The Calumet news. [volume] (Calumet, Mich.) 1907-1938, 1909-10-14

structions merely perfunctory i'm
portance. The head of one OF the big
gest ship building firms in the coun-
try says he is alarmed at the situation
which he believes is the fundamental
cause OF the recent market slump.
The English, contrary 20 agreement
dumped thousands OF shares OF Steel
common overheard last week ana the
Morgan representatives in this country
have been In state OF hysteria. The
English pool members apparently saw
something doing that scared them.
The dreadnought shipbuildlng contest
between England and Germany is dali
| ~ sounding louder and England finds
that German war ships with short coal
supplies are built for play only In Eng
fish waters. Germany and Japan are
increasingly disturbing factors. The
real reason for the recall and sum
mary dismissal OF Crane has not been
told and there are fears that there is
something deeper in the situation than
appears on the surface. Possibly ow-
ing to sudden changes In the plans of
the state department Crane had to be
sacrificed
Chicago.-The directors of the Anal
gamated Copper company and Boston
81 Montana Copper company, a subsid-
larry of the former, will meet one week
from tomorrow for the purpose of taxi
ing action on dividends. 1t is not like
~ that the rate of either company will
be changed, although il is admitted
that the earnings of the Amalgamated
are running close to $6,000,OO0 year.
Commenting upon the statements that
n large number of the new Independent
mines were producing copper around
eight cents a pound "A copper interest
pointed out that the Boston & Mon
tana i'm a single month recently show
ed a cost of 7hc a pound. The Ana
conda is also making a much better
Showing I'm the matter of costs. AS a
result of large amount of money spent
for development i'm the last several
years, the Amalgamated can now turn
out its copper at an average price con-
siderably below Toe pound which in
cludes depreciation. an item that many
OF the independents do not consider in
figuring their copper costs. While no
definite steps have been taken to bring
about a working agreement between
the large producing companies, it can
+, be stated that such a move is now un-
der consideration.
There has seldom been time when
investors in copper shares as well as
the men who are themselves handling
the copper product were so intensely
interested in position of the metal
That there has been up to the present
an overproduction is conceded. That
the present situation is needlessly en-
barrassing by reason of tactics of Gug-
genheims is also freely admitted. The
impression is growing that some steps
must be taken to correct the situation
if possible to bring into line the OBJ
streperous representatives, of the Am
erican Smelling and Refining Co. be-
tween whom AMI the Amalgamatec
the keenest rivalry and antagonist
NNiSAo. II 10 obiNNh Niis'A i'AiiN CNoA
the intercession of j. L. Morgan & co
can the Guggenheims be held i'm re-
strajnt. AS yet no very clear evidences
can be produced to indicate the early
contamination of any plan looking to
the betterment of industry. The ne
cessity for concerted action of some
kind among the producing interests IL
of course recognized but the way and
manner of bringing it about is a prob
lem not easy of solution. The Calumet
& Hecla people for instance, now con-
trolling upwards of 1SO000,O00 pounds
of annual output, will not recede &
hairs breadth from the position which
they have taken against any direct oil
indirect connection with any agree