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SATURDAY, OCT. 2, 1903.
THE CALUMET NEWS, Are You Looking For a Sole-Mate ' We have a pair of them here for you. We guarantee to Gt you to perfectly and comfortably in Regal Shoes that you will never wear any shoes but RcgaU hereafter, REGAL ft ah . n SHOES give you the latent New York custom ftyles which you don't get in other ready-to-wear shoes. And Regal quarter-sizes afford you made-to-measure fit. No need to tell you about Regal qua lily every one knows it is standard. RegU arc Mads Popular Leathers The Bee Hive Shoe Store 5th St. Phone 390 Calumet AC M $350 $400 $eoo Mining News j Paine, Webber & Go.'s Weekly Copper Letter Facts of Interest Concerning" Properties of Merit, Prospects for Future and Metal Market Conditions. Leadership Is a thing most needed row to bring about a must substantl.il advance In tlic market for copper, the metal, and for copper shares. The condition are right for a decided bull campaign in the Hoston market and the right port of leadership could con Himate a brilliant financial coup In cuppers with the proper backing and the support of the public. Fur the past H viii months we have noted, regularly, an improved general business condition throughout the nation and throughout the world. The advance has , been stead v but none the Icbs apparent. It has been rellected or preceded by an advance In the general line of indus trial securities in marketable values, iti the railroad stocks and most particu larly in the market price of United States steel, common and preferred. To those who insisted nil the w ay along th"t the New York advance has been brought about by clever reason to doubt that much of the advance has been brought about by clever market tactics, but the basic facts remain un questioned that the manipulators have been backed up by such a pronounced betterment in all business lines that It rests upon a substantial foundation. The present price of the steel stocks but reflects the fact that the steel busi ness has again reached normal condi tions. The particular Interest attached to the Steel common stock in that the earnings of the big corporation are now in such shape that the common stock is likely to profit most materially tie cause of enormous outlays made by the corporation during the past five years, outlays which, were financed Hnd pro vided for before the panic and which are now placing the corporation In po ition to handle a greater bulk of bus! ness than ever before with greater economy In operation. It is cusp to realize .that the steel business Is again normal when the price of Iron is con sulted or when a quiet Investigation as to the demands for Iron Is made. In regard to the copper situation and the copper share situation, the present price of the metal continues unfortu nately low and there seems to be one worry in the minds of all Interested In copper shares and that Is the accumu lated surplus of the metal, which sur Has, Instead of declining rapidly as business picks, up, weems to be more and more embarrassing to the produc ing Interests. However, there Is but one way to Judge of the future and that by the past. In the past copper has always followed steel and Iron, whether th course has been upwards or down. And by all the rules of precedence In business conditions. It is well known l'a domestic consumers of the metal, following a course pursued when the "lump In the metal was most pronounc ed have never made any largo advance purchases of copper and do not carry ny surplus stocks on hand but rather following the policy of buying from I1 and to mouth as their contracts call for the red metal. Thev have found themselves n satisfactory positions fori jears now with this same busl- TUNGSTEN LAMPS BIG REDUCTION IN PRICE. ASK US ABOUT THEM. Houghton Coonty Electric Light Company ness policy In operation and therefore, they are not making any largo bulk purchases looking to future contracts calling for Its use. Practically all do mcstlc consumers are In the same boat In this regard and all of them are like ly to need unusually large supplies at any time. The result will be Just as It has always been In the past, that they will force the price up to an unnatural height with such rHpidity that the mar ket Will become unsafe and Insecure. Wr believe that the metal Is not nearly so bad as some people Imagine and e know that the price of copper cannot decline much from Its present level, no matter what may iiappcn. North butte Readers of these letters will remem ber that a few months ago when wild rumors were in circulation that the North Hutte mine was In poor ore and that the bottom had dropped out of the Edith May vein we published some advices received from u reliable source in IJutte stating that while the grade of ere at the bottom levels was not up to grade there was no reason for alarm regarding the future of the mine and that the North Hutte was simply pass ing through the same experience as the other Hutte mines and that wo were satisfied that with depth the same high grade ore would be found and that we rather expected It would be even better ore than mined on the upper levels, taking for n precedent the similar ex perience of the Anaconda. Conditions arc seemingly Justifying that attitude at a date much earlier than wo expect ed they would for th'J same reliable In formation from Hutte tells us, that while the management refuse to glv1 out information on the subject, the miners all know that the 2,0110-foot lev el and at the 2,200 , level the vein Is again in high grade of remarkable characteristics and Indications are that the richness continues with depth. . Sierra Mining We are In receipt of, the following regarding the Sierra property, u Mex ican precious metal company organ ized by Thomas F. Cole a short time ago and financed In the east and on Lake Superior. The. letter comes from a mining man who has sixnt many years In Arizona and Mexico. "You ask me what I think of the old Mexi can gold properties '.recently acquired by Cole and' his associates, t will tell you frankly that I doubt If you people appreciate the possibilities of the mine taken over, particularly as regards the prospects for Immediate returns on your money. You know how many years It takes to make a copper mine out of a good ore showing, but these gold properties are' different. They have proven values. They have been worked, some of them for years, and with great success, even with the crude methods of the Spanish. I believe that out of one of the mines Dr. Itlcketts will be able to produce gold enough withtn six months to pay a substantial stock dividend. Modern machinery Is needed ns well ns modern methods. The gold Is proven, lleslde there Is a vast tract of territory that will be ex plored and that gives promise of show Ing great results when properly opened, to say nothing of timber values. Mex ico Is Just awakening to Its vast min ing possibilities." Butte Coalition Any advance In the copper share list will call attention to the position of Hutte Coalition. In the three years since the various opertles formerly owned and controlled by the Helnae faction and now part of the Hutte Co alition have been In the present man agerial hands, the whole attention has been directed to the preparation of these mines for future extensive pro duction. Much underground opening has been done that is not known ubout publicly. There was Heed for u good deal of improvement In the under ground conditions, that Is true, for the lleinze people uhvuy operated with less regard to the permanency of the property than to the gutting of the high grade vulue-n wherever encoun tered. All of these delinquencies In practical mining have been overcome and the mines have been opened ex tensively with enormous oro showings and elaborate system of reserve slopes. To add to the value of this underground work It Is known that the values in the Rarus, Minnie Healey and Tram wuy have uliown higher grade oro In the later openings than even in the most enthusiastic Ilelii.e days. We continue to believe that the Hutte Co alition property offers one of the best copper share investments In the Hutte district. La Salle The stamp mill test of La Salle rock at the Allouez-Ceiitennlal mill has not yet taken place and we understand that It is to be postponed for u few weeks and that the stamping of the Tecum seh stock pile and the lock from the Kearsarge lode of the Tecumseh tnine will not be started until some time In the future. Calumet & Arizona Several of the directors of the Calu met & Arizona property are at Hisbee examining the mine. Refore returning they will visit several optioned proper ties that may be taken over by the Calumet & Arizona, including the Courlland district mines which will soon become producers of copper. The Irish Mug shaft of the mine is again in commission after being straightened and Improved with new timbering at quite an outlay. The underground con ditions ut the property are improving and In the Oliver shaft good looking oro has been opened ut the latest point of attack. There is some speculation regarding an increase in the dividend ratio In November, but this has been anticipated so often without success that we are Inclined to the opinion that no change will be made unless we see u decided change in the metal situation soon. Atlantic The stockholders of the Atlantic are quite generally meeting the call for an assessment of $2 with satisfactory re sponses. The Atlantic's career in re gard to the financing is peculiar and interesting. It has paid back to the shareholders Just the amount called In assessments and this call Is the first in a long period of. years during which the management did the wonderful feat of keeping the mine from failure on the lowest grade copper lode in the Michigan district, an accomplishment which was only possible by the most economical management. The treas ury now has an Indebtedness, having borrowed money with which to con tinue the Raltie lode exploratory work, which must be paid oiT and further funds provided to carrp on the opera tions. There Is reason to hope that ultimately the Section 16 operations will expose a lodge carrying values and with a more regular formation than It has been possible to show to the pres ent depth, which Is 2.600 feet. Copper Range The suspension of diamond drilling operations by the Copper Range coin puny on Section 7 and 8, optioned from the St. Mary's company a year ago, does not mean that these operations were unproductive of satisfactory re sults us has been Intimated in some quarters. The Copper Range has a most liberal option on this properly and the arrangement Is one which per mits the temporary suspension of the work. A complete cross-section was made with the drills und all the lodes showing from the Atlantic to the Haltic Included nre some unidentified forma tions which may be explored later on by test pits or shafts, but for the win ter season nothing further will be done. (" Franklin . The lower levels of the Franklin, opened in the pewabic lodj continues to show Improved copper contents In the rock and we are of the opinion that the management can expect to open up still higher grade values as they sink. The experience of the Qulncy In the Mesnard shaft proved that no pood values were found above 800 feet hut below that depth the quality of rock taken out compare more than favor ably with the Qulncy's average. In the Mesnard shaft the company does not contemplate opening valuable copper chutes until a depth of 1.000 feet is reached.. This Pontlac shart Is the most northerly shaft on the Qulncy property and Is within a mile of the present point of attack of the Franklin on the same lode. . While this Frank lin Jr. tract was opened by four shafts by the management back In 1S!4 when the land was secured by the Franklin and results were none too satisfactory the recent developments at the Pontlac shaft of the Qulncy warrant the ex pectation that, this formation pitches north with depth. It must be remem bered, always that this Pewabic lode has made millions for the Qulncy and It was operated for fifty years by the old Franklin company, on a tract of but 160 acres. company is mor than a million ahead of the game, due to l.'iOO.oOtj "li in the treasury und $600,000 cash due from the Stcploe Smelter for proceeds from ore, ulso the statements that the big Vtteiun shaft was in danger of crumbling have been denied. J. A. Mlnnear & Co. CAY & STURGiS GOSSIP. Hornblower & Weeks say: Senti ment here still continues very bullisii. Steel holds the center of tho stage, the tipsters are saying "1 told you so," und ure now predicting 120 for Steel. There Is a story that London Is Iieuvlly short of Steel, and that two or three large operators "on this side are in the same boat. It la also said that there Is n very large short Interest In Amu!., which stock good interests have been quiet ly accumulating. There ure persistent rumors here of a tremendous copper consolidation. While talk of a consolidation of this sort may be little premature, there Is no doubt but that the question is be ing seriously discussed, and I under stand that an agreement has been made between two of the large cop per producing Interests, details of which will be shortly announced. 1 still continue to think that taking of profits on bulges from this level will hurt no one. J. W. P. New York, Oct. 2. Clearing ' house banks uverage cash reserve 23.3S. Reserve decrease, $3,18.i,7.0. Reserve less U. S. dvcrcase, $."i,216, SOU. ' Loans decrease $7,23Vf0O. Specie decrease $6,SN3,20(. Legal tender decrease, f2,33S,i00. Deposits decrease,. 1 16,14. ", too. Circulation decrease, $1,00. Actual cash reserve, 2j.1.". Reserve) de-crease, $."i,24y,173. Reserve less U. S. deeejase, J3,2."0, 523. Loans decrease JlClMl.ttuO. Specie de-crease, JI0,4S0,400. L gal tender decre ase, $2,3O!t.OO0. Deposits decrease, $3O,160,.i00. Circulation Increase, 4 13,500. Other banks loans increase $11,630, 700. Specie de-crease, $$07,600. Legal tender Increase, $443,600. Total deposits Increase, $1 1,54 s, 100. Eliminating, etc.. Increase $11,632, 500. Aggregate reserve on deposit de crease, $2.0X6.200. '-'..v Perce ntage of le gal . reserve. Vt Spe-cie decrease, $1 1,54.x, 100. Di-poslts decrease $11,636,700. Rcservi- .decrease, $, .", 7. "o. (HircnlaHon Increase; $113,500. Spe'cdecnuse, $S07,600. STOCKS 30. Hostuii, Mass.. Oct. 2. This morn ing's news she-els were full e.f bull points em copper share1 of a certain group and a be tter tone existed in the market with Osceola again the promi nent feature but with marked strength in western stocks also. Notwithstanding the poor coppe-r statistics the outlook Is favorable for rcxt week ns sentiment has improved materially and ele-mnnd is Increasing. Irving J. Sturgls. Trinity .. . . . 12 IT. S. M 57',i Utah Com 43 Victoria 3; YVinon.t 7'i Wyandot ; 2', Wolverine 150 l-",i 57 "i 43',j 4 8 152 NEW YORK STOCKS. tJuy & Sturgls furrtsh the following New York Quotations: Open Close Amu! MU Sl'i Aiiacoiula 4'J',i 4'J Locomotive Cl',4 til' Smelters 1U1 Vm 100',a Sugar 134 133 !i Atchison 124 125 H. & 0 118V 118 H. R. T 80 S0.a Colo. Fuel 46V 5'i Krie 33 320 Am. Car. Fdry Z'J 6'J'B eJreut North, pfd 153' 153'i L. ,fc N 153 154 ',i M. K. & T 41',; 41V Mo. Pacific 70 CU'a N. Y. Ce ntral 136; 136 Cons. (las H5 146 Nor. Pacific 155Vi 155 Penna 149 IWV Heading 16J 16s C. & 0 89 88 Rock Island 39 la 3S; Teiin. Copper 361? 30 '-i Wabash pfd 48 48 St. Paul 161 la 162 So. Pacific! 132li 132!a So. Rallay 30 30'i Western Union 78 78 C. S. Steel 92 92 Can. Pacific 188 187 Steel Pl'd 130 130 Unien Pacsilic 205 la 208 UNLISTED STOCKS. J. A. Mlnnear & Cei. say today: Fred ollar. superintendent of the L. S. & A., reporte'd to din-dors of the company last ni,ht in which he stated there was absolutely no question but that ssulphltles In large quantities would be encountered in the Jlolt shalt. He stated that this Important development could be expected in a few weeks. A directyir of tin- com pany said today it would be premature to make any state-meiit on the? new financial plans, but did not ib-ny the-e was foundation to the reports current The curbs were active all day wit.i (Jreene Canuanea and Santa Ttosali.i the features. There was good buying hi Superior (Jloge and Arizona i .Michigan around 73 cents, and ut these pikes the stocks look highly attract ive. Fly Central looks good at pres e nt price s and we are told to but It for a substantial advance-. The Roston marke t was quite active for the short session with price's fractionally high er. Allomz e-ontinues In gend de mand. Osce-ola hold for $160. The uc- tieity of today promises to continue next wee-k. Stee l Common was again Urn New Yerk feature. (J. A. Minnear & Co.) HiJ A. & M. CUMBERLAND ELY. The recovery In Cumberland-Fly was due to official statement that the Poor Appetite indicates weakness of the stom ach nerves which control the desire for food. It is a sure sign that the digestive organs need the help of Sold everywhere. la Loses 10a. asj 25c. Huston, Oct. 2. Slowly but surely the local market Is getting In step with the advance In New York. Dif ferent specialties are being taken in hand and we are told ne-xt we-ek the coppers will be boiling. Osceola sold at 160 on the best kind of buying and Allouez Is being picked up around 62. Important news on dree-no Catiam-a Is coming out within n few elays and the stock Is being well bought in anti cipation of it. Hutte Coaljtlon Is scarce advancing half a point between sale's. A great deal eif bearish talk Is being made about the vast accumula tion eif copper but we believe that the consumption at present is equal If not greater than the production und that It will be only n short time before this surplus of copper Is financed and the price of the- metal ad vanced. Paine, Webbe r & Co. BOSTON STOCKS, (rafne, Webber & Co.) Hid Amal 83 Adventure 6 Alloue. 62ax Arcadian 4 Atlantic .... 8 Ariz. Com 47 Roston Cor 21 Huston Con 13 C. & A 103'a C. &. II 0 663 Centennial 41 Coalition 2314 Copper Range 80 Hi Day West 8 East Hntto 11 Franklin . 17 Oiroux 0 f! ran by ,.. 98 fjreene Can 9 Hancock 10 Helvetia 6i Isle Roynle ..... 24 Ke w eena w , . . , .4 Inke Sft La Salle 15 Mass 7 Miami 15 Michigan 10 Mohawk 60 Ne-vndrt Cons 24 Nlplsslng 11 North Hutte 61 North Lake 8 Ojibwoy 8 Old Pom 54 Osceola 1?.! Parrot ". 31 QtMncy 90 Shannon 16 H. H 15 Sup. Pitt. 15 Sup. Cupper' 58 Tamarack .... 71 Asked 84 5 8li 47 no 15, 104 670 42 26 1 8 11 17 9 100 9 10 2 36 15 7 16 10 62 24 12 61 8 9 54 159 31 90 16 16 15 59 ,hm i k . . American . Arizipe- .. . Hlk. Mtn. ., H. Ha lk. .. Chemung . Col. Con. .. Cum. Fly Cal. Cerb. . Cal. Ment. C'orb. t'eip. Carmen ... Cactus .... D. Daly ... Deiin. ... . F. Hutte . Foster Chief Inspir F. N. Mng. (Jfd. Con. . . Oiroux ... . (ilb. Con. .. Or. Can. .. Ilermina ... Helvetia ... Hancock ... I. Mont. ... Keweenaw . La Rose . . Lake L. S. & A. . Lion C.uleh Live Oak ., Miami ... Mem. Ton. . National .., New Utah. Nipiss Oneco R. Cent. . . N. Lake ... N. It. Fxt. .. OJibway ... Raven R. Coal .... Ray Cn. .. San Ant. ... Shattuck ... S. & (5 S. H S. & P. ... Sou. Col. .. Rou. Rge. . Silver Leaf. H. Oil , Tuolomne .. Tonopah ... Warren .... W. & A. .. Yukon .. ., Yuma Yuma Sierra . 3 . .30 . .50 . 9 . 16 . 7 . .30 . 1 . 6 . 1 . 3 . 5 . 5 . 11 . .35 . 1 14 . 7 . 6 . 6 . 9 . 3 . 9 . .50 . 6 . 10 . 2 ' ,7 36 , 4 . 4 , 8 . 16 . 1 . .60 1 ,11 . 1 . 2 , 8 , .20 8 .KO .24 .. 15 . . 15 . . .10 .. .40 .. .12 roo .. 2 ,. 6 .. 3 . . .90 .. 5 .. 1 Asked .25 210 4 .40 17 .85 7 1 .40 1 7 1 4 6 5 1 1 .40 1 7 6 6 9 4 9 10 .20 36 4 16' Hi .70 2 12 8 "5 8 .65 .27 20 8 23 .83 15 15 .15 .50 .13 710 3 6 3 .99 C 2 r, GOSSIP OF THE COPPERS. Teh weak Interest" in Cumberland Fly scin to have been well scared out Chamberlain's Cough Remedy has become famous for its cures of emuhs. jol.ls. eroup and Influenza. Try It when In need. 11 contains no harmful sub stance and always gives prompt re lie f. Sold by Faille Drug Store. Calumet, and Lurlu:n pharmacy, I.nuilum. 3"C Established 1SSO Paine, Webber & Boston, Mass. Members Mew York Stock Exchange " Host on Stock Exchange Qhica&o Board of Trade o. Wc extend orders for Cash or Margin In all Stock llonds. Grain, Provisions and Cotton. Qalumct Office -Paine Webber Building M. J. O BR I EH, lies. Mgr. Tclcphoncs60. 89 and 139. r- The Markets at a Glance SATURDAY, OCT. 2, 1909. INCREASE IN VISABLE SUPPLY OF COPPER, 3,350 TONS. STEEL AND OTHER INDUSTRIALS STRONG IN NEW YORK MARKET. OSCEOLA AND NORTH BUTTE FEATURES OF BOSTON MAR KET. C. & A. AND BUTTE COALITION LOOK BEST IN COPPER LIST. SANTA ROSALIA, L. S. & A., AND C. S. M. CURB FEATURES TO-' DAY. J. A. MINNHAR & CO., Brokers CALUMET, MICH. State Bank Bldg. Phonas 64 nd 75 LAURIUM, MICH. Stats Savings Bank Bldg. Phones 480. 605 and 820 Gay & Sturgis 50 Congress St., Boston, Mass. Members of The Boston Stock Exchange DEALERS IN Bonds and Stocks, Listed and Unlisted Our faclltles for handling your stock business Is unsurpassed Direct private wire to Hostqn, Duluth and Houghton. Also direct connecMon with Hornblower & Weeks, Members of the New Y ork Stock Exchange, with offices at Chicago and Detroit. i P. W. GRIERSON, Met. OFFICE 108 FIFTH ST. PHONES S:e) AND 840 OUR FALL OPENING OF MILLINERY Monday, Tuesday and Wednesday October 3rd, 4th and 5th WE INVITE YOUR ATTENTION and INSPECTION The latest autheiUie styles of the seamn are di.pluye-d in rich pr -fuhn. Pattern Hats and Imported Mtxbis. almK with beautiful crea tions of our evn workPMim. sh'twing in a complete- manner all that i newest and must fashionable for -all and Winter Wear. Miss N. D. Johnson flecla Street No Cards Laurium and the stock came back easily to Its previous level. i Cumberland-Fly looks the best of the- low-priced coppers. , This Lake Copper acted well yes terday. ltuyiiiK was extre-meiv hiah flass. although there was no news from the property to ae-eount f r it. The domestic demand for the metal Js the encouraging fac tor in the situa tion. The most aKgre-ssive pessimistl ' are the domestic agents of fore ign con sumers. J. A. Minne-ar & Co. Paine, webber &. co.'s gossip ' September mim.' outputs are-: Mo hawk, 1.207. "oo pounds, an Incre-ase of ll'it.TOu pounds compared with tin output for tho same month last year. The August output was l.uio.ooo pounds, the Wlverine output for September was I.ol'.Too pounds, a de crevisi of ".coo pounds from the output of the same menth last year. The August output was l."4fi.("0 pounds. The Shannon output for September Is l,r.62.000. pounds of fine copper, nn Increase ef If.J.OoO pounds from Septemtier last year. "Vhamplon. 2.4rt.OOO Increase 47, Ooii; Halt ic. 2. ."42. oo I ounds Increase, 3.1S.0M0; Trlmountaln. 72S.OOO Increase 4.OH0 peMimls. These compare with previous years. The report that a deal whereby tin Mexican Mining propertie-s controlled by the rhelps-Iodge company and by the Cole-Hynn interepts have been cemsolidated Is'detlared to be prema ture. It Is s;ild that the relationship between the two Interests In the siuthwe-st have always been friendly and that tin re are negotiations now u-ih-r way w hh h may eventually Back in Town Again ? Hope your vacation did yu go id. And all those polled gow ns send them to tho CALUMET DRY CLEANING AND DYE WORKS for freshening and cleaning. A wardrobe filled with clean. we-ur- able garments will ke-ep you smiling. Phone 640 bring these Interests Into s closer friend?!iip with a view to operating the pmpe-rMe's more economically. In ad dition It Is said that negotiations ar also under way whereby the' mining interests eif both the Cole-Hyan Ami l'he-lps-lodge parties In the IturrNi Mountain district will be brought Into a closer working agreement. In thq event ef this deal bein suecessful h large concentrating and smelting; plant w ill be constructed. SHAKE INTO YOUR SHOES Allen's KeKH-KAM. S powdi-r. It cum painful. PUiitlyiAetliestlngoiileif corew nil bunion. It' the eiviMt comlori amcorvryoi me vi-. aiito i Koeit-K makentlcht or WW fi-1-les.'jr. It l s rrum cure for fwmiint, calloiis. weriirn, timl, selling fwt. Try it to-iiay. holtl tJ sit Irncsl's suit Mio Mnr. By mail for ?V. plump. ,.'f.Yv;'l.nfi''i'. Trial l knge tUfc-K. A.Ulre-s Allen A. Ulrontvd, Le Hoy, N. 1.