The copper era., 1904-09-29
STRONG COPPER STOCK MARKET.
Some Believe the Movement is Natural One, Others That the Market is
 Manipulated.

me strong UldIhtl TOT Ldht sNu
 perior listed shares on the Boston eX-
 change is attracting much attention
 both locally and in New England. anG
 elsewhere at many points where the l largely held. The majority of the 1 students of the situation consider the movement natural and likely to
 run for some months, subject to Oc-
 casional checks, though some con- servative persons are still inclined to the opinion that the market i>
 manipulated. Manipulation there
 may be, as there always is in d strong
 and advancing market. but there seems ample evidence that the move
 ment k, at bottom, q natural one.
 The last boom period in copper cul-
 minated nearly three years ago. Twice since there have been brief
 upward spurts, but these were con fined largely to certain active stocks, and were not entirely spontaneous.
 The pendulum k swinging in the other direction. and higher prices are natural. To cause q better feel ing. followed by higher prices. there are several factors. The outcome of the presidential election has been discounted by shrewd observers. and the administration will remain un- changed. Crops are good. money is plentiful. the panicky feeling has worn away entirely. and last. but not least. the Lake Superior people are back in the Boston market.
 The period of Arizona investments by Michigan capital covered about five years. The first outlay was in 1899. in what became the Calumet N Arizona mine two years later. The phenomenal success of this property turned all eyes toward Arizona. and toward Bisbce. Under the wing of the Calumet N Arizona four other companies were promoted. One of these is already an assured success and will probably surpaSS the Calumet X Arizona in time Another iS showing up well and the other two are still in the prospective stages. ! formed by local capital to operate in | the Warren district and elsewhere in ! Arizona not one can bc called an as- ,urcd success. though two of them I have ore in encouraging quantities. Several companies have collapsed, ! and others may % the same road. ! As a consequence of the Arizona cX- citemcnt Lake Superior people con ! trol one of the best copper mines of l the world. are developing another of | 1t least equal promise and have ,ev- ! eral encouraging prospects on the 1 ,rcdit side of the ledger. The peO- l. pie who bought the right stocks have | made millions many millions but 1. those who picked the wrong shares | nave lost several millions. Specula- 1 ton in Arizona k at d low cbb. though l the good stocks are held quite | strongly, mainly for investment. The Lake people. a> whole. have | made up their minds that there are i more promising opportunitie, for speculation in their own shares than | farther afield. hence they are return | ng to the Boston market in ever in- | ,reasing numbers. The bulk of the 1 shares of the Lake copper mines are . owned in Boston and it's surburbs. ! yet the Lake people. with minority | holdings in every local mine except ! he Wolverine. usually set the pace | n speculative matters. though New | money does the bulk of the business after the game i> well | warmed up.
 HORACE !. STEVENS.
 Houghton. Mich, September. l904.