The Calumet news. [volume] (Calumet, Mich.) 1907-1938, 1909-10-11
GAY G. sTURois GOSSIP.

Boston-During September the Utah
of ore, the average assay value Of
which was 1852 per cent. From this
ore there was recovered 52O00 900
pounds of copper. the saving averaging
81 pounds per ton. The company net-
ted, a trifie over 13 cents per pound
for it's copper. the cost OF production
OF which was a trihe less than -S.3
cents per pound The net profits for
the month amounted to $4,000 or at
the yearly rate of slightly over 81 per
share on the 100000 shares outstand-
Ing. A considerable portion OF the
ore was mixed with surface Gaping,
which brought down the general aver
age of copper contents for the month.
Within the near future there will be
gradual elimination of Gaping where
by the average grade is expected to
be increased between 5 and pounds
of copper per ton. The Utah Copper
Co. is paying dividends at the present
time OF 81 per share per annum, and
while no thought at the present time
is being given to an increase, II is be-
lieved that when the company has
further expanded its working capacity
ii will be able to make larger dis
bursement to shareholders. At the
present time the company has a work.
ing capital sufficient to carry about a
two months production of copper Be-
yond this it is compelled to be a boz
rover. When IL has increased capital
resources sufficient to carry three
months production of copper-and this
should not be a matter of more than n
few months-it is thought that the di-
rectors will consider the ACCESSIBILITY
of increasing the dividend. At the pres
ent time so per cent OF the company's
mining is by steam shovel operations.
1t is the expectations of the manage
ment that before the close of 1909
fully 90 per cent of the ore will be ex-
tracted by means of steam shovels,
leaving only 10 per cent to be extract
ed through tunnels If this very de-
sirable end is attained. it will mean n
further reduction i'm copper costs.
Calumet, Michigan. oct. 11.-Stocks
were on tap all day in the New YORK
market and the Boston coppers were
weak i'm sympathy.
Hancock was the exception. on the
news of striking the No. vein in the
vertical shaft Hancock was freely
bought and advanced to 11h. Calumet
/ a NJ
with no news to account for the selling
The increase of nearly 16,OOO.OOo
pounds of copper in the past thirty
days as reported by the Copper Pro-
ducers' association. has had Il very de-
pressing effect on the stock.
The curbs were quiet with no partic-
ular change in prices.
| New York, oct. 1.-THE official re-
port of the copper producers associa-
ton for October 1 is as follows;
Stocks Sept. /. 135,632,565 pounds;
production in September 11S,023,lS9
pounds; deliveries in September lO2,-
1s2.932 pounds: stock on october l.
151,472,772 pounds; deliveries are di-
vided as follows. for domestic con-
sumption 52.1O5.155 pounds; for export
5O,O77,777.
Appended to the statement is the
following note: From sources which
have not hitherto come to the knowi-
edge of the association II has within
the present month been learned that I'm
addition to what has been recorded
during the year there has been deliv-
cred to August 81 2,572103 pounds,
leaving a balance on September oil
435. 6s5 pounds which has been includ-
ed i'm the total stocks of September l.
New York. oct. 11.-Sentiment here
over Sunday still continues very badly
mixed. There are. however, lot OF
angry bulls who can see no reason TOR
this decline, who insist that the market
will turn up again this week. and who
are backing their opinions.
The German bank rate has been IN
creased again this morning and II Is
expected that the English bank rate
will be increased again on Thursday.
on the other hand, our bank state
ment here was much better than ex-
pected.
There was bear talk out last night
on steel. and so was being predicted
for IL.
The principal bull tips were In M. n
n T.. and on the Wabash issues.
Personally. l think that as the mar
ket went down all last week, IL VIII
probably rally this week. II looked To
me on Saturday as though II was get
ting ready to turn up again. As to-
morrow IL holiday doubt II there
win Ne n great deal doing here today.