The Calumet news. [volume] (Calumet, Mich.) 1907-1938, 1909-10-09
Mining News
Paine, Webber & Co.'S Weekly Copper Letter
Facts of Interest Concerning Properties of
Merit, Prospects for Future and Metal
Market Conditions

Despite the rise in money rates in
London and New York, despite the an
tics of steel common. despite the lack
of activity in the eastern market for
copper. the metal, ii is remarkable the
way the copper shares maintain their
strength and il is more remarkable
that sentiment in regard to the copper
shares refuses to become pessmistic.
This is explained reasonably in two
ways. I'm the first place the selling
price for the metal cannot go much
lower than it is now, even if the very
worst should happen in general market
conditions, and there is no reason for
expecting anything but continued bust
ness activity for the future. The price
of the metal has not reached a point
higher than two cents above the lowest
price of the metal at the worst time
in the financial depression of the coun-
try. And at the present time ii is be-
low its mean average covering any
stated period since copper was needed
commercially. Agreeing then, that IL
cannot go down and the holders of cop
per shares are keeping their shares at
present low interest returns on their
investments and apparently satisfied
with the bargain, the expectation of a
higher metal price ought to be the
basis for the present figures on copper
shares. And we know that under the
surface the metal situation is much
stronger than it has been for two years.
We know that some of the big electric
manufacturers are in the market as
quietly as they can be i'm the market
and are making small purchases but
rushing the orders through. The stocks
Of practically all of the Lake mines
are contracted for at going prices and
the products in some cases are sold
ahead for two and three months. The
prices received are not high but there
is action i'm the commodity and that
presages higher prices. We know. too,
that large contracts for copper are
holding over the market waiting for
contamination soon. The public will
movement until the metal advances in
London and New York and about that
time the people who know i'm advance
VIII have all the copper shares they
want at a reasonable profit. Another
contributing factor to the optimism
that prevails relative to copper shares
III the face of dead metal market. is
the fact that the big commission
houses are not loaded down with weak
margined accounts and they are not
AFRAID of any serious break for the
average customer has been exceedingly
cautious in making commitments, re-
membering experiences of compare
lively, recent years. We are not ram
PANTY enthusiastic over copper shares
IN view of unsettled conditions of the
New York market but we are frankly
expecting an advance i'm the metal
before the first of the new year and we
are likewise of the opinion that care
iul commitments in well selected cop
per shares at the present moment and
AT every break in the prices. Will net
good profits i'm a comparatively short
time
The action in Lake during the week
was based upon the results i'm the low
est levels. which, will fully expected
are important in the progress OF the
development of this property. Our
correspondent at the Lake wires as
loiiows People here are enthusiastic
ABOUT the showing i'm the crosscut from
'he NTH level of the Lake. We are all
OF The opinion that this adds addi-
uohal proof in refutation of the oft