The copper country evening news. [volume] (Calumet, Mich.) 18??-1907, 1896-06-24
MINING.
Our Boston Letter.

BosTON, Mass, June %, 1896.
The stock market has lapsed into mid
summer dullness with the arrival Of the
hot wave which struck the city last week.
During the republican convention, the
market exhibited some little activity aud
rose and fell IN response 20 the varying
changes in sentiment aroused by the var
ious planks in the platform adopted by
the republicans at st. Louis. After the
convention adjourned, however, the mar
ket lost all interest, apparently, for the
traders and ON Saturday only about g..
900 shares changed hands all day in the
local stock exchange aud in New York
the total snlrs Tor the day were less than
81 900, which would bc IA small hours
business un day oi ordinary dealings.
The enthusiasm, which the strong utter
ances in the republican platform was cx-
pected 20 arouse, evidently had been dis
counted in Wall and State streets, and IL
remains to be seen whether or not gen
eral business improves any IA "A result AZ
season for exporting gold, nominally, has
ended, small amount Of the yellow
metal continues to find it's way 20 Eur
ope every week on the fast mail steamers
sailing from New York. rhis adverse
factor has not been considered by the
spectators TO any extent, 20 far, but. in
the absence OF any bullirh news, the bears
ARE likely 10 sell the market and magnify
the adverse factors, including the gold
shipments The attitude OF London ia
carefully watched for It's influence on the
stock market and, IA London did not re-.
rpond 10 the advance In Wall street ON
account Of the success OF the gold men in
the 81. Louis convention, IL looks ~
though the trend OF values would bt
downward, until something of import
ance turns up which will affect the trad
ing sentiment iavorably, or add greatei
force 60 the downward movement.
Old Dominion ia "A target for the beai
traders in the local market, who consider
any stock, with headquarters IN the Bige
low-Lewissohn syndicate, Legitimate
prey for the spectators on the short sid
OF the market. One gentleman, VIII,
sold 900 shares of Old Dominion stool
which he did not own, was under the i'm
preston that the mine was located il
Montana, but ON learning that il was al
Arizona mine, he said that he was sorr.
he did not sell 1000 shares instead q
only 600 shares. Scmi-oicial pres
agents oi the management continue 4
boom the property aud TO print figures
alleging To show the amount OF cope
in sight blocked out coo, 900, 900 pounds
the cost OF laying IL down in New Yor
t6h cents) and profit per pound Of
cents. This looks very well on paper
but, with the nearest railroad fifty-si
miles from the mine, the cost Of laying
down in New York II more likely to b
10y cents per pound than Gsccnts. 40, in
stead Of n profit Of 3 Scents per pound
there would be nm actual loss Of cent
per pound. IL IL another case OF the oil,
SANTA Re copper mine, winch was figure,
Co earn enormous dividends when IN
railroad wa. built to the mine % tina
the copper could be sent To market, bu
which failed and wos recognized seyera
times with no bcttersucceSs owing Co th
luck Of transportation facilities. IL /
not 40 very long ago that the same mel
we're talking Of 600, 900 tons OF or
blocked out In the MERGED mine, whcl
would net 81 o per ton, making the stool
worth 900 per share-in the minds o