The Calumet news. [volume] (Calumet, Mich.) 1907-1938, 1910-03-25
PAINE. WEBER q CO. GOSSIP.

The Financial News says: The de-
cline i'm Arizona Commercial has been
caused by short selling from bearish
traders and some liquidation by mar
ginal holders whose margins have be-
come exhausted. The amount OF Ari-
zona Commercial In brokerage ofhces
has been greatly reduced during the
past two months and the amount held
by strong interests correspondingly in
creased. This Improvement In the
technical position of the market Tor
the stock should soon be reflected IN
the price. The financial position or
the company is giving no concern TO
the directors as the matter of floating
debt OF 100000 is of no serious mo-
ment TO a company owning n property
worth several million dollars. AS re-
Gently announced the directors have
not decided as yet whether to pay the
floating debt out of earnings or capital
lie 1t later on. The property VIII be on
a demonstrating basis beginning win
April and by summer ii should pe
earning from 10000 to $4,000 per month.
there was nothing in the news from
the property to justify the selling ana
that on the contrary the developments
were of the most favorable character
The demand for copper this week
has been light and prices have eased
off with sales for export reported as
low as 1874 cents per pound. The pro-
ducers are quoting from 1874 cents To
1875 per pound for eltetro and 13A
for Lake. There seems to be press
ure of the metal owing To the nigh
rate of production and the fact that
the larger consumers supplied their
wants for the current months and
are not yet back i'm the market. The
only possible chance for higher prices
of the metal seems to lie in the policy
of curtailment of output and as yet
there is no sign that the producers
have done anything along this line.
The break in CRANKY shares may be
accounted for by the disappointing
statement showing but 100000 tons
available for stopping, which will be
presented 10 directors at their April
meeting The company made the state
ment:
Incidental TO the retirement of A.
Il. Hodges as superintendent, taking
effect March 18th. the president, Mr.
Langeloth, accompanied by George
Crawford Clark,Jr., one of the direct
ors, visited the company's properties,
where they had been preceded by Dr.
Otto Sussman. mining engineer.
full report of this visit will be pre-
serted to directors at a meeting to be
held early in April.
"In advance of the completion of this
report, II may be said 1t will be disap-
rointing as to the tonnage of ore
available for stopping, which will prob
ably not exceed 100000 tons"
A dividend has been looked for, fol-
lowing the March meeting of directors
for it was three months ago that divi-
dends were resumed after a years
lapse. The management, however, did
not designate the payment as quar-
tcrly. 1t has been common knowledge,
however. for some time that CRANKY
has not pursued a course or replacing
ton of ore extracted with new ore
and with the treatment of 1000 tons
daily the result became plainly OBJ
vious. Recently word has been receiv-
ed from the boundary district that the
company had taken under option new
property for the purpose of charging
its territory.
Butte and Boston, which has 100000
shares, will receive one ond one half
shares of New Anaconda for each
share of b. and 3.
The Parrot, which has 100000 shares,
will receive 10000 shares of New Ana
conda or new shares for 20 of Par
rot.
Assuming that the Butte Coalition
owns two thirds of Alice Gold and
Silver Mining Co. this company's l.
| 100000 shares will receive in return
$500 shares.
The exchange already announced
will involve the issuance of 100000