The Calumet news. [volume] (Calumet, Mich.) 1907-1938, 1910-08-26
Gay & SturSiS' Gossip

The Houghton Copper Co. has star
tee a surface trench to expose the for.
nation, preparatory To permancn
shaft sinking. The temporary equip
mcnt to Begin work is on the ground
including boiler jib dorri K and hoist
ing buckets.
OnCcos No. s hole i'm the middle OF
the east half of section has reached
the eastern sandstone at vertical
depth OF 1850 feet and stopped. Oc-
ca,sional copper was cut but nothing
of promise. This OUTFIT will now sink
No. 10 hole In the middle OF the
north half OF section >, which is ex-
DCcted to Tie up with No. hole
No. hole. 100 feet east of the south
west quarter post of Section .. is down
l,200 feet, bottomed in conglomerlte.
Nothing of promise has been seen. AZ
ter 1t is finished drilling will be done
along the strike of the Oneco lode and
the Torch Lake or Tomahawk amyg-
daloid lode, from which some good
been taken. The old shaft on the
Oneco lode may be unwatered and
deepened.
Boston. Mass, Aug. 26.-The con-
ditions in general business which the
long decline in the market has been
dlscounting are now evident to every
one and are beginning to be very
freely discussed I'm the newspapers.
An over production exists i'm many
lines and curtailments are going on
very generally. Prices are being cut
in steel products and in many other
things as well. New railroad con-
struction is absolutely at stand
still and even necessary improvements
unless of vital Importance are being
delayed. A very conservative in
throughout the business world which
is largely caused by the omnots sim
mering Of the political pot and the
apparent certainty of tariff agitation
from now until the. adjournment of
the congress to be elected in 1911.
The pause in commercial activity.
unlike its predecessors, has not caused
an ease i'm money conditions, which
is perhaps the worse phase of the
whole situation. The figures of pres
ent population being published from
day TO day show conclusvely how in
adequate our currency system is to
the present size of the country. The
splitting up of what has been for de-
cades considered the conservative po-
litical party is particularly discour-
aging to the large interests who make
markets. on the other hand crop
conditions have vastly improved the
past few weeks and very good crop
generally seems reasonably assured e.
The congressional election in Novem-
Der together with the Supreme Court
clear the atmosphere and permit Of
Improvement in market prices. Liqui-
dation has lasted so long and been
so pronounced that severe declines
do not seem likely.
Curtailment in the copper business
and Is almost universal. The intel
ligency of the leading interests In
the movement makes IL certain that a
real benefit sufficient to put the i'm
dustry on it's feet will occur before
the plan is abandoned In conse-
Iuencc copper shares look more prom
ising speculatively than other shares
Irving j. Sturgis.
Calumet, Mich, Aug. 26.-The mar
set opened strong In sympathy with
London and n little better feeling cx.
isted Shorts covered TO some extent
ma traders were inclined TO buy FOL
| 4 turn. London bought moderately
| I'm consequence the market held firm
| throughout the session and closed will
a small gain for the day. Little con
1dence is shown by the public an'
| sentiment Is pessimistic, former bull
scanning the list to see what they cal
sell. Prices will undoubtedly be sway
cd by political speeches from time 4
lime. However, we see no reason VIII!
raiders who are well protected beinI
scared at this level.
The curb trading was light bu
prices held firm. Goldneld Cons. de
clared regular quarterly dividend Of 81
cents and 20 cents extra. Regular
dividends on Utah Copper and Nevadi
CONS. or IS cents and S7h cents re
| spectively.
Ahmeek sold at 1856. Algomah at 13h