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Newspaper
Anaconda Standard
Location
Anaconda, Montana, United States of America
Date
Jul 04, 1906
Page
17
Traders note bears grow cautious and slow liquidation with few signs of New York action. July 3 sees covering of outstanding contracts amid a light market mood as professionals prepare for a holiday and avoid urgent bullish moves.
The American Smelting and Refining Company has leased and bonded the old Keating and Blocker property in the Radersburn district and begun development on gold-bearing pyritic ore used for fluxing. The advance aims to open up the vein and assess value, with pumps ordered to reach deep levels and two stations planned as work proceeds.
The Columbus-Butte Mining company plans to let the Jennie Dell mine lapse on July 1 after failing to raise 48,000 for purchase. Machinery has been sold to East Butte Extension, and leases revert, signaling losses for Columbus people. Lexington mine Work proceeds with unwatering, new electric pump, and potential expansion. ore shipped to Basin concentrator with Red Metal holdings, while Basin smelter plans surface. Rumors of a Basin plant revival and Tonopah line development circulate as operations adapt to water and equipment issues.
The copper market remains firm despite claims of rising supply and falling demand. Reports from Boston News Market indicate about 10,000,000 pounds sold last week in New York, driven by wire mill buyers and London market breaks. Major buyers seek steady supply for year end. German and Chinese demand shown as active, with rail excursion offers to Denver and Chicago routes advertised from Butte, including special trains and sleeping car services.
A new engine at Butte ore plant began raising ore yesterday and will rotate to 1000 ton output by mid month as skips and skip pockets become ready. Present cages and care handle ore now, with machines expected to boost speed once crews are familiar, increasing ship output thereafter.
Salt Lake City reader notice announces a special excursion train package from June 38 to July stopover with $40 tickets. Travel goes from Salt Lake City via Los Angeles to Southern California aboard the finest West Coast train. For details contact JH Burtner, DPA, Salt Lake City Utah.
Chicago July 3 market action opened weak on free selling as pit traders speculated weather favored cattle and grain. Reports of deteriorating spring wheat due to excessive moisture spurred shorts to bid, while corn moved early but firming with lingering demand. By noon buyers steadied, pork led a sharp rise in provisions as local shorts pushed prices higher, with September pork and lard futures posting gains. Cattle and hogs posted strong to higher moves, with varied prices across classes and robust demand noted for stockers and feeders. Meat markets remained active through the day.
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