The copper country evening news. [volume] (Calumet, Mich.) 18??-1907, 1897-11-10
enjoyed for several years-a compensa-
e.

ton for their toll.
The stock market reached the climax
OF the boom about the middle OF Septem
Der the average rise from the low point
in the spring being about % points. Up
TO few days ago, almost one-half oI
this gain had been lost, the decline aver.
aging ten points. Ii the business and
financial conditions last summer war
ranted a rise OF over 20 points in the
stock market. it is difficult to see why
vance, as business certainly, is better now
than ak months ago, as is shown by the
increasing bank clearings and railroad
earnings. Sentiment has sufficed to de
press prices Just as it did TO advance
them during July and August. Rumors
of the illness OF the president Of the Sugar
Trust sent that stock down from 159h
to 100 and the rally was measured by
only two points, while the death of the
president of the Pullman Palace Car Co.
sent that stock off less than ten points;
such is sentiment.
| OF the copper market there Is nothing
new to be said. 1t holds fairly steady,
but prices are fractionally lower now
than a month or six weeks ago. Lake
ingot is quoted at 10Y cents bid and IL
cents asked. A bad feature of the situa-
ton is the slack demand for the metal on
the decline. Manufacturers usually take
advantage OF lower prices to stock up,
but they seem to be pretty well supplied
Tor the balance of the year and no de-
mand for copper appears to exist. The
margin between the cost of manufactured
Upper and the raw material is very
small and consumers are inclined to pur-
sue a hand-to-mouth policy, pending.
either an advance in the price OF manu-
featured goods, or greater decline in
the cost OF the metal. Although the
year promises now to close with copper
at about the lowest point in 1897, yet
the year, as whole, must be regarded
as having been a satisfactory one for the
mining companies. The market has
ruled steady for the greater portion of
the year and at figures which have
yielded good profit for the producers.
There is no reason for expecting less sat
isfactory results next year; on the con-
trary, the copper market ought to rule
higher, based upon the statisti al posi-
ton OF the metal and the probable in
crease in the demand as a result of i'm
proved business conditions. In London,
the copper market has exhibited a weak
tone, recently, the price declining about CO |
during the past month, European con-
sumption OF copper has increased enorm-
ously this year, despite the strike OF the |
engineers in England; for the first eight |
months the consumption was oyer A.
300 tons against 80, 900 tons during tue
same time in 1896. The building of cleo
trio railroads in Europe has been actively
pushed and many large contracts for the
same have been place with Americ IN
Matters on the street vhae.. Quoted
DOWN considerably during the past week,
although nothing particularly new has
developed regarding the speculative fav-
'rites. The controversy about the
merits OF Butte & Boston have greatly
and the stock has been weak in
ym patty with the balance OF the mar
ret. Much amusement has been caused
~ the publication in Butte paper of an
Interview with one Of the many pilgrims
Who have journeyed from, Boston to the
mining districts recently, in which the
Boston stock broker was. referred to as
he expert on copper mining"
From the Lake has come the intima-
ion that another assessment ia contem-
dated on Arnold mining stock OF SO per
hare with which either to build a rail-
Dad or stamp mill, preparatory to
making the Arnold an active producer
Until President Fitzgerald gets back from
he Lake; no meeting OF the directors
Will be held and even then 1t is not GER
ain that an assessment will be levied as
he company, already, has nearly $780,
90 cash on hand which it can use.
The boys on the street are waiting for
be return OF Professor Judkins.
leasing reception. undoubtedly, will be
ccorded him and he will be much sought
fter for information regarding..the Lake
lines whenever any question arises rela-
i've to the properties there.
Broker Paine, OF Paine. Webber & Co..
as not yet returned from his trip to the
lines, being the last of the large party
Boston brokers who have felt 1t nee
'sary to personally inspect certain mines
'r the benefit of their customers.
EVERETT.