The Calumet news. [volume] (Calumet, Mich.) 1907-1938, 1910-07-14
NEWS FROM THE MINES


ton News Bureau exclusively. and all
houses have had the information ST.
multaneously.
The selling of Lake shares Tuesday
was liquidation pure and simple al
though the buying under 80 was very
much better than the selling. We
known that some of the directors were
themselves large buyers of the stock
recently at around so and there is no
evidence that these buyers have since
sold share.
The action of Lake may be following
a precedent. In times of intense
stock market enthusiasm shares are
over-bought; A decline sets i'm and the
stock drops very much below its In
trinistic value. Good buying then de-
velops and the shares gradually adj
vance OH merit.
No more efficient management could
have been provided for the Lake COM
pany than was put into office at the
recent annual meeting. Mr.. Paine's
Copper Range properties have a repu-
tation for economical management
which entities him to front rank among
the Lake Superior operators, but Mr..
Paine believes in having his mines
opened years ahead.
The best operating results can be
had only in the treatment of large
tonnages. This means time and money
In preparing the property for opera
ton on n big scale. A systematic and
broad gagged plan of development
has been decided upon and every de-
partment of the company's operations
for the time being will be subordnated
TO that of creating openings.
The new compressor and its so
thrills should be i'm operation next
month. This means five times the
present drill power and, with all fore
es on development and no attention
paid to production. greatly excellerat-
cd progress will be made I'm the crea-
ton of what may be one of the flu
ture big and profitable Lake Superior
producers.
| Calumet, Mich. July 1.-THE gen.
eral market opened fairly strong and
remained so throughout the day with
the closing prices at practically the
highest for the session.
Lake was active i'm the Boston list
opening at S41a, advancing to 80 and
closing around 33. North Butte seem
ed TO be in pretty fair demand all day,
opening at 21A and advancing to 227s
closing at %.
Ahmeek in the curb list became
weak and there was considerable
stock offered for sale, the low price
being 40, closing at las bid.
New York, July 1.-THE chief news
item over night is the action to strike
taken by $4,000 Penna railroad en-
ployees.
/ doubt If this will have much effect
If any, on the stock market. Bank
reports coming i'm under the comp
troller's call, indicate that many OF
the western banks are trying to, and
succeeding, i'm strengthening their po-
sitions.
This mornings crop reports are
favorable. There is tip out in the
street that an endeavor will be made
/ to scare the short interest into COW
ering. / believe at the moment the
market is badly oversold, that 1t may
be irregular and probably will be. but
that 1t is humping along bottom for
the time being and that the next five
point swing should be upward.
There is a strong bear party here In
the street and they have been having
things all their own way recently, but
stocks have been so heavily liquidated
by the public and so many men what
never sold share of short stock be-
fore i'm their lives are doing so now
that l cannot help feeling that the
technical position of this market, ir-
respective of outside news, Is apt to
cause higher prices i'm the Immediate
FUTURE. w. Prentiss.