The copper country evening news. [volume] (Calumet, Mich.) 18??-1907, 1898-07-20

1 uom Dtiiiu. Ncdtef uohSs toV Foco
bilities tf crop damage from frost ar
commented upon. while the .act that th
crop prospects are good and that th
foreign demand for our cereals is sti
large. go unnoticed. The fact that raj
road traits returns. for the first hall {
the current year, were nearly ii per cen
larger than in the first half OF 1897 !
lost sight OF on the rumors OF a rate war
although it Ia seldom that railroa,
companies cut rates when plenty OF busi
ness is Offering, as lie the case at present
Nevertheless the conditions immediately
affecting the course OF stock marke
values are operating for lower range o
prices. The larger interests have with
drawn from the field OF speculation fol
the moment. owing to their desire to
participate in vacation enjoy nents and
to the small public following which their
buying attracted, when prices were being
advanced during the late spring and
early summer months. The market has
thus been abandoned to the professional
room traders, who USUALLY operate on
the short side under similar circumstances.
and see no reason to change their policy
in the present case. Investment buying
OF railroad mortgages has been large,
but the absence OF heavy buying Of shares
leaves the field open to assault by the
bears.
There Is little use in reciting favorable
conditions. such as increasing railroad
returns, large bank clearinSs. heavy
International trade balances, the success
full floating OF the governments new war
loan OF 500, 900, 900 without disturbing
the money markets, or the wonderful
victories OF the United States navy and
successful campaigns OF the American
army in foreign lands. All these facts are
taken as matter OF course while small
trifles and possible obstacles are magni-
fed beyond their relative Importance,
for the time being, for effect upon the
market. The tactics OF the professional
operators, however. have not induced
liquidation OF long stock, as real holders
have faith in the future and will not be
easily scared into selling, so long as basic
favor higher prices.
The copper market reflects small de
nand for the metal from home COL
,umers. who supplied their wants last
spring. 1t also reflects the heavy pro-
luction, not by the new mining enter
)rises which recently have come on the
market, but by the old established min |
ng companies, which have been taking |
advantage OF the prevailing high prices
II copper 10 make large output and |
well their receipts. 1t is reported that |
he Calumet and Htcla has been selliI q
Upper for summer and fall delivery at |
IL cents, which practically establishes
be market, although some OF the smaller
mining companies profess to find cuetom-
re- who are willing to pay as high as
1% cents.
During the first half OF the current year
be domestic production OF copper in
reased about $4,000 tons over the
anne period OF last year. while the ex-
orts OF the metal increased but $500
ons. The latter figure also represents
1st about the decreased production re-
orted by the foreign mines, making it
vident that foreign consumption shows
. Improvement. While it is generally
Omitted that the home consumptio n
I copper has been aon ewhat larger this
ear than last, yet the large increase in
be domestic output has more than kept
ace with the increased demand and a
eavy copper market is the result.
A new copper producing section is fast
eveloping in North Carolina. Boston
arties have several producing mines
lready in operation there and are
1ipDing regularly, while other mines are
bout to be opened and developed by
zeal capitalists. The ore in the North
arolina mineral zone is very rich near
ne surface, none OF the mines being
pened very deep as yet--a little more
ian 200 feet-and the rock carries from
to GO per cent refined copper, the
yerage being better than % per cent.
these veins continue rich as depth is
ttained there is no question but what
orth Carolina will come to the front
ithin a few years as a copper producing
ate OF no small Importance. for mining
ipital ia actively engaged in acquiring
i the property contiguous to the lode
'hich has been traced for a distance OF