The copper country evening news. [volume] (Calumet, Mich.) 18??-1907, 1898-03-03

6ponloo eth1co, out very poor ponc,
Judged from Q standpoint Of economy o
political expediency. However, th
Spanish nation IL not famous Tor it, goot
sense and IL should choose the mos
foolish course. IL would not be surpris
ing. Repubhcanism on the continent o
Europe does not seem to be popular
even In more enlightened nations thar
Spain.
A most unusual feature OF the hnancia
situation occurred last week, and is likely
to be repeated again this week; that H.
nearly three millions OF gold was en-
gagged in Europe for shipment to the
United States. This is the season when
the gold exporting movement from the
United States Is generally at It's height,
as the balance OF trade, under normal
conditions, is against us In the spring
months. This year, however, we not
only have large favorable trade bal
ance, but Europe owes us for securities
recently purchased. The gold which is
coming over now is that which was due
to come last fall, but which was left out
standing IN loans abroad because the
money markets were higher than here
and the money could be used to better
advantage there. The war scare here
has brought with it afear OF stribgency
in the money market which large houses
propose to Offset by calling in foreign
loans and importing the gold.
The general business situation has not
been hurt by the war scare. Mercantile
agencies report trade active and their re-
ports are borne out by the returns OF the
railroads showing large increases over
last years figures, and by the clearing
house exchanges week by week, also
showing phenomenal gains as compared
with recent years. The strike OF the cot
ton mill operatives has caused some de.
preston in business in the manufacturing
cities and towns, but there are indica.
tions that the strike is drawing to close
and that the operatives will eyentu ally
bow to fate and accept the inevitable.
The strike was not pursued with STRAIT
egy. poor judgment on the part OF the
leaders being to blame for the failure OF
the effort as well as the prolongation OF
the losing fight. The fact is the strikers
are being starved out and soon must
yield.
The copper market appears to be IN a
better position than for long time. The
reason is found in the fact that most OF
the large producers are sold up at least
thirty days ahead and domestic con-
sumption has shown considerable i'm
provement, 80 that the increased inquiry
for the metal from manufacturers could
not be Immediately supplied, Hence the
recent advance to 11X cents for Lake
copper, whereas the mining companies
two weeks ago thought they we're get
ting top prices when they sold for Tx
cents. Recent bids Of 11%@11X cents for
copper have been refused, it would seem,
not because the mining companies did not
want to sell at those prices, but because
they already were sold out, and the bids
were for quick delivery. which the pro-
ducers could not make.
1t has been suggested that the advance
in the copper market was because there
was d short interest in the metal which
was trying tn cover outstanding con
tracts, but this theory is tabC oed by
prominent mining officials. who say that
the advance is a natural one and based
on the supply and demand. A very
prominent official OF one OF the largest
copper mines in the world, expressed the
opinion few days ago that the advance
in copper was too rapid and that a re-
action would take place as the foreign
consumptive demand did not warrant
the advance. The mining companies. he
said, have to depend good deal upon
foreign markets and. while there may be
a slight furry here in copper, IL there is
falling off in the foreign consumption,
there can be no sustained rise in the price
here. His company sells no small guam
tity OF copper to French consumers and
his foreign agents have advised him re-
Gently that, owing to the foreign crop
failures last year, business there is not go
good as year ago and that there is less
demand for Gopher as consequence.
The statistical position OF the metal, he
added, 80 far as known, is excellent, but,
as no account is kept in the United States
Of the visible supply, 1t is difficult to cor
rectly estimate the amount OF copper on
hand here. let alone France, Germany
and Austria, to which countries consider
able copper is shipped, both from this
country and Chilli. 1t is natural to ex-
pect mining officials to be bullish on the
situation and to be predicting higher
prices for the metal. but there are many
things to be taken into consideration be
sides the decrease in visible supply re
ported semi-monthly from England.
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