Daily Arizona silver belt. (Globe, Gila County, Ariz.) 1906-1929, 1908-08-04
MINES, MINING and the MARKETS

gram is an open question. In the mean
time responsible houses recommend con-
servative optimism.
The currency situation in this coun
try at present is such that there is
not likely to be any disturbance this
fall over the transfer of cash to the
west from the eastern centers. Not
more than half of the $l00,000,000 of
gold imported from Europe last fall
during the panic has been returned and
the domestic currency supply has been
increased considerably. The demands
of general business are small in com
perison with what they We're year
ago. Ii does not appear that the crop
moving demand for cash will cause any
trouble. -. ~ 80 III. 49,.
1t is still decidedly apparent says
the New York Journal of Commerce.
that leading producers and dealers are
interested in bringing about further
recovery in copper metal, but whether
they will succeed in raising the mar.
ket to still higher level in the near
future remains to be seem. In this con.
nection il is well to cite the fact that
the prevailing feeling in some good
quarters is that the present movement
is partly artificial, and unless consumers
are convinced that the conditions sur
rounding the market are bonafde, pros.
pective buyers will continue to hold off
from entering into new commitments of
moment. These interests also contend
that If the market was left to take
care of itself, they would not be sur
prised to see quotations ease off again
to about 12Ac.
AS to the immediate future of the
market, the opinion expressed recently
shows less confidence in a continued ad.
vance than has existed for long while.
This change in sentiment which has
taken place in wellinformed quarters
seems to a large extent to be based on
the departure of +. H. Hartman for
the west on an extended visit. II is
now generally recognized that Mr.. Har
riman has been the chief influence to
bring about the upward movement,
which has continued almost uninter-
ruptedly since last January, and it is
the understanding that in his absence
nothing remarkable IN the way of mar
ket movements is to be expected and
that what change does take place is
more likely to be in the nature Of a
healthy reaction, which will tend to
develop another big short interest.
Those interested in the Steel shares
were considerably impressed by the
statement of the Trim trade Review of
Cleveland, which gave it out that many
of the orders for steel recently placed
had been solicited on terms which made
them little more in their character than
options. In other words, it is claimed
that many consumers have been in
duced TO order steel in quantities much
greater than their wants warrant on
the understanding that they take as lit
tie of the steel as they desire. Also
some cold water was thrown on the
reports from Pittsburg telling of the
big improvement in the pig iron tra1e
there by dispatch describing sale
of Bessemer iron at $l5.65 in the val.
ley, which is 10 cents under the recent
price and is the first instance of the
$l5.75 price being shaded. More ton
mage now under negotiation, il is said,
is in fair way to be done on basis
of $3.50 in the valley.
Special musical program at Dream