The copper country evening news., 1898-06-01

this, the latter part of the nineteenth
century. 1t appears, however, that a
free silver policy lie to hefeared more than
an international war, according TO the
mode OF thought very emphatically ex'
pressed through the difference in prizes In
Wall street now and during the presiden'
tial campaign OF 1896. War has its ter
rors, but itseviI inf .ences arenot 80 last
ing, nor so far. reaching, IA would be such
radical change in the standard oil value
as desired by the free silver party. IL
the country escapes another similar scare
in the near future, it may consider itseil
well off, even with a war on its hands.
While on this subject il would not be
out of place to again call attention 10
the fact st cash wheat in Chicago is
selling around Sl.75 per bushel, or more
than 81 higher than when it was selling
on parity with an ounce OF silver, Will
silver is selling foil 10 cents per ounce
lower now than then. The former has
advanced considerably over 100 per
cent while the latter has declined about
l6 per cent in market value, which very
clearly d, molIshes the old cam oaign ar
gument that an ounce OF silver Will al
ways buy bushel OF wheat and, Tor that
reason, is the true monetary standard OF
values. 1t is confidently predicted that
within short time, cash wheat will ii
as high as 50 per bushel, owing to the
scarcity OF the article and the extraordi-
nary demand from actual buyers for cor
sumption or expectation. The advance
in wheat and the decline in silver during
the past year is the best illustration OBJ
tainable that the natural laws OF supply
and demand regulate values, not any ar
bitrary basis.
TIE commercial and financial situation
bespeak condition Of peace rather than
that OF war. The first fears OF the rc-
suits of a war we're not realized and gen
eral business has resumed Its normal
state. War has not yet proved the dis
turber OF commercial activity, nor OF the
money markets, which 1t was thought
would be the case. This, undoubtedly,
has been due 20 the preparations which
were made on all sides for the war and
its possibilities, than to anything else.
Financial institutions and bu 'lne g
hous,s we're not caught unawares by the
declaration of war, so the realization
turned out less harmful than were the
anticipations. This, generally, is the
case in everything, although the present
satisfactory condition Of the banks and
industrial business attests the strong PC
sition and sound bus ness policy which
has been pursued during the past three
or four years az a result OF the previous
years OF depression, commercial inactiv-
ity and financial failures.
The copper market holds steady, not
tosay Arm, on basis OF II centsfor Lake
copper. Leading producers are conten
to let well enough alone and are not try
ing to bring about a further advance, as
that would tend TO orestrict consumption,
augment production and result in sharp
b eak in the market, A steady market
best suits all interests concerned, not
only the producers, but the consumers,
who base their manufacturing contracts
on the current market price for the metal.
At II cents for Lake copper, the mining
companies are earning large dividends
and only small margin OF profit is left
for the manufacturers. To at empt to
wipe out that margin, so as to squeeze
out few dollars more profit tor the Inr-
ing com panies, wonld bring disaster to
the producers and benefit only the coz
sumers. 1t is an open secret that ofiici-
ais OF the largest copper mining compan-
les take pains to discourage higher prices
for the metal and, in so dong, greatly
benefit the industry as whole.
The strength and activity of the copper
shares has been feature OF the local
speculative field during the past week.
The buying has not been confined to the
assured dividend paying shares, although
they have been conspicuously firm and
more active than OF late. The low priced
mining shares have been in great demand.
Mines with future have come in for par
ticular attention from the traders and
from those Investors who always are
casting about for something which prom
ises to turn out successfully and which
can be secured cheaply. Arnold has id
vanced to 16 without reaction and ap-
pears to be in better demand now than
when it was selling at 10. Buyers Of
Montana at 200 and oyer can be found
in greater number than when it was at
20. There is practically no liquidation
in the coppers as yet and shrewd specu.
lators say the boom has Just begun. The
outlook for the copper shares never was
better and it is little wonder that the pub
lie, as well as the traders, are sho wing
more interest in them than for some tim,
psst. EVERETT.