The copper country evening news. [volume] (Calumet, Mich.) 18??-1907, 1896-06-17
MINING.
stocks
Our Boston letter.

BosToN, Mass, June 10, 1896.
Pioneer developments are becoming
more and notwithstanding a. the truth OF
the matter, is revealed The discussion
as TO whetheror not the Pioneer mine is
on the Mother lode has waxed warm and
one banking house took the trouble to
address a personal letter to State Miner
alogist Crawford 10 get his Official opIn-
ion on the case. In reply he stated that
the Pioneer mine was not on the Mother
lode, but was fully twenty miles 70 the
east OF it. Ia fact, no mine in Placer
county, in which the Pioneer mine is>situ
ated, is on the Mother lode. However,
the report OF the State mineralogist for
1896. which is 10 be issued within a few
weeks, will extend the limits of the
Mother lode so as 10 include Placer
county. and likewise the Pioneer mine.
IL appears that the promoters OF the Pho
neer mine did not tell the whole story
when the company was organized and
the stock offered for subscription to the
public. On January L, 1896, the min
ing expert, who examined the mine for
the company. made report, OF which
only the favorable passages were given 10
the stockholders. Since the beginning OF
the litigation against the promoters TO
recover the 10000 shares commission,
which had been promised, but which
promise had been repudated, other por-
tons of this report have cropped ont
which puts tie matter in less favorable
light than formerly The report speaks
Of porphyry IN the rock and says that
owing 10 this the ore reserves above the
No. 3 tunnel are rapidly growing less;
there is however, enough TO last about
four months" The No 4 tunnel, which
il now driving on the 1,O00-ioot level,
will have 20 go through 1000 feet OF
barren rock before il strikes the ore
shoot. In addition to this, which ought,
alone, to condemn the mine after all the
Misrepresentation, there has been great
deal of talk about an indemnity bond
the existence Of which has been strenu-
Ouslv denied. Despite the denials. the
street il pretty we'll satisfied that such
bond does exist and, that positive proofs
will be brought out during the hearings
at the court that "A bond was given the
promoters by the directors of the Pho
neer company to secure them against
litigation which might arise in Just such
case az has been brought against them
by Messrs. Mcdonnell and Brazell The
Post in a witty and sarcastic paragraph
says: The suggestion IL made that the
Pioneer people now ask the court for a
mandatory writ forbiddIng the Caliorn.
ians from removing the Mother lode any
farther from the Pioneer mine, and, II
possible, compelling them 10 restore it to
the position il formerly occupied in the
minds of their stockholders. The RI.
mors OF compromise and a settlement
of the litigation ont Of court prevented
the accumulation Of large short inter.
eat in the stock, which has fallen off 20
~ on the selling OF long stock by die
gusted holders. As the suit promises to
be long drawn out and the facts about
the mine have been distorted, apparent.
~, it would not be surprising TO see the
stock drop still lower.
The shutdown of the Old Dominion
copper mine seems TO be another nail in
the coffin OF Boston's mining stock boom.
IL is said that the reason for the shut
down il on account Of labor troubles, but
people who know the mine laugh at the