The copper country evening news. [volume] (Calumet, Mich.) 18??-1907, 1896-07-28
MINING.
stocks.
Our Boston Letter.

A.ld---- y = T.
Nhi-z The l1.i-isis-s sry Sighting with
their mouths. TIE tu-s AID bears il
Wall and state streets are fghting witt
money and securities. 80 far the bear.
have had rather the best Of the argument
prices have declined 20 a lower average
than at any time during the venezuelan
panic last year. The heavy demand for
gold for export and the consequent lm.
pairment OF the treasury's gold reserve
OF 100000, 900, has served to upset the
equanimity of the traders in the stock
market and prices have been adversely
affected. Not even the prompt and vol
untary action of the leading banks in the
several financial centers in offering to ex.
change their gold at the sub-treasury 70?
greenbacks could restore confidence suffi-
GENTLY to induce any buying of stocks,
except by the bears who desired to cover
shorts. The events OF the past week
ought to convince anybody OF the neces.
siiy oil the government going out OF the
banking business and of the banks going
out oil the government business. Bust.
ness has been depressed and stock mar
ket securities have shrunk millions of
dollars on account OF the depletion of
the governments gold reserve while the
banks have had TO come to the rescue
and supply the government with some
$50, 100000 gold, which, in few weeks,
will disappear as rapidly as did the S25,-
100000 or $50, 600, 900 gold which was
withdrawn from the sub-treasury since
the last bond issue Whichever party
wins at the next election, let il be hoped
that something will be done TO put a
stop TO this ceaseless round of issuing
bonds TO buy gold and then losing the
same "A lew months later,
The Quincy mine IL making good rec
ord Tor paying dividends, the regular 81
and an extra of 81 having been declared
last week PAYABLE August II to stock
holders OF record July 20. This makes
SS,37O,OOO paid thus far by this com
pany.
most interesting statement was pub
lished Saturday concerning the MERGED
gold mine. IL lets in more light upon
this property than the shareholders have
had since the beginning. IL was written
by gentleman who lives near the mine
and knows all about this and other gold
mines IN California. In the first place
he explodes the old notion that there ia a
mother lode" in California and saws
that none Of the good paying mines sue
ceeded until the shafts and crosscuts had
opened the ground 900 and 200 feet
below the surface. The gold belt eron.
eously called the mother load" IL a
semi-barren quartz vein with rich pockets
at depths Of around 900 feet, He saws
that the MERGED is mining proposition
and that II the management will explore
the lower levels and sink the shafts deep
enough (the deepest now il 400 feeU il
probably will develop a valuable mine
He speaks highly of the way the above
ground facilities have been provided but
modern equipment cannot turn out gold
until the mine is properly opened and the
gold-bearing ore furnished from the lower
levels
The street is much interested in the pro
posed examination OF the Old Dominion
mine by an expert to be chosen Jointly by
Director Coram and Broker Lawson.
The former is great believer IN the
value of the property, while the latter in
sists that IL is absolutely worthless, and
each has agreed to stand by the verdict
OF the expert and the one who is mistaken
in his estimate Is to pay the expense OF
the exi minatlon.
Speculation in the mining shares has
been dull and uninteresting. MERGED has
done something towards recovering the
81 assessment and has been strong