The copper country evening news. [volume] (Calumet, Mich.) 18??-1907, 1898-02-08

epecuIatore. But az present tno utures
OF market or ceiling value Of some old
dividend payers are lees than those o
companies which have yet to show that
they can produce copper proftably.
These things should be considered by
the inyestor. who may Do tempted by the
fact that copper shares offer materially
larger percentages OF return on money
invested than do railway shares. Bnde-
niably the point that Montana once was
as much OF a problem as are some OF the
Others now has weight. Some OF the
more speculative and manipulative
shares ultimately bid fair to become
solid dividend payers and to reward the
one who buys now and holds, but the
point which we wish to make is that
under cover of the grand results achieved
by half dozen copper companies the re-
newed speculative animation OF Boston
is marking up some shares altogether
out OF proportion to present conditions
and even future prospects,, as the latter
appear from present knowledge. IL is
well enough to have a wide market in
which to speculate; trading in shares
which are bought with other peoples
money is as fascinating as ever, but it Is
OF Investment we are speaking now, and
the prudent and careful investor will
show discretion in his purchases OF stool
which represent non-producing, not to
say non-diyidend earning companies.
Old Dominion, as yet an unsolved prob
lem. sells at par; Butte at nearly three
times par, and it must be admitted that
this valuation is impaired by speculative
conditions almost entirely; the new Par
rott (new to Boston dealings) is selling
at more than twice par. albeit this stock
pays dividends and seems to be we'll
managed and capable OF yielding good
results.
But here is Wolverine under par, and
yet there is no more conseryatiyely man.
aged property, and it will begin divid-
ends in July-dividends earned over lib
eral pay ments for development and con-
struction needed to insure the mines
profitable operation. These comments
are called forth simply in the desire to
take heed in the midst OF excitement that
caution is not thrown to the wind;
stocks may boom for a time on mere
speculative craze, but it is genuine and
demonstrated merit which wins in the
end, and it is profound bit OF specula-
tive philosophy that that which bulges
easily slumps proportionately in the in.
eyitable profit taking. There AWAY
are buyers for the good and proved
shares, fol- the more speculative the mar
ket Is quite likely to be wanting when
the buyer at high prices wants to sell. A
word of caution does no harm, even
10 the midst OF conditions highly favor
able to speculative activity. There is no
more attractive study than that OF min
ing conditions and prospects, and hap
PLY Boston retains it's great interest in
the subject, with every promise OF mater
ial gain to itself as result, but it has a
painful record OF assessments as well as
q magnificent list of dividends paid by
It's mining companies. No matter how
good the general situation may look it
will do no harm to use discrimination.
Today Calumet aud Hecla jumped from
507 to 521. receding to SIC, while Bos-
ton & Montana advanced 4 more, to
l77h, reacting to 1923, and closing at
LIB. Other copper shares showed a
tendency. Butte fell back from
2S%s to 27h. Lawson, Weidenfeld & 20,
issue a circular on Butte saying that
they fare making no efforts in regard to
Butte K Boston stock other than filing
orders for it's purchase or
sale. We have placed our holdings In
trust until the market price OF the stock
Is legitimately 800 per share. We have
guaranteed all holders who have become
such through us that they can at any
time on or before July /, 1898, sell any
or all OF the stock held by them to us at
S25 per share" Baltic was listed on the
Boston stock exchange today. price ris-
ing y, to IA. reacting to ID. Parrott
rose Z, to %, reacting to 221a; Atlantic
fell back IL, to 80; Franklin X. to IA,
rallying to 151a; Osceola z, to 43; Tama-
rack AZ, to 155, while Wolverine gained
y, to 20h, later selling at 20. In all
oyer $4,000 shares oflsted copper stocks
hands in the first half OF the day.
The trading quoted substantially in the
afternoon; the pace was lust little too
hot; such sharp rises tempt profit taking.
The rise 10 Calumet and Hecla took place
on sales of but twenty shares; FIVE shares
sold at sos; the next sale was at 521.