The Calumet news. [volume] (Calumet, Mich.) 1907-1938, 1909-10-23
CURRENT GOSSIP OF THEC0PPERs
THE STOCK MARKET
j. A. Minnear & Co.

THE STOCK MARKET
Locally sentiment is very bearsh due entirely to the
unsettled state of the metal market AS consequence
buying from this district has practically nil la
fact there quite selling of copper stocks
by those who expect buy in again at lower level
This condition in the copper share market has not
been helped any the eastern markets The New York
list. for instance has shown quite loss during the
past week This is due almost entirely to the state oil
the money market Indicative of the precarous condi-
ton existing the Bank of England this week raised It's
rates of exchange to five per cent the highest point
record since the severe slump Of year ago when
the market in semip panic state foreign exchange
rates raised par with those now existing t.
prevent influx Of gold this country to help finance
the big bull market then on. AS these rates
were raised the decline started terminating only when
the Morgan interests to the rescue
While of there likelihood of break of such
serious consequences then existed yet it Is readily
apparent that cannot have much of bull market
until money easier the call rates for in
the east have not scared they did then nor rs
there prospect of such action yet public buying
is discouraged in face these conditions
existing.
The real bulsh argument this market is the fact
that the public is bearish. Experience indicated
lay in supply good at a low level. by
process OF reasoning stocks be considered low
particularly the New York issues. For the present
believe stocks should bought only
then only for a turn.
THE METAL MARKET
Sales Of small lots of copper were reported
been made yesterday at slightly less than thirteen
cents pound for eectrolyc Producers claim that
they have bids for large quantities the red metal
at that price but are not willing to sell at that figure
Producers state that they have every reasonable
surance OF beterment in the metal industry and with
it higher prices.
on the contrary consumers holding off from
heavy purchases confident that they will get
concessions. The whole trouble lies entirely i'm the
certainty which exists There is doubt
would readily pay fifteen for their copper
If there any the stability of the price
at that figure.
Already there is much speculation attached to the
forthcoming statement of the Copper Producers assoc
citation. 1t is believed that it will prove equally disap-
pointing the report the September business
The foreign demand slightly better ana
bids fair to further improve. Tome consumption re-
mains about stationary.
Much depends the decision of various railroads t
clecrfy their lines if the consumption of copper
TO compel the identification all railroads entering
the city, and running within prescribed district will
serve stepping similar laws being enacted
elsewhere. his win materially stimulate the consump-
ton Of copper but this will not have any eff
feet in tho immediate future At moment electricity
tic is quoted 10 and 1914 asked with
Lake copper eighth of a cent higher.
LAKE
level NJ tho
shaft has not reached that portion of lode near
the hanging where the aterais above it gave such
high values 1t is yet too earlyto reach the same rea
tive location on the lode above so that the real
value of the fifth level to be seen This must
not be considered nferrng that the lode so far has
not shown any values, such is not true TIE
vein now penetrated forty the firth level
dscoses satisfactory copper but NOT anywhere as near
as rich as in the levels above closer to the hanging
wall 1t viii take another week days to get T.
the richest portion of Lakes lode.
Inc management hopes to bring the DEVELOPMENT.
" the Lake to such point that by spring If de-
sired rock shipments can be undertaken 1t is intend
Ell 10 run several ventating WINES later as soo
as these are ready Stopping can follow quickly 1t Is
stated that Lake ship 500 per day for three
months from the openings already available
HEATING
Ihe sale of 100000 shares Heating to shareholders
ot the company has provided the company with SEQ
'oo win which to push production more vigorously n
Is Planned to Immediately increase ore shipments to
-Vo TONS per day. This should show the company sub
"tai earnings on It's capitalization 400 600 shares
COLUMBUS CONSOLIDATED
INC HeaVy INCUBATION In Columbus Consolidated con.
uhues Ihis Is thought to be due the report of a
possible contest for title to the claims held by
hp
been disposing of their holdings for weeks mast rt
inability OF the company to show any earnings a, ,h
present metal prices adds nothing to its attrac,vo,
rs purchase at present quotations.
NO +. diamond drill hole late wednesdav