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Newspaper
Anaconda Standard
Location
Anaconda, Montana, United States of America
Date
Jan 18, 1921
Page
10
Market notes Jan 17 report persistent export demand lifting wheat futures in Chicago. Prices closed strong with gains around 2 to 4 cents for nearby and May contracts amid broad gains. Corn futures stayed buoyant on liberal export buying while provisions moved higher. cash quotations show No 2 red at 2 dollars and No 2 hard at around 3 dollars.
Variable gains among industrials utilities and specialties and moderate losses in rails marked today s dull session on the New York Stock Exchange. Total sales were 13 350 000 par value with new mergers rumors buoying favorites while Western rail tonnage fell and money rates held steady at 6 percent.
The broker roundup notes a listless start for stocks with a late-hour rally in select issues. Copper shares firmed as Anaconda rose from 37% to 39%. The railroad group stayed strong but gains were fractional. Merrit Oil declared a regular 26¢ quarterly dividend. Standard Oil of Indiana planned to form Standard Oil of Wyoming to acquire Midwest Refining, while a general rise in the federal reserve index signaled improved banking conditions. Archie Roosevelt arrived from France to arrange direct marketing of Sinclair products to France. Anaconda led a broader uptick in copper stocks amid rising market interest.
The Davis Daly mine in Colorado plans to cut output to align with copper producers, targeting about 720000 pounds of copper per month. Hibernia mine will maintain current production levels, shipping ore to the Bast Butte Smelter. December shipments at Hibernia were the highest, averaging 18 ounces of silver per ton, aided by coinage silver payments. A separate Cascade Mineral and Oil Development company seeks $250000 capitalization with 170 claims in Neihart district, planning exploration tunnels and on-site engineer in weeks. Spokane capital shows interest. State freight reductions on ore and livestock for Northern Pacific and Oregon Short Line may extend to Montana smelters on the Great Northern, improving Neihart ore profitability. Great Northern is expected to adjust rates. Henderson bill interpretation on assessment work extension to July 1, 1921 explained by Congressman Mays. No filing required to use Henderson bill provisions for extended assessment grace.
The United States Geological Survey reports 1920 gains in mine output for zinc and lead after 1919 declines. Western states show strong zinc ore recoveries, with total zinc and lead outputs and prices tracking varied market conditions through year end, including the rapid fall in zinc prices from early months to around 40 cents per pound.
Livestock receipts and price notes from multiple markets show steady demand with mixed higher bids for certain classes. Cattle and calves in Omaha and Spokane report notable activity, with top quotes around 9.40 for select cattle and ewes around 4b0 to S75, while general run remains uneven and inputs vary by lot and weight.
The 1920 zinc market saw wide swings with lead and zinc prices rising early then falling sharply by year end. Domestic ore output totaled about 449000 tons, plus 14000 tons from foreign ores, while total distilled and electrolytic zinc reached 483000 tons. Retort activity declined from midyear, and the market absorbed foreign zinc at New York prices, ending the year weak as imports grew.
At the annual meeting of Butte & Plutus Mining Company directors were elected: John Harrington T Tomich Sam Barker John Moyle Clement Steinmetz and Wheeler Bachman. The board later chose John Mosse president T Tomich vice president Shelby Irvin secretary treasurer and M S Cohen attorney. The president reported full force operations on three shifts at the Butte property with a new 300 foot level electric pump solving the water issue. Sinking continues from the 31 level with plans to cross cut veins and drive about 250 feet, aiming for a jack of 800 feet on the Norwich Mapleton vein, signaling strong development ahead.
New York money notes for January 17 show prime rates around 3.75 percent and various cable quotations. The franc demand stands at 6.21 francs with a 32.88 cross rate. French francs, Belgian francs and other currencies also appear with related month and rate details. The trading scene includes Pauls and steady or lower rates, with closing bids and terms noted.
Nine carloads of sleek Montana cattle were loaded on Union Pacific cars at Divide yesterday for San Francisco. The late pastures and mild winter yield a fine bunch, though stock prices are low versus other years. Wheat production costs exceed current prices, limiting profits.
Bonita notes show a small turnout for a ladies club meeting with a 1 PM dinner. Several residents and visitors are listed visiting Missoula and nearby towns, including Mr and Mrs Frank Roberts and Minnie Roberts who plan to go to Iowa. various locals like Curtis Hutchins and W T Brown are noted in Missoula and Bonita on recent days.
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