The Calumet news. [volume] (Calumet, Mich.) 1907-1938, 1910-04-15
PAINE, WEBER G. co.'s GOSSIP.


Boston, April S-Electrolytic cop
nor at 12Ac cash established for round
tonnages a new low record for the
metal on the present slump i'm prices.
Sales have been made in New York
NJ between 125s and 12%c, but this
selling is attributed to brokers and
other small interests who are Kidding
themselves of copper for which they
Maid n higher price and do not care to
stand by IL longer and possibly take a
greater loss. one ray of hope i'm the
situation is the fact that as on many
former occasions, foreigners have re-
allied that copper is cheap and have
placed large orders which will appear
in exports later on. European specu-
lotors are the prospective purchasers
ard through their takings the surplus
here may, 10 some extent, be lower
cd. The American manufactures Will
not now. any more than in the past,
specuIate on the future of metal by
buying now when he has supplies, even
though he realizes that later on he will
probably paw more. So far as can be
ascertained the United Metals Selling
company is quoting nominally at
1890.
We understand that there will be no
change i'm the Amalgamated situation
ard no distribution of its Anaconda
shares. pending the decision of the
Supreme court Of the holding compan-
les ms TO whether they are conspiracies
i'm restraint Of trade as this is the
question involved in the Standard oil
cases. Meanwhile the Amalgamated
may receive an income OF 81 per
share and pay SO per share. IF the
courts decide that holding companies
may cross state lines the Amalgamat-
ed which Is p New JERSEY corpora
ton will retain it's Anaconda shares
and negotiate for other state units In
the copper field. IF. however. the SUI
nreme court decision is AGAINST the
holdno company the Amalgamated
will distribute its Anaconda to its
stockholders and 90 out of business.
l'lfHlhl illt dUNlttS lIolll Illt lllSDii
alton property are that drill hole No
sos located 2,400 feet west OF the Joe
Bush shaft, has been i'm ore for a con-
siderable distance and is still sink
ing. The average for the hole Is
over per cent. copper.
New York-Sales of electrolytic cop
per were made yesterday morning be-
low Is cents a pound. However tran
sections We're few and far between
injuries for the metal are large but
consumers are asking drastic conces-
slons which the large metal selling
AGENCIES have not granted. It is be-
heved that within the next few days
the United Metals Selling company
winch handled in the neighborhood oi
'oo'oOOOOO pounds of copper a yeai
VIII fix price that will attract con.
sinners. This will probably mark the
eva OF the downward price Copper
IS not plentiful according TO leadine
interests. for the trade. The Guggen.
ne'ms have sold their possible OUTPUT
10 INV ond the stocks carried by the
''lted Metals Selling company are not
large. A representative of one com
panv said that copper consumption
was now running 90 per cent. in exces.
W the previous high record and thai
mere was less danger Of demoralza
u'h az nresent than six months ago
10 added that the next buyinp move.
"ent would witness the absorption n
w least 00oOOOOO poundsh. Consum
''' ar' feeling for the bottom of III,
n'o~',et now.
calumet and Hecla has advanced IT.
price OF Lake Copper u of a cent
most Of its rate at 10 was for for.
V'sh delivery. 1t Is expected that IN,
next few days will see further "a.
vances. '' '''
a Globe, Ariz.. special savs:-"Ari.
o1ua commercial has struck good bod,
Of high grade ore on the 7oo-foo,
level INC 'VV-ioo'
Inc copper metal market deve,oned
much better tone today ana Will
prices were quoted unchanged NJ tax
20 10 cents for electro deliverable n