The copper country evening news. [volume] (Calumet, Mich.) 18??-1907, 1897-08-25

/ sold aneaO lot seYerhl mOntns. iai -
sale OF Lake copper at Tx cents by The
Calunet and Hecla is reported, which
practically fixes the minimum price fol
the metal. The Calumet and Hecla's
sales always are for 80 large an amount
that the company really has to make
wholesale price. which, oil course, Is q
traction below the current quotations foI
ordinary lots OF copper, 1t is reported
that bid Of liz cents for 14,OOO,OOC
pounds of copper was refused here IN
Boston last week. the company receiving
the bid holding its copper for liz cents
A notable feature of the copper market
situation is that buyers are willing 10
pay top prices for both spot and future
delivery. The figures recently published
OF the production of the metal in July
and the exports, made wonderfully law
orable sho wing; the production was the
smallest of any month so lar this year.
while the exports were the largest OF any
month. 1t is not believed that domestic
consumption fell off any in July, 30 the
stocks of the metal on hand must have
suffered quite decrease since the last OF
June.
fit is fact that the farmers ofthe Red
River, on account OF the low price Of
wheat, have for the past few years had
all they could do TO keep the wolf from
the door; it was very few mortgages
they paid of, the reverse being the case
in many instances.-ED
Speculation in the copper shares has
been quiet recently, although there are
evidences OF large short interest. The
bears on the copper shares are very buy
figuring smaller dividends for the mining
shares and appear to be exertingsthem-
selves prodigiously without accomplish
ing much in the way OF depressing prices,
which have held steady at recent high fig
ures. A fair sample OF the bearish literature
which has been circulated on the copper
shares appeared in the Boston News
Bureau Saturday; here il is:
Although copper may touch II cents
a pound and Calumet may pay this year
as good dividends as 1t did last year, IL
should not be forgotten that the Ameri-
can production ot copper Is Oh the ln-
crease, and while the American consump-
tion will increase it is expected by good
Judges OF the copper market that The for
eign demand has reached it's maximum,
and some sales agents look for falling
of in copper exports very shortly. Ths
copper share market has now reached "A
point where on the leading dividend pay
ers the highest dividends that have been
paid will yield less than 10 per cent upon
the market price, and the average divid-
end for the last five or ten years will fig
ure less than 6 per cent upon the present
market price. Tamarack, Osceola and
Wolverine are in the line for increased d.
vidend returns TO shareholders, and TaIa-
arack may be taken hold OF by foreign
int rest in such manner as TO warrant
higher prices for the shares, but it is only
Justice TO smaller investors that they
should understand that the larger hold
era of copper stocks are meeting the pres
ent market With considerable blocks OF
stoc& When Calumet and Hecla crossed
400 some blocks were broken up and dis
tributed TO weak holders. and the Calu-
met and Hecla people say that 425 will
in the long run be found high prce for
Calumet stock.
Boston & Montana shares have been
sold in liberal blocks at above $l40, and
the directors of this property say there
is no reason to expect increased divi-
dends this year nor is there any reaso n
why the stock should be bought for in
vestment at much above present prices;
for the most part it sill represents "a
mine. The selling of Boston & Montar a
the past week has been OF a character
far better than the buying In fact the
same observation holds true since the
stock was 1925. The public is also the
buyer Of Butte K Boston stock az it has
been from the first, but above $50 pr
share the selling oil this stock has been Of
a strongly Indicative character. The e
velopments in the Butte & Boston MINIS
havenot continued altogether favorable
and the managers OF the property say
that there can be no demonstration of
any great value for at least year. Six
months have already been occupied with
machinery problems aud the opening I
shafts prepa' DRY to explorations. The
only equipped mine Of the Bntte & Bos-
ton at the time ofthe reorganization was
the Silver Bow, and the developments in
this mine have been tomewhat of n dis
appointment the last few weeks, nj
though nothing has really been definitely
settled concerning its value. But one
thing ia clear, and that is that present
developments in the Silver Bow fully JUS
tify the former closing OF the Butte &
Boston works"
The Calumet and Hecla stockholders
reelected the old board OF directors last
week. Only eight shareholders were
present, although 1924 shares were
represented. The directors later re-elect-
ed the present officers. Calumet and
Hecla stock shows no effects Of heavy
liquidation at current high prices.
EVERETT.
Cipher Writing.
The art of secret writing, or writing
in cinher 1vou accordinu IN Polvbius