The Calumet news. [volume] (Calumet, Mich.) 1907-1938, 1911-01-16


ents and his ability to handle the com,
panies' AFFAIRS judiciously."
Prices for copper continue veal
with no Improvement in demand. :,
far this month sO.20o.Oo0 pounds have
been exported. Since December LIST ex-
lports have been running at the rate of
nearly 1000, 100000 pounds a year OF
at least SOO,OOO,OOO pounds year in
excess of Europes consumptive re-
quirements. Concessions ranging from
IA 10 SIS cents pound below the So
called official prices at - "a cent are
being made but the transactions con-
tinue light.
1t was reported toward the end Of
the week that there had been sales of
electrolytic copper at II SIS cents and
that the metal is being offered i'm Lon
don on a basis of II - cents, +. O. b.
II is believed that these quotations are
for small lots and that it would be
difficult 10 buy much copper below 10
5-S cents. The leading seller of cleo
trolytic is understood TO be asking u
ga cents. The statement issued by
the producers association was disap-
pointing from the standpoint of the
production which failed To show the
expected reduction and the falling of
in the deliveries 10 domestic consum-
ers. II is generally believed that
large part of the exports have been GO
ing into warehouses on the continent |
which do not report one statement |
has been made that there are $4,000 900 |
pounds i'm the warehouse at Hamburg. |
This is taken as the explanation of the
failure of the metal To reflect the con-
tinued reduction i'm the surplus as re-
ported. The low prices for the metal
are. however, undoubtedly due To the
falling of in consumption that has
taken place along with that I'm steel
and other commodities. The metal out
look is therefore the same as that for
general business and seems 10 depend
IN the outcome Of the important suits
now being tried before the interstate
commerce commission and the supreme
curt. Some Of these decisions are ex-
lected i'm March and the others later
n the spring. There is however a bet 2
er feeling apparent in financial circles {
md with the accumulation Of funds in
he banks and the better investment /
emand there is a hope that the larger !
ailway corporations can be financed
nd placed i'm position to renew con- J
truction work. Thus il would not be :
uprising If there was a large buying
Movement in the metal during the next c
ew weeks.
The Wolverine Mining Co, although
8 production of copper is not large,
as been able TO retain its position
mong the low cost producers in the A
ountry. It's rock continues to aver i,
ge about "a pounds refined copper to A
he ton. During the calendar year just /,
nded the company made a profit Of /,
etween five and six cents a pound on I,
$. product. estimating the average A
rice received at 10 cents. The new y
laft is down well over 200 feet and p
hen a distance of $50 feet has been -
'ached exploratory openings will be r.
arted in search of the lode. -
The Calumet and Hecla company has G
gently made some important dis g.
'veries in it's diamond drilling on the f.
/. Louis property. The identity of n
lie vein has not yet been established O.
1t the cores show a very strong min O.
alization. The st. Louis has 10000 G.,
iares of which the Calumet and Hec- IT
owns 35,45O. IT
Indiana has broken ground for its In
st shaft It will sink vertically to Is
tersect the rich copper bearing fell X,
te discovered year ago and is now *
'out twenty feet down. The shaft Ii
III be Of concrete and steel construc Il
IN in that portion which passes NJ
rough the heavy clay and gravel M
erburden everything the felsite. NJ
Boston-The position taken by the Nj
llumet and Hecla management in re- NJ
I'd to the circular sent out to the NJ
'ceola stockholders by Tucker, Hayes NJ
ID Co. is that they welcome any in Oh
of the proposed consolida- OBS
m by any stakeholder or body of Oh
ockholders. They feel that in this Qt
after it would have been better if an S.
vestigation Of the facts had been 81
lde before reaching the conclusion ST
lted in the circular. The whole mat S.
seems to them to be business Su
estion on which should be decided TIA
as full information as can possibly VI
obtained rather than on only par w
j data. The situation is that the di- w
'tors Of the company have evolved a w
IN which in their opinion is for the
st interests Of all the companies.
ley have submitted this plan TO the
'ckholders for their decision and
~ want a fun and careful considera- mi
m Of the whole question made by as
my stockholders as posslble.-Bos- Al
. ws-Bureau. Sn