The Calumet news. [volume] (Calumet, Mich.) 1907-1938, 1910-02-12
THE STOCK MARKET

marketWse, ana was the signal general
stocks during the first day two This followed
by recovery, the close yesterday indicated that
there was considerable buying yet noted from the
public Until this federal legislation will have been
settled the decision announced the American To,
bacco cannot expect anything looking toward
a definite trend for the market. tDf
These matters will great influence. The fear
of unfavorable tobacco decision gives rise to much
unpleasantness as it indicates complete readusment
Of corporation affairs The Generalization of prices
came when the money markets Free II
surprise in a sense. yet probably brought about
largely by over-specuation noted in number of
instances
1t Is generally that there has been and will
probably continue be distribution of securities.
Eastern banks drawing in their lines more closely
and this has caused liquidation Until this distribution
end until the large interests show disposition
to support the market. cannot look for an upward
movement of degree of permanency.
Copper stocks were the feature during the decline
of the past few weeks. They withstood liquidation
better other class of securities. This due
largely the that stocks in strong hands peo
pie owning them who taking certificates out of this
market. 1t is not doubted though that llquida
ton in the general market had continued longer
stocks would have acted less satisfactory
We have been bearish the market for weeks past.
We concede that the past two three days has shown
some good buying. but believe that the money
is to be made by waiting until there will be another
break, which at this writing seems quite inevitable.
THE METAL MARKET
The announcement that the Copper Producers assoc
citation reported for January the surplus
stock of copper of approximately 100000 the
most bulllsh report the metal received for a
~
would show reduction in the surplus stock but the
most sanguine hopes never raised to the total
announced.
Domestic deliveries for January the largest yet
reported by the Producers association, being close
s0OOOOOO pounds while foreign shipments about
the for the past months Inquiry
troyc copper very good for spring delivery
this month. Home consumers good buyers Of the
red metal for use up TO April 1. Sales reported
at 1S% cents pound though the largest selling
ces continue to ask 13% cents the metal they handle
business has been done at both figures.
1t is quite true that the favorable showing for Jan
uary was due largely to the curailed production in
the Butte and other Probably the only district
which showed falling in production was the LAX.
Superior camp td. 81 sis
Higher prices for copper continue to be freely pre-
dlcted For the present, at least we do not believe
that copper win sell higher than fourteen cents
per pound. AS it advances very much produce
ton will increase and glut the market once more
Until the consumption figures show a tendency to in
crease more rapidly prices will necessarily re-
main between thirteen and fourteen cents
kEWEENAW COPPER co.
The annual report of the Keweenaw Copper company
was issued this week. and is considered favorable
presentation from financial standpoint. 1t is rather
Al iSnp N tine tn tbot;
way of definite information as to the future of the
mine development Diamond drilling alone is to ne
continued in addition to the exploratory shaft work
Central railroad operated for the year 1909 with de-
nett OF approximately $780, but indications favor an
Improvement for the current year.
the financial report shows cash hand Dec 81 OF
s1S6GS and bills receivable s71s45 The latter item
is made up largely of delinquent assessments 1t will
thus be seen that there will probably be no assess
ment called during the present year. The outstanding
obligations of the company very light
Concerning developments at the mine during 1909
President Wright has the following comment to max,
for the directors
Inc operations of the company during the year 1909
have been restricted to its Medora- Mandan- Resoute
tract of 2.4Oo practically of which carries the
<earsarge amygdaloid bed new being opened bv this
company, which oucrops near the extreme soutber,
boundary OF this body of land. All development work
1t the Medora shaft except diamond drilling has been
discontinued indefinitely. owing present unsats.
acory appearance of the lodes have been OPEN
ID from this shaft The thorough stamp mill test of
oek from the Medora amygdaoid, which was begun |
July 2sh. 1908. and continued March sist 1902
'roved disappointing in amount of copper recovered
md the limited openings made in the NORTH amveda
old and Allouez conglomerate have not mn TO da a |
zen sufficiently encouraging justify their further
development. Considerable diamond drilling has been
lone during the year and cores have been extracted
rom the Calumet conglomerate. Aouez conglomer-
te Osceola amygdalod Kearsarge annvpdoiod hoas