The copper country evening news. [volume] (Calumet, Mich.) 18??-1907, 1896-11-04
stocks.
Our Boston Letter.
BosToy, Mass, Move.

BOSTON, Mhrs., NOFemDFr x
As the election draws near the traders
in Wall and State streets seem imbibed
with the idea that Major Mckinley will
win hands down and last week the spec
ulatiye element expressed this belief by
bidding up prices which made things
look extremely lively within the precincts
OF the stock exchanges. There was a set
back, however, in the middle OF the week
on account OF the furry in loaning rates
for money on the Ste ok Exchange. At
one time money was bid up to 100 per
cent and loaned there several times.
Thursday the lowest rate quoted was 10
per cent and it ruled most OF the day
around so per cent. Friday, however,
a dozen prominent banks formed a pool
with capital of SIC, 100000 TO break
ruling figure was 80 per cent. On Satur-
day there was less demand and money
closed at 6 per cent. Ii IL not altogether
certain that the money rate was not bid
up for speculative purposes. The loss OF
one days interest at 100 per cent would
cut only small figure compared with
the bear traders in the stock market az
a result OF the scare occasioned by the
app rent monetary stringency. Then
the bankers pool began to make itself
islt in the loaning rates, stocks jumped
up almost as fast az they declined, imme-
diately preceding and at at the close
Saturday the average price OF the active
stocks were one point higher than a week
before and about three points higher
than at the beginning OF the north and
at the highest point OF the rise which
began last August, when the average
was at the lowest OF the year. The influx
OF gold has not been quite so pronounced
recently, but the imports OF the metal
still exceed the exports and the total i'm
ported so far reaches about 81, 600, 900,
Another favorable factor in the situation
il the new agreement Of the western rail
roads which goes into effect today by
which Height rates are advanced. The
railroads have a large tonnage oil grain
on hand to move and the slight advance
in rates will amount TO a great deal
toward swelling the earnings. There
ought TO he no difficulty in maintaining
the new rates az there il a goodly
amount OF freight to be moved and quite
enough to go around without cutting
rates. Then again the advance In wheat
and cotton is good bull argument and
ought TO react favorably on general bus
mess as the farmers and planters will
profit largely by the rise in the market
value OF those staples. All in all the out
look il encouraging.
The copper market has shown some
signs OF life recently and prices are re-
ported at slightly improved figures. A
large sale OF Lake ingot at LOTS cents
was recorded on the New York metal ex
change last week and 10Y cents Is freely
bid, while the mining companies are ask
ing 10%@11 cents. A press dispatch
IRON the Lake last week caused consider.
able wonderment in copper mining cir
eles. IL IL said that copper from the An
aconda mine Of Montana was being re-
ceived at the Lake in competition with
Lake copper. One Of the tricks OF the
trade, II 10 understood, Ia to deliver cleo
troIytic copper on orders for Lake ingot
and IL IL not probable that. to still, fur
ther deceive the purchaser, the electroly-
tic copper IL first shipped to the Lake
and then re-biIIed from there, which may