The copper country evening news. [volume] (Calumet, Mich.) 18??-1907, 1898-06-08

| stock mai ket Nhiueo II.
and loanable funds plenty at almost m'n'
hmm rates. 2 per cent being the common
quotation for demand loans on tue s,ree'
hors and as low as ~ per cent in Ne"
York. lie illustrates the wel.-Sno"n 'ns
orS that sentiment. and not actuai
events. shape the course OF the s'oeA
o,d that which would be consid'
orad as unfayorable, at one time, Is din r
emily regarded, or disregarded altogether
at another time. Sentiment list no" Is
bullsh despite the war,
II aggregate clearing house returns are
m he taken az Indicative OF the amount
al general business doing, then II is sa'e
TO saw that, 10 the month oil May, iuiiy
40 ner cent more business was transacted
than in the same month last year. Inc
gains were largest in the west and south
and smallest in the east. The reason ior
this has been dwelt upon in previous ar
t,cles, relating principally to the feyora'
BILE crop conditions OF the past year or
two. Manufacturing industries here IN
the east are far from satisfactory. ln
cotton. the low prices ruling for the man
ufactured article, owing to the competi-
ton OF the southern mills and to over
production. make the business very un'
profitable Just now, and in woolens, the
cancellation OF orders, given previous to
the war scare, are bothering the mill
owners and spinners who are about to
devise some means for putting stop to
the practice OF canceling orders once
given.
The copper market holds firm at II
cents for Lake ingot. The market shows
no special feature. Consumption is col :
stantly increasing; likewise the produc-
duction. Exports continue large, al
though not quite up to recent maximum
figures. perhaps. The steady market
which the copper mining companies have
enjoyed for the past two and hall
years, and prospect for a continuance
OF the same for some time longer, is stim
ulatIng the small companies and Undue
ing fresh capital TO enter the field to az
sst in putting those smaller mines int
shape to begin producing, If sufficient
copper can be found.to make a month
" output large enough for the running
OF a stampmil, These mines, in tine,
ought to add not little to the total
production, but no material increase in
the production is likely TO occur soon as
it takes so long to properly develop a
producing mine.
phenomenal risein Franklin rights
was the feature OF the trading in the cop
per shares last week. From 10 cents to
80 60 in one day il feat seldom seen 10
State street, but that ia what Franklin
rights" did last Wednesday, the day
they expired. OF course, there was some
pecial reason for the sharp advance
other than ordinary demand; some specu
latiye manipulation by some bold trader
or traders. The mystery has had seyera
| eAUldudtlOuss tub bOhc vi IhOh 'SiJ o"o
ieiactory. Franklin stock, also, DOOMED
from 10Y to 10, from which price it ha
reacted 20 1917. The new stock. it j
understood, although not yet official.
announced, was practically all taken h.
the stockholders, the subscription beinl
ID every way a success and creditable T.
the policy adopted by the management
Arnold stock has not bten backward i
the copper boom. Last week it got a
high as 1G1s at one time, reactiug wit
the general market to 15h. Althoug
this is the highest price at which the stoc
, has ever sold, there has been very lit
liquidation. Present holders. eyidentl.
feel that the outlook for active mimi
J operations at the Arnold are too good
let their stock 20 now. One brokerai
house last week received numerous orde
. to buy Arnold from the Lake and priva
0 information OF the outlook undergroun
0 both in this and the Humboldt mine, a
y said to be highly satisfactory.
. Butte & Boston was reused up la
q week. The bears sold 1t down TO 2Oh {
y Saturday and were talking it for /
. when some buying orders came in and
o quickly rallied to 24%, or about 2 pom
% higher than when the bears began to g
. it. local news agency published lol
% article regarding the company last we
W whish, undoubtedly, was inspired by t
% opponents OF the present large stockho
70 ers. There has been constant endeay
~ to shake out both small and large sha
holders in Butte. Not much SUCCESS b
- attended the efforts as yet, although
small holders probably are beginning
feel nervous. There appears to be x
eral plea for an accounting by the mi
rk agement, which has never made an
ge nual report, while spending millions
h dollars belonging to the stockholders.
re Other features OF the week have b.
lc- the declaration OF a $40 dividend on {
7s, umet and Hecla, making $53 $50, 900
lu- clared and paid by that company ny