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Newspaper
Anaconda Standard
Location
Anaconda, Montana, United States of America
Date
Jul 02, 1915
Page
10
A weak market on the exchange yesterday saw little public buying until prices steadied. Copper and steel stocks showed mixed moves with some gains near close. Reports note shifting balance of trade and domestic financing pressures as influential factors shaping a cautious mood among investors.
In New York the Armenian sinking affected sentiment with speculators active for a cautious forenoon amid statements of fresh assurances from Washington. Short covering and adjustments in long lines trimmed losses, while mixed calls for copper exports and grain markets showed only slow improvement as credit hopes begin to influence tone.
The Chile Copper Company rises as a new giant in copper history. Promoted with single backing, it aims to outproduce Calumet, Anaconda, and Utah by leaching ore with sulfuric acid and using a steam shovel method. First unit targets 10 000 tons monthly, expanding to 90 million pounds annually, while New York’s market eyeing the issue amid a world demand surge for copper.
Rumors persist that Andes Exploration is controlled by Anaconda Copper Mining, with William Braden leading exploration in Chile. If true, Anaconda plans outside the U.S. mark, possibly funding a large Portrerillos deposit near Pueblo Hundido, connected by railway to Chanral port, promising significant regional mining development.
Trading at today’s sale was limited with tone thinning especially for combing merinos and rossbreds. Merinos advanced 10 to 15 percent, while rossbreds rose up to 10 percent. Home trade remained active, best trade for scoured wool at Queens Americans, greasy and scoured merinos sold. Board of Trade authorized export of tops and yarns from America to Great Britain under conditions. Port shipments and metal quotes noted with receipts for hogs and sheep.
Reports from Lamp Gat Rimi indicate about 50 tons of ore are milled daily near York, with 60 feet of ore in sight and potential regular shipments this winter. Promising veins, galena and lead-silver ore, with values from 3 to 49 dollars per ton, and talk of bonanza prospects surround Centralia group prospects two miles south of Blowsburg as operators push shafts and a tunnel exploring a 3 to 4 foot vein.
Chicago markets show wheat supplies tight with old-crop stocks small and new-crop not yet received. Prices move with July and September contracts while corn and oats firm on seaboard demand. hogs, cattle, and sheep receipts mixed as market activity slows in a volatile trading day.
The article details official monthly copper prices up to June 4 with average near 19 to 20 cents per pound, notes wage outcomes for miners, and cites market behavior for copper, lead, and spelter. It mentions Anaconda selling 10 percent of expected output, and European copper stocks and London market conditions. Also includes Minneapolis grain futures and a quarterly dividend of 172,000 dollars declared by a company, payable July 24, with transfer books closed July 9 to July 18, 1915.
The story details F. Samuels of Wallace Idaho, a banker and farmer turned mine owner, who through self-financed effort built the Hercules and Success mines. He gained control of the Wallace Bank, transformed it into Wallace National Bank, and sold key interests including the control of the Stewart mine for substantial sums, shaping a prominent mining career amid regional rivalry.
In New York CLUM July 1 the Panters Club of America unveiled its new Equitable Building quarters claimed as the world’s largest clubrooms spanning 180000 square feet. Furnishings and equipment cost 750000 dollars. The board includes top banking, business and legal figures who oversee over 2 billion dollars in assets. Also noted was a 1000000 acre cotton area under call in the United States with crop condition at 80.3 percent of normal on June 3. Dr Henry Aldrich of Minneapolis was elected president of the American Institute of Homeopathy with Baltimore slated as next year’s meeting site.
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