Bisbee daily review., 1903-07-23
OUR CALUMET LETTER
THE EXTREME DULL SEASON IN WARREN coPPeRs IS NOW ON.
No Immediate Change Is Looked for by the Knowing ones-Hopes That C. 6 A. Dividend Will Help Situation

ny the Knowing Ones-Hopes That
 c. 6 A. Dividend Win Help Situation
 Calumet, Mich. July 22.
 Special to Review)
 Nobody does anything in the Calu- met brokerage offices these days but sleep. Nobod yhas much else to bother with. Instead of being crowd ed with interested and excited specu- lators, the chairs in the various off, ces are filled, during office hours, with some of the old standbys who have habit of spending most of their time in the offices and who have a hard time to keep their eyes open.
 The summer dullnesss in local spec ulatiye circles is here with a ven- geance. The brokers do not announce that the spectators have gone to the seashore as they do in Boston when the dullness reaches an extreme point in the summer. Some of the Calumet spectators manage to get down to the lake shore once in a while but most of them find it necessary from the present condition of the money market, to content themselves with the idea that Calumet is pretty good sort of a summer resort and rather good place to loaf and drink lemonade through a straw.
 Nobody Wants Copper Stocks.
 There seems to be a desire on the part of most local investors in copper stocks to get rid of their stocks and get their hands on some cash. This is true of all coppers, whether the mines happen to be located in the Warren district of Arizona. the Lake district of Michigan, the Montana or any other old district It is also true of stocks of gold. silver or mining pro- p critics. Cash is what the people are looking for and what it is the hardest thing to get hold of
 A few of the very best stocks are in demand for the best is not strong enough to lift the prices and the or dinary stocks are not salaeble in Calu- met just now How to account for the present condition of affairs is not the easiest thing in the world and many and various explanations are offered. Not more than a couple of months ago, anything with the War ren district trade mark on it would sell like hot cakes in Calumet. Cal umet people would scramble over one another to get their hands on some receipts that would be transferable and the business done was en Jrmous.
 To Many Rotations.
 The result was that the reputation of Calumet as a town where mining or development stocks could be float ed, became world wide and every body with anything to put on the mar ket headed this way. Then it became evident that the town had tried to digest too many things all at once and "undigested securities" always cause trouble. 4
 When the first break came a couple of months ago, local financial people, realizing the recuperative powers of the town, claimed that within couple of months there would be noticeable improvement and for a moment pr two at different times, it did look as If there would be something of bet terment in the conditions. but the present condition of the market is worse by far than it ever was before.
 Figure on Future Payments.
 The Calumet investor is figuring on future payments which he will have to make. The local fiotations, in very few cases, called for the immediate payment of the par value of the stock. Nine out of every ten provided for a small immediate payment and the bal ances in time. Everybody in town has made first payments on some stock and everybody has future pay ments to make. These payments keep the investors figuring and every body wants to have ready cash enough to get along without any financial embarrassment when the time comes. That is one and very important fac tor in creating the big demand for cash.
 Another explanation of the present inactivity in Arizona stocks is the fact that Calumet people generally are now resting on their oars and waiting for Arizona to do the rest They feel that there ought to be as little boom in these stocks as possi- ble and that it is up to the Warren districttopr oducet he m onsenw i district to produce the mines now. Developments at the properties are awaited and with the exception of a very few of the best properties noth- ing of very exciting or exceptionally interesting nature is looked for along that line right at the present time.
 Company Officials Not Boomers.
 One point which Is usually lost sight of is that the officials of the majority of the companies which were organ, ized here for the Notation of the War ren district mines are not stock boom CTS. They did not go into the devel- opment companies with the idea of pushing the stock up to high values and then selling out. This is evident from the fact that none of the officials of any of the companies let go any of their stock when the prices were highest or at other time, for that