The copper country evening news. [volume] (Calumet, Mich.) 18??-1907, 1897-07-14

European cdpitdi III hmohpSoh S
prises. Europe, however. has not swai-
lowed the bait,
The prospect that a currency message
will be sent to congress within lew days
is calculated to retard rather than help
along business improvement as it VIII re-
yiye the old strife between the silver and
the gold parties. While the president
and the house OF representatives are suffi-
Gent to annul any unfavorable financial
legislation which the free siyer majority
in the senate may pass, yet the TACT that
the senate may prove stumbling block
in the way of effecting any legislation,
looking to the reform OF the currency,
will act as disturber OF both confidence
and business. The present administra'
ton undoubtedly is mindful OF its party
pledges and will do it's utmost to act in
such a way as TO cause revival in all
lines OF business, for upon the success OF
it's endeayors, depends not a little their
success at the polls at the next presiden-
tial election. The more conservative ele-
ment, therefore, is opposed to stirring
ND the nest OF free silver hornets in the
senate.
The strike OF the soft coal miners, the
uncertainty in regard TO the position OF
Turkey, and the Cuban question are the
unfavorable factors OF the present sltua-
ton, but none are regarded as OF suffi-
Gent Importance to hinder the general
tendency in the speculative markets.
which is upward. There are many decid-
edly favorable factors which are direct
ing the stock market operators and these
greatly outweigh the influence OF the sun
dry unfavorable events. The crops are
promising and it looks now as though
the American farmer would be called
upon to supply the greater portion OF
the worlds wheat consumption again
this year, as was the case in 1896, The
outward movement OF gold has practi-
cally ceased and not much more than
$20,000,000 gold has been sent abroad.
The return flow OF the gold is expected
to greatly exceed that amount.
The copper market continues firm at
about IL 4 cents for Lake ingot and the
copper shares have been alphabetically
responsive to the market conditions.
There has been talk OF consultations OF
some OF the Lake Superior copper mining
companies: the Kearsarge, the Osceola
and the Tamarack Junior being the ones
connected with the rumors which have
been semi officially confirmed. 1t is
stated. also, that the Boston 4 Montana
and the Butte & Boston companies will
be consolidated, but these rumors have
not advanced beyond the stage OF pro-
liability. With several cancellations,
there IS no doubt but what the PROPOSE
ton OF producing and selling copper
would assume different phase than at
present. Productions would be increased
and the cost OF mining reduced so that
profits would be augmented, unless the
production greatly exceed the consump-
ton, il which case lower prices would
rule for thu metal At present, however,
the bulls are talking copper famine and
10 cent copper.
On this subject the remarks OF the
financial editor OF the Sunday Herald are
very apropos. He says in part:
"a copper famine and Is cent copper!
Only exceptional and most extraordin.
airy circumstances can produce either
price or condition. And why not be con-
tent with IL cent copper? All the known
producing mines can earn money at that
price, and some of them can almost coin
1t. The copper mining industry has few
superiors in money-making while copper
sells at IL cents or fraction better.
There is more danger OF over production
than OF a famine il copper rises much
above IL cents. and oyer production
may occur on IL cent copper. 1t is spec
ulators in copper shares who want higher
copper and talk higher prices. The pro-
ducers themselves. il they are not like.
wise spectators, would probably prefer
an IL to II cent copper market to any
thing higher. They know full we'll the
stimulating effect Of prices upon produc.
ton and the lasting effect OF oyer pro.
duction. The future OF the copper share
market win probably hinge more upon
the purchasing orders than upon better
ment of trade conditions. Appreciation
OF the stability OF the industry may bring
considerable investment orders, and
Spectators may seek to anticipate this
demand and excite an interest in this
class OF stocks as promising considerable
profits. Copper shares are easily moved
up and down. The character OF the
orders determines which way 1t shall be. ,
The copper bull is rampant and The
street is filled with his utterances
Scarcely any of the mining companies art
exempt from his praise and the rising
prices OF the coppershares attest his abil
ity to make converts OF the speculative
public. Anyone who does not echo hi
bullish sentiments is looked upon az al
enemy or fool. In other words, tn,
street is going crazy over the coppe
shares and wild scramble to buy any
thing and everything in THAT line. 1t il