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WEDNESDAY, JUNE 22, 1310.
THE CALUMET NEWS. 5 CI J LJ i i i - .i 1,1 1 rH fir What to Expect When you jy n pair of "bargain" shoes you gen erally expect and nearly always get cither poor fit, questionable stylo or poor wear. On the other hind when you buy WALK-ov ICRS you Ret Justvh:tt yoU pay for absolutely perfect lit. up-to-lhc- minute utylu unl the extreme limit of service. And the prii-u of WALK-OVER certainty of satis, faction Is only $3,50, $4, $5 Ffth St Ml THE BEE HIVE SHOE STORE Phone 390 Calumtt TTT Mining N PAINE, WEBBER & CO.'S GOSSIP. Globe-i-The churn drill hole No. 5 Bunk on the Live Oak property 1,100 feet "west of the shaft and 300 feel north of It, Is sinking In u fine grade of ore. The ore was llrst encountered 320 feet from the surface yesterday and the drill I J still Kinking In it at n depth of 400 feet, hum drill hole No. 30 passed through 100 feet or ore and the drill formerly there is being moved from the new location. All six drills sunk on Live Oak hind have pene trated ore for thickness varying from 73 to 173 feet. The average copper content of the material found In the drill holes is 2.5 per cent. Drill No. 7 will bo sunk 700 feet south of the shaft ami 300 feet west of it and should this hole encounter ore us la j probable, tho ore body will be 'shown I to have a greater southern extent than was ever anticipated. ' The Victoria Copper company's pro duct for May was SS 1-2 tons. Exports of Copper 'Monday were I. 116 tons and total since June lsi, II. GD4 tons. Huttc wires No dividend declared in Tuolumno yet. Their report reads In part: We have for the present de cided It is best to accumulate a treas ury fund and defer payment of divi dends till such time as we can place the company on a sure and certain dividend basis. We cannot promise definitely Just when we will reach a dividend basis but hope to do so with in tho present year. The report shows cash on hand May 31st, 1310, $308, 14G.07. The North Putte directors authoriz ed the giving out of tho following statement accompanying tho an nouncement of a 20 per cent, dividend, payable July 23d. 1010: At the present time an extraordinary amount of de velopment work Is being vigorously prosecuted in the North llutte mines. Two shafts ure being opened, devel opment work on both Edith May and Jessie veins .prosecuted on 2,ooo and '2,200 foot levels and below tho 2,20 level on the Edith May, as well as ex tensive development of the Croesus claim, the remaining part of which was recently secured and of contigu ous property. The development work Is disclosing additions to the ore re serves in the mines. The wiiro 1m low the 2,200 foot level of the Edith May keeps dlsloslng high grade ore and the development work on Croesus claim and contiguous property Is dis closing ore of excellent grade. In view of the development work and ad ditional expenditures required for this purpose the directors deem It .prudent at this time to declare a dividend of 30 cents per '.mare. A complete re port, of the mine development and analysis of ores developed will be for warded to stockholders with dividend cheeks. The Grocne-Cnnanea Copper com pany had on Dec. 31st, 1900. a cash balance of J3.327 against J9.S6S on the corresponding date in the preceding year. In the third annual report, President T. F. Cole says: "To dale tho company has acquired. 9H.0S7 shares of capital stock of Greene Consolidated Copper company and 500,758 shares capital stock of Can. Central Copper company. No divi dend disbursements were jnade Vt.v cither of these subsldarles companies the past year. Tending receipt of divi dends, arrangements were mai'o to borrow $10,000 from the Cananea Cen tral Copper company to meet current expenses for the year. During the lat ter part of the year there was ac quired by our subsidiary companies the outstanding stock of the Indiana Kenora Copper company, the Mexican corporation of which Is known as the fMcrra-Dc Cobre Mining- company.. P. A. We consider this property a vul uahle addition to our holdings In the Cananea district. Salt Lake Fire reports at the Chief Cons., are greatly exaggerated. The blacksmith shop was damaged to the amount of about $300. This was the only damage, other buildings not be ing touched. The first didn't get In side mine. It will only s.top about two hours. proportion of the many veins uncover cd have as yet been drawn on. The 00 tons of ore that S. & P. Is shipping to the Old lfcnniiiion smelter comes from the Nth level of the Mc Gaw shaft. Underground developments continue encouraging. The U. 8. Smelting, Kenning and Mining Co., has declared a regular quarterly dividend of 1 per cent, on common and 1 on preferred stock. The mineral product of the Victoria copper mine for May was SS'i tons. The Utah Copper company bond Is sue Is explained, Chas. McNeil, prres dent of the Utah Copper company, has Issued a circular letter to the stock holders of the company, notifying them of the proposed Issue of $2. ."00,- 000 six per cent, ten-year sinking fund gold bonds. In view of the plans of the company In connection with the enlarcement of both its Magna and Arthur plant, which Is progressing and which will bring the total capacity up to near lS.ooo tons of ore per day, limelv nrovlsion must be mado for the transportation of this Increased output. Glroux Is contemplating sinking an other new shaft. Four churn drills urr working on the property. (Joldlleld Cons, earned $723,306 for May. New Baltic will start to sink Us shrift this week near the No. 2 drill hole. T.ike producers are not anxious about taking on contracts for future deliveries. They generally believe the metal will he better. Spot U offered around 13 cents. An engineer representing a promi nent New York and Boston Hanking house Is making an examination of the Hulte and Superior property with a view to financing the company by means of a bond issue. Franklin's two shafts will be con nected at the 15th level by next Mon day. Nevada Consolidated is expanding its steum shovel operations by open ing another pit known as the Liberty. New Arcadian's latest diamond drill hole Is down close to bedrock, apparently having entered a mass of boulders. It is located In the middle of the southeast quarter of (Section 17, and Its object Is to perforate the good looking lode that was cut by New I initio's drill In the northwest quar ter of Section 16 a short time ago. Inspiration has Its Colorado shait 4S feet deep. Drill holes in this, the northwesterly section of the property, indicate continuous ore for a distance of 1.100 feet. Tho Snow Storm (Mining company has announced a dividend of l'i cents a share on 1,500,000 shares. pound. It Is estimated that last week! about 25,000,000 iunds of copper were sold for domestic and foreign consump tion. So far no large blocks of copper have been Bold to Europe. News Uu reau. ' . j. Globe, Ariz., June 22. Drift No. 610 has entered ore on the Pluck Hawk C00 ft. level, 350 feet west of the Eure ka shaft of Arizona-Commercial. Ore assayed 3 per cent to 5 per cent copper. The width of the ore has not yet been determined, as the drift has not ad vanced far enough, but It looks very good. News Pureau. New York, Juno 22. Trader who took the bull side of tho market (Mon day have had an opportunity of taking profits and in a good many instances have done so. The market this morn ing has had a much better tone than for some time past. It hats been an easy matter to sell stocks but at times difficult to execute buying orders In inactive stocks. Re lMrts from tho northwestern are as suring and although boars who sold stocks yesterday morning on the so called bad crop outlook, and have tak en them back this morning at a loss, will undoubtedly repeat the operation Just as soon us they have any encour agenient. On any such .selling move inent I would buy stocks. J. H. Wain wrlglit. lioston, June 22. Interests lndentl- fied with the Shattuck and Arizona Copper company were In conference with officials of the Boston Stock Ex- clwingo yesterday with regard to possibility of listing it on exchange Tho Shattuck Arizona party Included Thomas liardon, banker and timber- man, Ashland, Wis.; I C. Shattuck banker Hisbeo. Ariz.; J. O'Conncl attorney, Itisbee, Ariz.; John O. Wil Hams, Duluth, Minn.; Engineer Weed of I'robert &. Weed, New York, sue Norman E. Lumond, assistant secre tary of tho Shattuck Arizona com pany, lmiutli Minn. :sews uureau. C. & O 81 tt Cons. Gas ....... .138 Vi Colorado Fuel 39 Crle ...... ... 17V4 Illinois Centrul 133 L. & N H6'4 Locomotive 44 New York Central .116 Northern I'uclflc .'..125 Pennsylvania i ....... 132 Heading 156 Rock Island 40 St. Paul .....127 Smelters "7 Southern Pacific 123 Sugar 119 Steel pfd. 116 Tenn. Copper 23 Union Pacific ..172T IT. 8. Steel 78 Western Union 63 Mi 82 Vi 130 36 28 134 148 44 117 127 133 158 41 127 78 124 123 116 25 174 79 G3 GREENE-CAN A NEA. UNLISTED STOCKS. J. A. Minncar &. Co. say today: Considering tho trend of the mar ket during the last few weeks, slocks were quite firm. Tho New York list closed with advances from one to two nninu nnlte cencral. Copper shares were also in better demand. C. &. A was un two points to 55. Old Domin ion on news from the mine crossed 38, an advance of almost 10 points within the past 10 days. Tamarack was also n strong feature selling up to 52. A rise of 8 points from its recent low mark. While the volume of business done was by no means large, It seemed as though the public was more friendly disposed to the market. Hancock was a feature on the curb, trading as high ns $20. There Is no special news from the mine to account for the advance. There was an effort made to boost C. & M. but as yet it has had little ap parent effect. I S. & A. are negoiatlng for refinancing the property, and It is possible some early developments may be announced. S. & B. sold up to 1 10 again. STOCKS Bid J. A. Mlnufsr & OO Arizona & Michigan 35 Ahmeek lco Rutte Ralak I'.ohemia Chemung Chief Cons Col. Cons Cordova Cortes Vhino Calumet & CorMu .. Calumet & Montana 16 6 1 2 11 .30 1 Boston. Bullish sentiment is grow ing. The big Interests have taken tho long side of the market for tho time being. Crop news Is better and the shorts arc in a bad position. Confi dence is returning very slowly, so that the buying power is small but on the other hand selling has ceased almost entirely and fluctuations are wldo on ii... ..i.iililo Wn took fur a continuance of this c reeping upward movement and ruln Copper . . .. . ,,. Cactus ' aoviso covering biiuiio hum on any reeesnions. The market from now on will bo governed largely by the condition of the crops and we shall have erratic fluctuations but the grad ual trend of the market will be upward and we think we have seen the lowest prices for some time. Foster, of Paine Webber & Co. work MINN EAR A CO'S GOSSIP. Information received here from Nlp- plssln from men on ground Is very favorable. Tim company has a large acreage of -which only one-half has been prospected and only a very small GAY & STURGIS GOSSIP. - Boston. Juno 21. Jas. P. I helan of Hornblower & Weeks say: "To me the market' looks ns though It had sold to a standstill and for the next ninety days, or until politics again be gan to bother us, prices ought to be better. Liquidation has been drastic but seems to have run its full course, as Is Indicated by the large reductions In brokers' loans since the first of the vear The short interest at the pres ent moment, Is of such proportion.. that as I view It, It may at any time become unwieldy and precipitate what we very often refer to as a cnr panic. Of course, somebody has the stocks but I do not think it is me On the contrary. I think siocks rule are strongly held, and I am movement on the pari holders of securities that will create very . - active market with higher pr ces. which may bring about conditions will permit of a distribution ni ..-.. ,,(,,dlnRs or a considerable portion Ih'reo? prior to our fall Hocllona. Thcv will have ns material aids in do ing this, in n.lditlon to the technical pn".on of the market at the presen Ume. the adjournment of congress shortly, cheap monc,. t least for a wnne io,.B.-. . . ni.m f.r business nt the gradual rcsiomn confidence which the country at large so m to be now undergoing and what , more important than all else be-th-v nre the backbone and sine 3U.T.ta.tM " this country, crop, that promise to be bumpers. Sales of corn- low. as looking for a of the present very tlnuance vnrir Jane n;17;vPly small bloc ks of copper -ore reported yesterday nt Boston. Mass., June 22. Weather reports over night wero favorable In dicating an exaggeration of yester day's news and the general list Im proved both in prices and volume of transactions. Coppers were also .firmer and tho entire market, situation has changed for the better. This Is the season for crop scares and from time to time they will occur causing setbacks but the general trend is upward and prom set to continue so for some time to come. Coppers mu.st participate In part at least. Irving J. Sturgls. BOSTON STOCKS. (Pslne, Wtbber nnfl Co.) Did. Asked , 66 66 5 Bid Amal Adventure Allouez 42 45 Arcadian 5I Atlantic T 7 Boston Cor 13 13 Butte & Balk H IS & & 54 55 C. & II 545Bld Centennial 17 17 Coalition 19 19 Cop. Range 83 64 4 Daly "-ost 8 M East Butte 7 8 Franklin 13 12 Olroux f (Iranby ..J 37 ' 37 Oreone Can 7' 7 Hancock 19' 20 Helvetia 2 2 Indiana 17 17 Islo Royale 18 18 Kerr Lake ... ' K 8 Keweenaw 3 4 La Salle 12 Mnss 8 9 Miami 20 20 Michigan tt B Mohawk ' 49Rhl Ask-d .45 170 16 7 9 1 .65 1 o 7 " H 11 .40 1 7 2 1 3 8 1 9 6 7 7 89 Davis Daly 1 Denn Arizona ' 3 East Butte 7 Ely Central 1 Ooldflcld Cons 9 OI la 6 Olroux 7 Olroux ' "' 7 Homostakc .... ... 86 llermlna k .25 Helvetia 2 2 Hancock ... 19 20 Indiana 17 17 Inspiration 8 8 k'l.u'wnnw .1. 3 4 Kerr Lake '. 8'i Keating l1 l' La Rose ' 1 4 Lake Copper . 64 65 US. &A 1 IV, Live Oak 20 20 Miami 2 20 Montana Clinton .05 .10 Natioal 25 .28 New Keystone 4 4 New Baltic ' 6 7 Nlplsslng 11 H North Lake 11 12 OJibway 7 7 Oneco 3 3 Ray Cons 17 17 Ray Central 2 2 Sierra 2 2 Shattuck ..v 25 26 Santa Rosalia . ; 40 .45 Superior & Olobe 30 .35 Superior & Boston 9 10 Superior &. Pittsburg .... 10 11 South Columbus .06 .08 South Hike 5 Tonopnh ..... 9 9 Warrior 7 7 Yuma ' -60 .70 The report of the Orcene Consoli dated, the prlnclpul operating subsi diary of the Oreone-Catiunoa for tho year ended Sept. 31, 1900. is published. As in past years, this is a record of splendid operating efficiency on tho part of the management under con siderable difficulty. In the three years that the property has been under Its present control, tho cost per ton, which Is, of course, tho true measurement of operating ef ficiency, has been reduced from $10.21 to $5.45. Tho fact remains that its to tal cost4 of production is high, due partly to the unfavorable nature of tho ore and partly to Its lower grade. Tho operating costs per pound were about the same as for the six months from July to December, 1008, but there was spent considerably more In con struction, bringing the total cost per pound up to 11.64 cents, as compared with 10.5; hence, the net earnings on an output valued at five and one-half million dollars were but one-tenth of this amount, $544,000. equivalent to about 20 cents a share on Oreene- Cananea'a two and one-half million shares. The report gives one the impression that a tremendous amount of effort has been expended In bringing this proposition up from a very sickly con dition. This effort, and the results ob tained by the operating management, are entitled to credit, but from a mar ket standpoint earnings of 20 cents a share scarcely call for a great deal of enthusiasm. It Is quite evident that the grade of Oreene Consolldated's ore Is already perilously near the commercial limit, and it Is perhaps a little unfortunate that no numerical estimate Is given In the reports of the commercial ore re- if tuKn nre as large as Is commonly supposed, it Is rather sur nrlslng that this company should not be given an equipment corresponding to its capitalization. Oreene-Cananea has easily the larg est share capitalization of any Inv nortant mining company, and should t lii nronortion. If the stock Is to be of any value as an In vestment. iir.auit.ltf ho manacement has been too busv up to this time In the re habituation of their property to give this matter Us due attention, but It Is plainly something that calls for Immediate action on a large scale. True, the advance sheets of the re ports sieak of an enlargement of the plant that will permit of an output of six million pounds monthly, but even with an output of seventy million pounds a year it Is as plain as a pike staff that C.reene-Cananea. with 2.500. 000 shares, cannot earn anything sub stantial per share on anything like a normal metal market. Hayden. Stone & Co. Established 1880 Paine, Webheir & g?o. Members Mew York Stock Exchange Boston Stock Exchange New York Cotton Exchange Chicago Board of Trade Duluth Stock Exchange GURB STOCKS CIVEX SPUCITIL 71TTKNTIOX MIIVTITK Wlltn TO TILL M7IKKETS Calumet OfficC'Pninc Webber Building M. J. O'BRJEX. ?es. Mgr. Tclcphoncs-826. 827 and 828 The Market at a Glance NEW YORK STOCKS HIGHER. COPPER SHARES ADVANCE ON BETTER DEMAND. TAMARACK AND OLD DOMINION HIGHER IN BOSTON LIST. HANCOCK AND LAKE GROUP FURNISHED THE BULK OF THE CURB TRADING TODAY. J. A. MINNHAR & CO., Brokers CALUMET, MICH. LAURIUM, MICH. PRIVATE TELEPHONE EXCHANGE Nov. Cons 19 Nlpllng North Butte 27 No. Lake H OJibway 7 tild Dom 38 Osceola 133 Parrot 1 Qulnvy 73 Ray Corns 17 Shannon lol-4 S. Sc 71 10 Sup. & Pitts 10 Sup. Cop Tamarack f'0 Utah Copper V. S. Tng. ITtah Cons. Victoria .... Winona . . Wyandot ... Wolverine . 40 .. 21 3 ... 8 .. 12 ..112 19 11 28 12 8 38 135 15 75 17 10 10 11 45 52 44 41 21 3 8 2 114 NEW YORK STOCKS. Ooy ana Fturgls furnish the foIJow. Ilns New York quotations: Amalgamated '4 American Car Fndry. ... 55 56 Anaconda 41 Atchison I" B. & O "2 I" R ft. T 79 70 Canadian Pnclftc 195 196 CLOSING GRAIN LETTER. Chicago, Juno 22. Wheat Almost our last suggestion after the close yes terday was that n break In the dry weather northwest with anything like general rains for any portion of the spring wheat country would result In a break of several cents In this market. The northwest got the rains and the market had a break. At the close It looks like rather thorough liquidation by locnl holders. If showers predicted appenr on tho map In the morning there may bo some further selling. Should the forecast fall and the map turn hot again It will be necessary to be very cautious about pressing tho selling side of tho market after this sharp break. Corn Bceauso the corn belt was still dry and hot tho market did not yield quickly with wheat this morn ing. It was not until about mid-day that corn had an additional break of pearly lc and low prices wero made shortly before the close when wheat had Its fourth weak spelt for the day. Rain Is predicted for Nebraska and If the big corn states all get some relief a little further concession In prices will not be surprising. Logan & Bryn to Paine, Webber A Co. LOCAL BREVITIES. Attorney Al. E, potermann has gone to Chicago on a short business trip. Miss Ethel Oray has gone to Bay View, Mich., to spend a few weeks. John T. Dunn has returned from a trip to Grand Rapids, Ionia and other cities. - ' Mrs. R. Conway I home from Orand Marals. where she has been visiting. Frank (Butch) Kemp Is confined to bin home with nn attack of rheum atism. SUPERIOR & GLOBE. A change of ground which may mark the opening of a new vein has ... i.n.n i.iicoimtored In the crosscut driven north from the shaft on the 650- foot level of the Superior & Clone property. What Is apparently the foot- wall of n vein was penetrated a coupie of days ago and since that time more broken ground has been struck, con taining traces of copper In the form of stain. A great deal of iron is aiso pres ent. The crosscut lias been driven to date 475 feet northward from tne snau. For the past weeks, no other under ground work has been done except the driving of each crosscut. The surface showing of the property Includes sev eral outcropplngs north of the shaft and the crosscut on the 650-foot level Is believed to be entering the vein In dicated by one of these cropping. Supt. II. V. Snell, who has boon In Risbee for the past several days, re turned to Olobe Friday evening. Silver Belt. Gay & Sturgis 101 Milk St., Boston. Mass. Members of The Boston Stock Exchange DEALERS IN Bonds and Stocks, Listed and Unlisted Our facilities for handling your fetock business 13 unsurpassed. Direct private wire to Boston, Duluth and Houghton. Also direct connection with Hornblower & Weeks, members rf the New York Stock Exchange, with offices at Ch"ago and Detroit P. W. GRIERSON, Mrt. OmCE lr TIFTH ST. PHONES 813 AND 814 The members of the board of review of Calumet township completed their work of inspection yesterday afternoon. D.,S.S.&A. RY. E&cytrsion Bylletio June 1 to Sept. 30. Low Round Trip Summer tourist fares to Eastern Canada, New York and New Eng land. Optional Routes. June 3 to July 30. Every Friday, low rates by train and steamer to De troit, Toledo, Cleveland and Buffalo. June 22nd. Last of the popular Spring Excursions via the D. & C lino to Detroit, Cleveland and Buffalo. June 29th to July 3. Annual Conven tion National Educational Associa tion Boston, Mass. June 28-29. Summer Ceremonial Ses sion, Ahmed Temple. July 2, 3, 4. Low rates for Independ ence Day. July 6 to 10. National Convention of Elks, Detroit July 12 to 19. Annual Pilgrimage to St. Anne f Beau pre. July 20-21 Sons of St Oeorgo Re union, Inm Mountain, Mich. Aug. 10-11-12. Firemen's Tournament at Sault Ste. Marie. Sept. 2-10. Eucharlstlc Congress, Mon treal. . A. TENNYSON PRYOR WARD B SMITH Phones 818 and 810 South PRYOR & SMITH BROICERS 37 Isle Royale St., Houghton, Midi, Direct Private wires to Boston and New York Stock Exchanges WM. DUFFNEY, Manager CURB MINING ISSUES A SPECIALTY. Reliable Information from Competent Mining Engineers and Corres pondents in the Various Mining Campe at the D'spotal o Our Clients. CALUMET STATE BANK Capital $100,000 Surplus $30,000 OFFICERS THOMAS HOATSON, President. . EDWARD -ULSETH, Vice President. .). W. SELDEN, 2nd Vice President. F. J. KOHLHAAS, Cashier. WALTER EDWARDS, Asst. Cashier. INTEREST PAID ON SAVINGS DEPOSITS Excursion- Fares COPPER RANGE RAILROAD Watch for announcement of othet excursions. For particulars apply to Ticket AKcnts. lUKTON. MASS., July 2-8, National Educator's Association. DENVER, COUUIAIM), July 19-22, National lKntal Association. DITTEOIT, M1CHIC.A.V. July 11-17 Grand Iolge order of Elks. IRON (MOUNTAIN, MICHIGAN. July 20-21-22. Sons of St. George Reunion. LOS ANGEL.ES, CALIFORNIA. July 11-16, American Institution of Homeopathy. OMAHA, NEURASKA. July,18-20.Natlonal Association of Adver tising Clubs. PORTLAND, OREGON, July 19, Ancient Order of Hlhernlatu OMAHA. NEBRASKA, July 20-23, Saenstbnnd of the Northwest. SARATOGA. SPRINGS, NEW YORK, July 7-10.l!a.pllst Young Peoples' Reunion. QUEBEC, July 12-19, St. Anee de pea n pre. Full particulars given by Copper Range Railroad ticket "agents. It J'1. f 0 H ft: t J r ;: ; I 1. 3d