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Newspaper
Anaconda Standard
Location
Anaconda, Montana, United States of America
Date
Jan 07, 1916
Page
13
Copper prices approach 25 cents with domestic buying steady and foreign demand rising. New York reports electrolytic copper at 24 percent cents for February delivery, with producers seeking similar rates for subsequent months. Scarcity of supply drives the ascent, banks loan against copper stored in local warehouses as British and French demand remains strong.
The Norman Mines company has leased and bonded the Last Chance group adjoining the Great Western mine near Northport Washington. The group, developed to 506 feet, has produced over 300000 dollars from Tead ore above the 450 foot level. A 100 ton tramway will cut hauling costs. The veins are expected to converge on Great Western ground as development proceeds.
The midyear review to Secretary of the Interior cites a strong mining revival with Western states lifting metal production in value by over 130 million dollars from 1914. Copper, iron, and zinc lead gains, with copper mines setting new value records and overall 1915 potentially the nation’s most productive year. Gold and silver output rise, quicksilver up, and coal production slightly up with steady export demand.
A 1915 industrial summary notes a slight rise in total U S petroleum output over 1914, with 291 4 million barrels produced and 267 4 million marketed while 24 0 million were placed in producers field tankage. The sulphuric acid sector expanded in strongest grades, cement output rose modestly, and prices dipped slightly before year end, with optimism for 1916. Western states led metal mining gains, copper in Arizona topped prior records, California gold yields reached a 42 year peak, and Alaska saw boosted gold and copper output making 1915 notably prosperous.
Twenty million dollars is bid for the ten million dollar Kennecott Copper 6 percent convertible bonds floated at par eight months ago. Underwriters offer to purchase at 200 cash or four Kennecott shares per thousand bond, or 208 if stock remains above 32. Higher values apply to Braden issues with 300 cash offer or 3.910-18 shares per 500 Braden bond. Other convertibles like Ray Consolidated, Chino, and American Zinc show various current values from conversion. Phone Stock Exchange for details. secretary’s office at 41 Main Street.
Dividends paid by mining companies operating in the Spokane tributary for 1915 total 10,360,060 with revised figures from W. H. Button and Walter Nicholls & Co. Spokane brokers. The Northwest disbursements since profits began total 83,285,455. Metal producers show 10,511,250 last year and 50,088,811 since past years. Alberta and British Columbia coal and coke firms paid 3,248,858 since operations began. Many companies listed have suspended operations.
It is estimated that not more than one third of RTOs are distributing dividends. If correct, the report signals wealth gains totaling about 250,000,000, with corporations facing notable impacts on earnings and shareholder returns.
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