The Calumet news. [volume] (Calumet, Mich.) 1907-1938, 1910-02-22
MINNEAR AND co.'s GOSSIP.

The trading in copper shares has
been On comparatively small scale
during the greater part of the past
few days, with but few features of
particular interest. Prices have been
very irregular but the general ten
dency has been towards higher levels.
The general expectation is that further
Improvement will be noted this week.
Tn underlying conditions favor such
course and the technical position of
the market also is a favorable factor.
The feature of the trading has been
Utah Consolidated, the price variations
being very wide and the volume of
trade unusually heavy. Starting with
a heavy selling movement on the re-
port that dividends were to be sus-
pended. the price broke sharply until
it reached the lowest level touched
i'm several years. BY the time the re-
port regarding the dividend had been
confirmed officially, the selling move
ment had apparently run its course
and a much better demand was in
evidence from very good source. This
movement, however, was an indepen-
dent one. and had but little effect on
the general list. The Lake issues, as
a group, were the favorites throughout
and most of them well bought. Re
cent developments i'm this district have
been of a favorable nature and 1t is
good opinion that the government
will go still further Among the Butte
issues, North Butte has been the most
active feature, the others being rath-
er quiet and practically unchanged.
II was expected that the merger news
would be the signal for a big move-
ment in this group but the closing
down of the mines on account of the
serious labor troubles more than Off
set the merger announcements. and
the course of the market will probably
be guided by the developments in this
fight for some time. There have been
no features of particular interest in
the stocks of the other camps and
they have followed. as a rule, the
course of the general market.
The North Butte dividend meeting
has been postponed until next Mon
day. Quite a little North Butte is
being picked up for the long pull by
those familiar with conditions in
Butte.
improvements in the shafts of the
Trimountain should make the mine
an even contributor to the Copper
Range production.
Lakes first month of production
will show upwards of 100000 pounds
of copper. from less than 175 tons of
rock daily.
Lake stocks of metal are notably
small and the improved situation Is
reflected in the small stocks now at
the smelters.
Conditions at Allouez have changed
so much that the stock should have a
still further advance. The recent buy
ing has been high class.
Butte is more optimistic now than
at any time since the strike began.
Manager ellis of Amalgamated an
nounces that at the end of next weel
the Leonard Diamond and West Colu-
so will be in full operation.
The New Baltic's No. drill hole
has attained depth of $40 feet and
is bottomed in ground of the same
character as that shown in the dis
oovery hole just before the so-called
New Baltic Lode was encountered i'm
mat hole. News of a further strike of
copper ground in the new hole is ex-
pected hourly. Conditions are very
encouraging.
The aggressiveness of the Lake
management in opening and develop
ing that now famous property Is re-
Elected in the tonnage of the rock now
heing shipped. The present rock out
put at the rate of $50 tons daily is
nearly double that of month ago.
rms represents only ground taken out
III the course of opening rock. no
stopping being in progress. The con-
tents of this ground is fairly steady
ana VIII probably average not far from
per cent. mineral and certainly not
TESS than 3 per cent The rock Is abb
solutely unsolicited. Preparations are
uhder way for the more speedy and
ehlclent extraction of the ore. A new
hosting chain capable of bringing
1'VoO tons of rock a day to the surface
mas been ordered and a station is
peing built at the sixth level for load