The copper country evening news. [volume] (Calumet, Mich.) 18??-1907, 1898-05-11
New York Stocks Close Higher
Last week. The Arnold stock
10 Locking Up.

evident that all which had been said re.
garding the relative merits OF the Ameri
can and Spanish navies, and the respec.
tive ability Of the gunrers, was not over
drawn. The vast superiority OF the
American forces, not in numbers, but In
effectiveness, was apparent and the test
was not disappointing to the war de-
partment which had maintained all
along that there would be no question
as to which side would win il an oppor-
tunity presented itself for fair fight. IL
ia little wonder, under the circumstan
that a revolution il threatened in Spain
on account of the efforts OF the govern
ment there to humbug the people into
thinking that the victory belonged TO
the Spaniards.
The effect upon the stock market OF
that battle may be summed up briefly in
the statement that twenty-five active
New York stocks closed full FIVE points
higher on the a verage last Saturday than
a week previous, a total gain OF eight
points from the lowest average reached
in March on the war scare and only four
points below the highest average OF the
year. Up to week ago the principal
characteristic OF the stock market was
it's dullness, but beginning q week ago,
when the frat reports of naval victory
were received. the stock market has been
boyantly lactive. The recovery in
prices has been general, although some
specialties touched their highest prices in
long time, during the upward move
ment OF last week. Stock market operat-
ors already have begun to discount peace
and it looks as though this process
would carry prices much higher than be-
fore the beginning OF the war scare.
General business likewise, has been dis
counting the end OF the war and increased
activity has been noticeable in various
lines. Merchants who were postponing
operations on account OF the war are in
clined to take a more optimistic view
now and to regard the result as a fore
gone conclusion. The war scare of
course, upset general business not little
besides disturbing prices on many CON-
modities and the firmer money market
effectually restricted commercial and in.
dustrial exp nsion also. There has been
plenty OF money. but loaning rates have
been high. The large supply OF funds
prevented without doubt, a momen-
tary panic. and in this the largeimporta-
tion OF gold figured most prominently.
Since February 20 the influx OF gold has
amounted to more than $40. 600, 600. of
which close to $50, 900 900 has arrived
from abroad. The receipt OF this foreign
gold greatly strengthened bank reserves
and Offset the withdrawal OF deposits by
some timid capitalists.
The financial, commercial and indus
trial position OF the United States seldom
has been in more desirable condition
than at present. This has been due pri.
marily to the prosperity OF the agricultu-
raj community and to the restoration OF
confidence among investors and large
monied interests. The large wheat crop
OF last year has been marketed at high
and profitable prices and. today, wheat
ls selling full dollar higher than in the
summer OF 1895, when it fell below 80
cents a bushel. At today's price for
wheat there Ia large profit IL IL for the
farmer and also for the railroads. The
former are buying manufactured goods
and the latter are paying dividends. the
benefits OF which more than offset the
slightly increased cost oil -four to the
consumer. 1t looks now as though the
war would make only a small DETECTION
In the general business revival, which
started about year ago and which bad
made good progress up to the breaking
out OF hostilities.
The copper market Is trifle heavier
than week ago, owing to the sale OF a
large quantity OF the metal at IL cents
for delivery during the next three months
by the Calumet and Hecla company.
With consumers able to purchase at 70
cents, no other company can negotiate
sale OF any magnitude at better price. |
although bids have been received recently |
Tor small amounts for quick delivery as |
high as 12A and 1890 cents. As most |
oil the other conn anies keep well sold M |
ahead, there Ia no danger OF a break in
the market, and IL is probable that IL |
cents will be the minimum price for some
time to come as the domestic demand
Is increasing constantly and the exports
OF the metal are holding well up to recent
maximum figures, Notwithstanding the
war.
A feature OF the local stock market last
week was the strength OF Arnold stock.
This mine seems. at least, to have got