The Calumet news. [volume] (Calumet, Mich.) 1907-1938, 1910-10-28

AS election day falls on November
S. legal holiday in New York. the
meeting OF the Copper Producers As
sociation. which is usually held on the
Sth OF each month. has been set for
Monday, November 7th.
The 1880 shares Of treasury stock
10 be offered 10 Lake Copper COM
pany's stockholders has been under
written by Hayden Stone and co. In
the circular To be mailed stockholders
on Saturday, the directors will say:
TO provide funds necessary for ex-
plorng, developing and equipping the
mine during the next Is months your
directors deem it for the best interests
of the company to sell the 1880
shares of stock remaining I'm the
treasury An offer has been received
20 underwrite the entire amount Of S35
a share for an under writing commits
sion OF 81 per share. This ofer will
net the treasury S433, $50 and has been
accepted. The company will then have
outstanding 100000 shares of par value |
Of SIS on which SO per share has been |
paid. Stockholders of record at the |
close of business November 9TH are |
hereby offered the right TO subscribe /
at $50 a share on basis Of one new
share for each seven shares now held.
Subscriptions will be received until
November IA and are payable Mo-
Nember 21. No subscription will be
received for less than one share Con-
siderlng the fact that the underwent
ers assume the liability of $4,000 in
assessments on the l3.459 shares Gin
case the stock is not taken by stock
holders) the directors feel the COM
pany has secured very favorable terms
in being charged but 81 a share as an
underwriting commission.
The United Metals Selling CO., in
the current buying movement had dis
posed of close to 100000 900 pounds of
copper. none Of the sales having been
made for delivery in 1919. Based on
United Metals figures the total sales /
since the first Of the month must ex- ]
coed 2OO,OOO,OOO pounds. ]
Sales Of copper have diminished, but ]
this is a natural sequence of the recent J
heavy buying movement. There are J
very few producers that have not sold y
the larger percentage Of their possible \
associations figures and the }
1911. Copper curtailment Is now be- \
ginning TO be reflected i'm the copper }
associations figures and the )
general opinion is that November will {
witness a pronounced shrinkage in {
stocks on hand The industries that {
consume copper are operating practi- /
caIIy at fun capacity and their bust {
ness is good This is taken as an !
assurance that there will be no I'M S
mediate shrinkage in the consumption 5
of the metal :
Houghton, II is said here in well in :
formed circles. though not officially 7
that Hancock will issue 7
bonds amounting TO $500 600 20 provide I
'or the construction Of n mill and to [
Increase the working capital Neither L
assessment or issuance Of any part Of V
the treasury stock. Of which there are v
100. 600 shares, Is favored by the big "
interests behind the company. They "
ire particularly opposed to the issu-
nee Of the treasury stock. The build
ne Of a mill has been practically de-
ided upon. A site was purchased
ome time ago A mill test will be II
made at one Of the Torch Lake mills
% determine the caracteristics of A
Hancock rock and the methods best 4
uited for its treatment. The test will 4
robably take place before the end Of A
he year. /