons
or 73 2 per cent. Even this proportion.
ately large increase in the exports az
compared with the production has failed
to lift the copper market showing a de-
cided falling off in the demand for the
metal for domestic consumption. Under
ordinary times, an increase OF 21.s per
cent in the production would about keep
pace with the increased demand for the
metal here aside from heforeign demand.
The foreign market has been dull re-
,ently and fluctuations have been less
violent, with declining tendency. The
speculative interest in the market abroad