The copper country evening news. [volume] (Calumet, Mich.) 18??-1907, 1896-01-15
MINING.
stocks.
SHOCKS.
BOSTON, January IA, 1895
Our Boston Letter.

BosTON. Mass, January 13, 1896.
Copper men are complaining OF thev very
unsatisfactory condition OF the copper
market. Lake Ingot is offered at IL
cents and lower prices seem about az
probable as does an advance. In view oil
the fact that the amount OF copper on
hand is smaller now than for nearly ten
years, this must beextremely aggravating
60 the producers who have been looking
forward to a rising, or at least steady,
market for the metal II is somewhat
pulzelling to understand how il is that
the price OF copper remains so weak in
the face OF aconstantlT decreasing visible
supply.
A very good solution of the problem
might be found, it is thought, in the man.
ner in which most OF the copper is sold.
Nearly all of the large producers employ
selling agents in New York who care
more for their commissions than for the
consequences attendant upon the cutting
OF the price in order to make a sale, thus
destroying all chances OF an advancing
market, unless, perchance, an enormous
consumptiye. demand SPRINGS m whiGy
,ta sessss'.-es----.s. a--p~S arsv->-7a-----svC
~%S-Sforce the market up against any
obstacle. As such demand Is OF rare
occurrence, it IS to be wondered that the
market has held as we'll as il has and
that the price ia not still lower than ut
present, although it is very near to the
lowest price on record. 1t is competi-
ton which has depressed the price ofcop-
per to its present low level, when, viewed
from statistical standpoint, il ought
TO be selling much nearer the highest
point OF the past few wears.
On the other hand, some encourage
ment is TO be found in the very large
sales for future delivery which have been
made in the London market recently.
This denotes a belief on the part OF the
buyers OF higher market in the near fri-
ture, or prospective demand for con-
sumption (which will result in higher
prices. With the approach OF spring the
producers look forward to better mar.
ket, especially az the use for the metal in
the electrical field is continually increas
ing and as the possibilities OF foreign
war appear greater.
Speculation in the coppers has not im
proved any during the past week, nearly
all the interest in mining stocks havina
been confined to the gold mining shares
which have been listed on the Bostor
stock exchange. The board passed new
rules to govern the listing OF gold mining
stocks and only one new gold mine hal
been listed so far Hereunder
The Pioneer gold mining company
which was floated in Boston last spring
successfully passed the rigid examination
imposed by the new rulers and now is
full iedged member on the stock exchang
list which gives it strong backing. Tn
company has done little besides develops
ment work since il passed into tn
hands OF the present owners who ar
erecting forty stamp mill which wi
make the total number OF stamps sixt
heads. The returns, as published month
ly. show earnings OF 10 per cent on th
capital from Development work alon
and a comfortable surplus has alread
been accumulated, all expenses bein
taken out the receipts from its produc
The management is driving two TUNE
toward the rich vein which is known I
exist in the mine, but which has new,
been worked owing to its great depth an
inadequate mining facilities with whic
the mine, previously, was equipped. TT
ore in this vein assays at from $40 1
500 per ton while the present product. Z
taken from the tunnels, averages fro
only sc TO 81 o per ton, but which pa,
well TO stamp.
An insider on MERGED says that the r.
mors OF o rich strike in the Bigeow cha
have been confirmed officially, which a
counts for the recent buying OF the stoc
BEAN EATER