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

both here and in Europe are in the mar
ket for new securities now, whereasliquid-
alton was the rule only n few months
ago aud the prices Of sale bonds have
risen 10 a point where the net returns
are so small that attention is now re-
turning to the next best grade OF securi-
ties.
These are few OF the reasons why the
stock market traders have been bullish
during the past month and have taken
hold of the long side OF the market. Pee
pie who have kept in touch with current
events in the stock market and have had
the courage OF their convictions, I'M
doubtedly have taken part in the upward
movement and have been advising their
friends TO do the same, judging from the
increasing commission business on the
stock exchanges recently, Last week
the highest point in the RI so far was
recorded, but up TO Saturday, preceding
double holiday accompanied by the
taking OF profits, the reaction from the
highest was less than Z of point on an
average OF twenty five New York stocks
while the average advance, dating from
the lowest average OF the year, April 10,
was two points. The average advance
does not give an adequate idea OF the
extent of the advance in the stock mar
ket. Included in the stocks taken TO rep.
resent the market are many which have
remained practically unchanged, while
selection of a score or more stocks
would show a rise ranging from five to
twenty points representing an aggregate
market appreciation OF over $500, O00,-
600. if the gain in market price be ap-
piled to the total capitalization OF the
companies represented. This immense
appreciation in the market value ofsecur-
titles held mostly by the public has not
caused the amount OF selling hich might
have been expected. What stocks have
been sold have found ready purchasers
and the market now is we'll backed with
buy orders to take advantage OF any
AENNFElOus ~ NAV lANNh VI a iNdtAiOA 40
almost impossible at this time. Oh
course this condition cannot last long
at a time because prices will rise TO
point where new buyers will not come in
and where holders will rush t, take their
profits. Judging from past experiences
this latter condition apparently is some
ways off vet and still higher prices seem
inevitable before the end OF the year.
The copper market has been quiet but
firm during the past week and every day
il becomes evident that the domestic
consumption is growing rapidly and
that the stocks of copper on hand are
becoming inadequate to meet the demand.
Notwithstanding the large increase in
the production OF the metal, prices have
steadily risen and today the price of
Lake ingot is between II and 1hcents.
It is stated on the best authority that
the Calumet and Hecla has informed its
foreign customers that its price for cop
per for delivery next October is liz
cents aud il is understood that the COM
pany has no more copper tor sale at pres
ent, except in small lots to domestic con-
sumers. Other mining companies are
out OF the market for the present having
sold ahead through the summer and are
asking advanced prices for future deliv-
cry. One good thing about the copper
market during the past month or two
has been it's steadness. Mining COM
panies have been reaping a harvest
and there is nothing in sight
at present to interfere with
their profits for some time to come,
Holders OF copper shares seem to realize
this, for the high prices which have been
recorded for some OF these shares have
not disturbed holdings to any extent.
Regular dividends and extra payments
have been the rule during the past six
months and the outlook for the future is
promising. A recent compilation OF the
market value OF the copper sharer on the
Boston Stock Exchange showed an aver
age selling price OF ST. as compared with
$50 during the boom OF 1890, although
the market value was some $15, 900
greater, owing to Uheincreased capitaliza-
ton of the Tamarack, Quincy and Mon
tana. In 1890 copper sold as high as
II cents as compared with 11A@11h
cents TO-DAY, yet the mining companies
are paying larger dividends on the in
creased capitalization. notwithstanding
the lower price OF the metal now as COM
pared with 1890. EVERETT.
! Understood.