The copper country evening news. [volume] (Calumet, Mich.) 18??-1907, 1898-07-27

stock market seldom declines during
period OF reviying business prosperity. or
when the commercial and financial posi-
ton OF the country Is on so sound a basis
as at present. There may be no DISPOSE
ton to speculate on the part oil the pub
lie or large operators, but prices will not
decline through liquidation when holders
OF securities have confidence In the future
welfare OF the properties which their
securities represent. Railroads are max
ing more money now than IN several
years past and the future outlook is
brighter than the reprospect. Under
these circumstances the only wonder is
that the msrkets are lot more active
with advancing prices.
The governments bond operations
m 4y cause an advance in loanrates ere
long which would be welcome change
in the conditions surrounding the money
markets Last week the New York banks
reported a loss in actual cash OF over
$40, 100000. the larger part oil which
was through payments to the treasury
for the bond subscriptions. The New
York banks, however, still hold sur
plus, over legal requirements. OF some
$40 100000 which is ample to assure
easy money rates for quite period, but
this surplus, undoubtedly, will be con-
siderably reduced during the next few
W, eks, on account OF additional pay
ments to the government for the new
bonds. There is little danger OF serious
pinch in loaning rates, however, as any
material advance here would precipitate
gold imports from abroad.
Our International trade relations are
such that gold imports cannot long be
avoided, and observing bankers predict
that gold will begin TO come this way
again about the middle OF next month.
Our exports OF wheat and corn continue
enormous and far ahead OF the exports
at this time in previous years. Last
weeks exports OF corn were nearly 3,000.-
900 bushels which compares with only
$4,000 bushels in the corresponding
week of 1894, each intermediate year
showing startling increase over the
year previous. Other vital statistics in
dicate wider and more general trade
movement now than in preceding Years,
better in fact than in 1892, the last year
OF normal business conditions.
The weakness in the copper market,
and the decline in the price OF Lake cop.
per to liz cents, is in line with what has
been predicted in these letters at inter
walls during the past few months. 1t has
been pointed out that the domestic mar
ket was improving very slowly and that
the production OF the metal was increas
ing more rapidly than the consumption;
also that, II the export demand for cop.
per shou' I'd ease up, even temporarily, the
home market would feel the effects and
reflect it in lower prices for the metal
The producing mines have kept the trade
too well supplied with copper and nayt
not allowed for a slight falling off in the
demand. The maintenance of a copper
market above IL cents for 30 long time
has proved a strong temptation to slim
ulate production. and the results hav,
been the natural outcome OF a policy
adopted by the mining companies. Tit
situation is not at all serious, but com
petition Is go sharp that it ia doubtful i
the larger companies would agree to cur
tail their output until the market hal
absorbed the stocks OF copper on hand
so long as there is a good profit in selling
it at even much lower prices than nov
exist. 1t would be a pity to see the cop
per market forced down to unprofitabl
| figures, when an understanding betwte Ell
the larger producers would suffice to rec
tify matters and keep the market up to
or slightly better than, IL cents.
The copper share market has been n,
exception to the general market, in poin
Of dullness, during the past week. Som
OF the lower priced shares have held r.
markedly firm on limited trading, bu
other shares have been inclined to veal
ness owing. principally, to lack OF buy
ing orders. The apathy may well be ar
preciated when it is considered that o
Saturday last only seven copper mimi
shares we're dealt in on the local board
and, in only one OF these did the tram
action amount to more than fifty shares
The total sales OF copper minirg share
Saturday we're Alp, OF which 220 shart
were Franklin. The market was una
fected by news regarding the cope
shares, the paucity OF news being on
par with the extent OF the trading.
EVERETT.
How to Look Good.