The copper country evening news. [volume] (Calumet, Mich.) 18??-1907, 1896-08-12
stocks.
BOSTON, August IL. ls9o
Our Boston Letter.


The downward movement in the stock
market, which began two weeks ago,
was accelerated last week and previous
low records were broken all along the
line. Indeed the Venezuela panic OF last
year was completely outdone, the aver
age price OF the leading active New York
stocks at the close last Saturday being
tull points below the lowest average of
the year 1895 or decline on the average
OF 1G points from the highest average
price of the current year. At the close
of the week there were no indications
that the decline had reached its limit.
On the contrary, the Generalization
seemed to be at its height and that still
lower prices Will be made this coming
week generally is believed. The rapid
shrinkage in stock market values, as
might have been expected, has disturbed
the money market not little in that
banks have called for the taking up OF
loans or the depositing OF additional col
Forthcoming. The advance in loaning
rates added fuel to the fire and is not the
least acute phase of the situation. OF
course, Wall street is discounting some
future event, as il always does. but is it
possible that il is the election OF the free
silver candidate. The gold men will not
admit that he has a chance of being
elected.
1t has been an exciting week for the
stock brokers and it is surprising that
numerous small failures have not oc-
Cured. The big Chicago failure must
have pleased the loyal citizens of that
town who are prone to brag that Chica-
20 has the largest population. the tall
est buildings the longest streets, and, in
short, the most stupendous specimen of
everything going Under the clrcum-
stances the announcement OF additional
failures would not be unexpected.
The copper stocks have not been neg
lected IN the bear raids which have been
tie activity has been developed in the
mining list. Montana has exhibited the
most weakness on account of its specula-
tive character, but, taken altogether, the
coppers have held proportionately
stronger than the general market, owing
to the dulness which hasexIsted for some
tiuna raact in fhasa aeon
The copper market continues very quiet
with only small movement OF domes-
tic trade. The exports Of the metal are
fairly large still and fills the vacancy
made by the slack demand in the home
market. Lake ingot holds at IL cents,
but there are rumors that shading of
this figure IL made by brokers more anx-
ious to make sale than to get good
price for the article. la view OF the gen
eral depression in most lines of trade il
scarcely could be expected that the COP
per market should show more life than at
present, although officials OF the mining
companies express belief that higher
pick up again, perhaps in the fall.
The bulls on Montana have not all
died, evidently, IA one broker bid 81 per
share last week to call any part of =, 900
= ar's OF the stock at so any time for the
balance OF the year. The company n
said to have sold its product ahead into
November, which practically assures the
ma enance Of The regular dividend
rate OF So per annum and the expected
extra I dividend in the fall, making SO
for the year.
Mr.. W. i. Fitzgerald, Farmer Fitz."
IA he is now called. says that the brokers
could run n good. sized sawmil with the
perspiration which the erratic market
has made run down their backs recently.
Except for the closing OF old accounts. 4"
ne says, there il very little new bust
ess in the stock market"
EVERETT.