New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1884-04-11
CONDITION OF THE COPPER TRADE
ACTION OF THE CALUMET AND HEcLA COMPANY
No DOUBT or IT'S sOLvENCY.

ACTION OF THE CALUMET AND HEcLA COMPANY
NO DOUBT OF ITS soLvENcY.
The action of the Calumet and Hecla Copper
Company I'm passing its May dividend caused sght sur
prise among those engaged In the copper trade IN THIS
CITY All susucions however TO its solvency are
rdiculed The company IL the largest in the country.
It's first dividend paid in 1870, and up to May J.
ss3 the total amount OF dividends received by stock
holders was sos $4,000 The capital stock Is $500,
OoO-1OO 600 shares Of par value OF S25 The market
price at present is about $500. Alexander Agassz son
OF Professor Agassiz is the president. gentleman in
the city who familiar With the affairs OF the company
said yesterday:
when We come to look at il from business point Of
view there ought not TO be ANYTHING startling IN the tael
that the company has seen Ut 70 pass dS 1 ~ lahe
Superior navigation closes in October sun the mines
go producing during the winter season by the frst
OF MAY the company ind themselves With the product
of six months on hand Immediately available. The
company could In this necessary nave borrowed
money. and having a large surplus In copper they
would have teen perfectly Justified In doing but
prudent business men they doubtless concluded 70 walt
and realize ION their product instead OF borTowlng
While do know the purposes of the company, u Il
unlikely that they viii make up during the year the
next quarterly dividend viii be paid when due The
Calumet and Hecla s the largest COMPANY IN tle com
of last month the largest ever known IN the Lake
Superior region being 062 tons I'm lss2 out OF total
extracted from the Lake regiQn OF 19QOV0g9 Iolls,
this company produced 80 100000 and In 1888 OUT OF
total Of 60OOOOO0 pounds their yield was about $4,000
600 The copper Is prepared Ior naIheH N q, InsOes
weighing from twelve 10 fifteen pounds shipped IN par
weighing
weighing $50 pounds each. and in bars weighing
100 pounds each latter being rolled with special refer
manufacture of wire This wire has or late
years into great demand for electrical purposes
owing the fact that IL possesses higher conductiyty
than any other being entirely free from impurities
whereas the Montana copper contains arsenic ana Is
therefore a poor conductor In 1879 there were ABOUT
5000 900 pounds IF Lake Superior copper bars used
and in 1888 the figures closely approached 100000
pounds; yOu see what marked increase There has
been in this branch alone.
John Stanton r treasurer Of the Atlantic and Centri
Mining Company whose mines are about four miles from
those of the Calumet and Hecla, said:
I wish the Calumet and Hecla OWED me million
dollars. would be very of getting II. imagine
that the only why they passed the May dividend
surplus They have simply thought it eEpeient 10 pass
this and while do not pretend 90 know anything about
u. am Of the opinion That they VIII pay the next
There question their sOvency ! have an Idea
their IL about 100000. and their mines
producing largely this year than ever before
though they getting quite much for their pro-
ducts. There Disgusting the fact, however that the
tariff agitation is having very preudlcial effect upon an
manufacturing interests They being checked by the
uncertainty hanging over everything and naturally
enough there il decrease in the consumption or copper
The present price OF Lake copper is IAN cents for the
hest and tor comm0ner grades from 13 TO 144 cents
This is decrease Of about four cents pound, and IL Is
due 10 this checking OF manufactures At the same time
there is visible increase in the supply; but manu-
facturers will not take hold and buy Statstcay how
ever copper is in very good condition, and do not
think there for alarm Other Lake superior
companies have reduced their dividends this year. pre-
ferrfng do that rather than psss them altogether
The sentiment OF other dealers is in harmony with the
expressions given The exports continue 10 be consider
able little is imported and this little only for the pur
pose Of reducing and reshippng in which draw
back Is allowed. Little Spanish Portuguese copper
enters this market