The copper country evening news. [volume] (Calumet, Mich.) 18??-1907, 1896-07-13
MINING.
Copper shares.

Mining stocks were objects Of bearish
attention in Boston, and about dollar
was removed from the speculative value
OF Montana and Old Dominion, one OF
the arguments used being considered fur
Their along Pioneer gold lost further,
from 81 TO 3ls with two shares sold at 2,
and rally to 81 for round lots IN the ai-
ternoon. Montana came down Z, to S5A,
and Old Dominion /, to LAY, while Tam.
arack was off 81, at "a. One-half of /
per cent was bid to call 1000 shares OF
Montana at 90 for thirty days, and the
one-eighth OF l per cent bid to put Old
Dominion at II for ten days was repeat
ed. The stock closed at u, and Monta-
ma at Sc, net declines for the day of 2
and z, respectively. Franklin was off =,
at 10Y Atchison adjustment Is were 2
lower, at 3Sli Sugars closing at 1919
was p lower than Yesterdays.
G. NJ. b. copper in London declined ~
Cd today, TO $40 % Ga spot. $40 5s fu.
lures, with sales of $50 and 100 tons re-
spectiyely. The Anaconda subscription
was closed in London yesterday and
bears on the copper stocks in Boston
point to the decline in the metal as sigf-
cant, declaring that with the consumma-
ton OF the Anaconda deal there is no fur
Their need OF sustaining the price. This
presupposes that the marked rise in G..
M. b. copper which has been 80 pro-
nounced OF late months was manpu-
lated solely for effect in connection with
the English purchases OF large interests
in the Anaconda property. Such a view
is too narrow. The market would not
have advanced over s per ton this year
under manipulation pure and simple.
Such rise Is equivalent almost to 9
cents per pound ia Lake ingot, and as a
matter OF fact the domestic market has
risen nearly M much in a period of gen
eral business depression. There il no
doubt that European consumption of
copper this year has been exceedingly
large, Since 1896 began England. Ger.
many and France have consumed an nv
erage of 80, 100000 pounds per month
which is at the rate of 800, 900 600
pounds per annum, or more than the
total product Of the United States in
1919. Ia addition other European coun-
tries have taken an average of over s.
100000 pounds per month of American
copper this year
For the first half of 1896 we exported
100000 pounds of copper, or 53.-
100000 pounds more than in the first
hall OF 1S95-increase 20 DER cent
NJ awhile we have produced 227OOO
900 pounds, or 1000, 900 more than in |
the first hall OF last year; increase 25 per
cent. No less than 81 per cent of our
total product thus far this year has been
exported, against 42A Der cent last year
II Europe can take 100000 900 pounds
Of American copper in SIX months-7O Der
rent more than in the first half of last
year-absOrb it and still report an al
most steady diminution ofsupplies of the
METAL, is it entirely matter OF manipu-
alton that the price should rise from e41
o $40 per ton over there in six months?
md further, were general conditions OF
usiness, finance and commerce here any
here near normal the market for COP
err shares would resemble that OF six
ears ago and "boom" merrily. Unfor-
lnately actual conditions and prospects
,unt for little by reason OF the unfortu-
ite events of the last year, whereof
ute was the first OF a long series. But
e facts OF the copper metal situation
Q bound to tell sooner or later BOs-
N Transcript. II