Daily Kennebec journal. [microfilm reel] (Augusta, Me.) 1870-1975, 1909-09-22
Days Financial
News and Gossip.

The Mississippi Valley Transportation
Co. of st. Louis, capital $40 ,OOO was
inc orporated under Delaware laws yester-
day to conduct railway and vessel lines
west of the Mississippi Its incorporators
include Rep. Bartholdt of st. Louis, SEN
ator Stone, Congressman Champ Clark
and Congressman Griggs.
1t is understood at Cleveland that Lake
Shore is to acquire Wheeling & Lake
Erie, under a reorganization plan being
formulated. This will add another link
to the chain of coal-carrying lines of Lake
Shore, and place it in position to prac-
tically control the bituminous coal sit
uation of Ohio and neighboring states.
Boston-An active canvass for proxies
for the annual meeting Of the Davis-Daly
Copper Co. is now under way. Messrs.
Newman Erb and S. M. Jarvis, the latter
Il director of the company and the former
until recently a director and chairman of
the board, are opposed to the Heinze
management and solicit proxies to effect
a change.
Bcston-One who has intimate business
relations with the United Metals Selling
Co. and who always keeps posted regard
iiiS llie copper says.
Il have reason to believe that the heavy
increase in the foreign visible supply of
copper is explained by the fact that some
of the American producers or selling
'asents are compelled by force of the con-
tinued over-production, or undue-con-
sumption, of copper, whichever you
choose to call it. to have the major por-
ton of this increasing surplus carried
by foreign bankers.
These foreign bankers demand that
the copper itself shall be where they can
see it. 1t is. therefore, loaded in vessels
and shipped abroad and placed in foreign
warehouses. This has tended to unduly
expand our copper exports while at the
same time it has swelled> to enormous
proportions-over 2OOOOO,OO pounds-the
supply held in London warehouses;
Eutte. Mont.-Parros has encountered a
good body of high grade ore on the 1900
it. level of. the Parrot mine and lot of
copper glance is being shipped from that
level. The lower level continues very
poor.
All of the 100000 Swear per cent. gold
| notes of the Tennessee Copper Co. re-
Gently purchased by William Solomon &
Co. of New York have been sold.
Butte. Mont.-Benjamin B. Thayer as
sistant TO President Ryan of the Anal
gamated is in Butte on his semi-annual
Inspection of the properties. He has lit
tie to say about the copper and mining
situation except that the metal situation
(, is not at all satisfactory. although pro-
ducers are hoping for better things.
Boston-Vague rumors are af1oat con-
| corning some kind of a combination of
copper producers which will seek in some
manner to correct the present over-pro-
duction of copper. Just who are seeking
to form this combination. Just what mines
will be included and how the objects
sought will be attained, are not stated.
| and, in fact. the rumor itself is of the
most intangible character.
| The president of several Boston-owned
copper companies says: THE only solu-
tion of the situation is to he had through
a curtailment of the output. The opposi-
ton of the Calumet & HecIa to this cur
talment policy is probably the most po-
tent influence against its general adop-
ton.
eff Calumet & Hecla curtaied it's out
put 10 per cent and the other large pro-
ducers followed in Iine-and believe they
wCuld--I am confident copper would
quickly advance cents per pound, and to
Calumet 15c. per pound for 30 per cent.
OF normal output would be worth more
in net profits than 13c. per pound for a
full capacity output"
Boston-In the month Of August the
East Butte Copper Co. produced it's cop
per at a cost of 10 cents pound land
cd in New York exclusive of expenses of
development. which If included would
ments last month amounted TO 5s5. 900
pounds of copper 10000 ounces of silver
and 125 ounces of gold.
The rise of over four points in Pan
handle common excites considerable COM
ment because this stock has for some time
been dormant Purchases of it today are
said to have been in part for investment
Probably this buying will be explained
later by earnings. Panhandle is the
Western outlet of the Pennsylvania sys-
tenn and good judges think it has an in
trinsic value by no means expressed by
current quotations for it,
Boston-By the declaration of a quar-
terly dividend of 5 per cent. and q per
cent. extra, the Npissing Co. directors
have placed the stocn on a so per cent.
dividend basis. This explains the recent
advance in the stock.
Philadelphia-Th best opinion in this
city is that dealings in Lehigh Valley in
dictate that railroad holdings are being
marketed. and that the intent of the buy
ers is control.
The body of George dDeoiay of