Bisbee daily review., 1903-06-20
IS A SCARCE
 ARTICLE
NO BOOM BEFORE FALL
CALUMET PEOPLE WHO ARE NOT INTERESTED IN ARiz. COPPER.
People Are Looking for Renewed Activity in Septem3er.-littie
 Change in Market Quotations

RctlNtty m SePISn9eTs-Iiuie
 Change in Market Quotations
 Especial Correspondence
 Calumet, Mich, June 19-
 Local people interested in Arizona stocks, and the Calumet individual who is not interested in greater or less degree in some Arizona proposi ton is a scarce article. do not figure on any decided boom in the market values of these stocks before fall at the earliest. While there may be some minor booms on the receipt of favorable news from various proper. ties those who have an insight to tho financial conditions in Calumet do not expect to see any general advance in the stocks until fall. Calumet is & wonderful town in a good many ways. It has very powerful wage earning population. The pay rolls of the local mining companies mount into thousands each month and the amount of money that is placed in circulation at each pay day at the mines is very high.
 While a per centage of this wage fund has been put into Arizona stocks every month for the past five of six and good per centage is still being placed in the Arizona Market. the con dition of things now is such that some of this money has to be diverted into ether channels. People neglected other financial obligations for Arizona stocks at the time the big boom was on. Now some of these obligations are pressing and have to be met. This explains, to certain extent, the way the stocks have sagged of recently. The banks and other financial inter- ests which have money outstanding report that very few payments have been made that would otherwise have been taken care of, had it not been for the money which was placed in Arizo. na mines. They report that cash ou hand is still slim and there are no in. dications to show that the financial situation will be relieved very shortly,
 One prominent banking man told the reporter that the number of people who had squared up paper obliga. uons within the past few months could be counted on his fingers and that everybody who could possibly get an extention of time on financial obligations was doing so. He stated further that the main difference be. tween the conditions in Calumet f. nancial circles now and what they used to be were that formerly, when iora' Teople got mixed up in copper stocks. when they played the Boston market almost exclusively. they used simply their. surplus earnings. The ordinary surplus earnings of a com. munity like Calumet amounts to thousands and thousands of dollars every month and then a large propor- ton went into Boston market.
 hhen Calumet people took to the Arizona stocks and dropped the stocks listed in Boston they went in deepe- and stronger than they ever went into Boston coppers.
 The first few Rotations were so wonderfully successful that eyervbodv was anxious to get in and get in as heaVy as possible. Under the cir. eumstances Calumet people who didn't nave much ready cash used what col lateral they could lay their hands on and borrowed heavily to get into some or the new propositions. Now these obligations have to be met and very little of Calumet surplus earnings can HOW go to support the market. The money has to go into other places.
 Local people are looking for re- newed activity along in September. The market will have a good chance 10 recuperate before that time and when once it does get on it's feet again and the surplus earnings of Calumet people gets into playing the Arizona markets the chances for rallies and oooms in the stocks will be evident.
 Another point has to be considered In the Arizona stock proposition Ev. cry one of the propositions which have been foated here were put on with the idea of Iraking the payments as easy as possible for the investors. Half of the par value of the stock was all that was asked for when the stock was sold. These other payments will have to be made some time. The bus iness men at the head of most of the mines thought that there might be 2 possibility of the second paymen-s being passed up. In case large orc