The Calumet news. [volume] (Calumet, Mich.) 1907-1938, 1909-11-02


ket improves there will not bo any
increase. The company Is ready. how
ever To greatly increase its tonnage
and its output of blister copper. The
output of the camp for the month OF
October amounted to 27,595,2OO pounds
of copper.
The metal situation at the moment Is
I'm a peculiar condition. Some of the
largest producers refuse to quote
prices and are not selling any large
amounts. The situation Is practically
in control of the consumers for we un-
derstand that many OF the producers
are allowing their customers To make
their own figures and are willing to
make deliveries when the consumers
figures are reasonable. On this basis
the producers are keeping pretty well
sold up although the low price of Lake
i'm the ncighborhood of 10 cents does
not afford much profit to the high cost
mines.
1t Is learned that the United Met-
ais Selling Co. on last Saturday sold
thirty million pounds of copper. Large
sales of the metal are expected to be
made today.
A prominent Boston broker says:
1t looks to me as If we were on the
eve OF a copper share boom. | should
rather not see 1t at this time. Twice
before there has been a boom i'm cop
pers during the tight money period
and each time the advance i'm copper
metal and copper shares ended i'm the
disastrous. Although money at pres
ent is not dear, 1t is working to u
higher level. II would be better il
there is To be a pool in the coppers
that the rise be delayed until spring
when money rates regularly work low
cr."
The United Metals Selling Co. after
having maintained quotation Of 1874
cents for electrolytic brands for many
weeks, has reduced It's price to 10
cents per pound. For many weeks the
competitors of the United Metals Sell
ing Co. have been cutting under the
1874 cent price and ii IL understood
have booked a large tonnage of cop
per covering an output well up to the
new year. These competitors have
taken business as low as 12A cents
but this is the lowest price we hear at
which round tonnages were contracted
for. With these agencies pretty well
sold ahead, the United Metals Co. is
now affecting sales of large amounts
at 10 cents per pound. In lowering
its electrolytic price the United Met
ais has also named 1915 cents on
Lake copper, which includes the Os-
ccola. Tamarack and Isle Royale
brands
1t is admitted by the large copper
producers that combination of the
leading copper interests Of the coun-
try is remote. on the other hand il
is denied that efforts are being made
TO create some sort of an organization
lor community of interests" arrange
(ments whereby copper in the future
can be moved along more regular
lines. Copper producers realize that
to promote stability something of this
sort will have to be done and 1t is be-
cause of this concerted feeling that
wall street is inclined to the belief
that more favorable developments are
pending. The copper industry has been
in a state of Generalization for
two years. The steel industry has
recovered all that IL lost during the
depression and other branches of in
dustry, with exception of copper are
thriving. Pig iron and steel produc-
ton was cut down nearly fifty per
cent during the depressed period