The Calumet news. [volume] (Calumet, Mich.) 1907-1938, 1909-12-04
nv Paine, webber and Coy

The copper share market has been
featured in two ways during the week.
There was, early in the week, very pro-
nounced and decidedly heavy selling on
the part of the public, of those is
sues which were generally presumed to
become part OF the plans for copper
combine. The public selling of these
issues, Amalgamated most particular
ly, was induced by the expectation that
the circuit court decision in the Stan
dard Oil case would assuredly put a
stop to the plans for the merger. We
are assured from a most reliable source
that such is not the case, that the
terms and conditions upon which the
merger is planned are such that they
do not interfere either with the legal
or moral effect of any laws now in
corporation have already been sub
mitted to prominent Washington of
hcials in close touch with the admin
istration and the plans and purposes
of the corporation have been made
known to the president himself. with
the result that he appreciates the adj
vantages to be gained by such legal
combination of capital as. Well as fully
understanding the disadvantages UNI
der which the copper producing inter-
ests are now working by reason of
their diversified and segregated eff
forts to furnish copper to consumer
at figure so low as to be out of all
raaoopahIo cnncidara tion with rpollire-
ments of the earning capacity of CAPT.
tai. There is little doubt that the
frightened public selling early in the
week has really strengthened the
whole general situation for the stocks
have gone into stronger hands. There
is yet a substantial short interest in
the general run of copper shares. We
are Of the opinion this interest will
cover at higher prices. Aside from the
selling of the so-called merger stocks
the one dominating feature is the
speculative activity of Lake stock.
This issue made another phenomenal
advance on the returns from the sec
ond mill test of the rock. This is an
other Lake Superior proposition which
Is more than likely to develop into
great copper producer. on the gen.
eral run of copper shares we are in
clined to be enthusiastic for the COM
ing few months. AS We stated when
this copper corporation talk first came
out IL will not be brought about In
day or week. 1t takes time to frame
such an enormous proposition as this
is to be and with so many different
interests to be considered and placat-
ed. the contamination cannot be ex-
pected at once. We have been confi-
dent from the start however that this
deal would go through and we believe
1t will within short time. At the
same time, without consideration OF
the copper merger. IL must be remem-
bered always that business prosperity
is evident in this nation. Copper Is
beginning to feel some slight benefits
therefrom. 1t will be benefited more
and more as the months go on and
eventually, regardless of the merger
the price of the metal will be several
cents higher than at present. This is
no time to sell copper shares.
OJIBWAY--
No. 2 shaft is crosscutting toward
the lode from the 1880 foot level and
in a week or so ought to cut the lode
and IL It is well mineralized, which
situation is confidently expected, II
means a great deal to the future of the
Ojibway property. At No. shaft pre-
parations are being made to crosscut
from the same level Here the lode
is closer to the shaft, so that both
crosscuts ought to cut the lode about