The copper country evening news. [volume] (Calumet, Mich.) 18??-1907, 1897-03-31

dividends will be at least $l5 or Sl6 per
share and that the company will add an
other 81 900, 900 to its surplus besides.
L lrly last January, readers OF this col
umn will remember. attention was called
to the fact that the Pioneer directors had
issued stock TO pay for the new mining
claims which were bought OF the superin-
tendent of the mice The statement was
denied at the time, but is now admitted.
Full details are lacking, which is nothing
new ia this case, but enough is known to
make the stockholders wonder where
they are at" A year ago the company
had on hand S37, 500; today the c sh on
hand is about 100000. The directors
have sold about Is, 500 shares Of treas
ury stock, netting 500, 500, or about $5%
per share. This would chow an eXpendi-
ture of ST. 900 besides the proceeds OF
the stamp mill which have been some
thing over 100000. There was paid for
the new mining claims $4,000 and the
balance was spent in development work.
principally in the NJ. A tunnel which has
cut the Lynn vein, the ore in which is
said TO assay between $50 and $40 per
ton. The reason why the stock did not
appreciate on the announcement OF the
finding of this vein is TO be found in the
fact that he story OF the Issue OF treas
ury stock came ont about the same
time aud "queered" the market. Now
that the worst, and the best, is known,
however, 1t would not be surprising to
see the stock sell considerably higher,
Another assessment of 81 per share on
Centennial stock is payable April 8. The
money is to be applied to underground
work. The circular issued by President
Fay IN connection with the assessment
says: "The 81 assessment upon Centen-
NAL mining company stock, payable
April o, wi give to the company an ac-
tive working capital of $4,000. We
have now in hands Of the treasurer fiji
cient funds TO liquidate the mortgage of
$40, 900, which is the only incumbraDce
on your propery, and to carry out the
first proposition Of your presidents re-
port OF September 20 last. We are pur-
suing our Investigations in No 6 sha
on the Calumet conglomeratelo lode as rap
idly "a possible, and hope very soon to
report definite and satisfactory results OF
our work. Captain Cbynoweth gives us
most favorable reports on the conditions
existing at the 9Th level and the winze
now going down from the 4th level to
the 9TH is in the same rich conglomerate
rock which was found 10 each of the lev
els above. After the snow is gone it may
be desirable to unwater shafts Nos. / and
on the Osceola amygdaloid lode, carry
ing out the presidents second PROPOSE
ton. Our surface equipment is ample to |
develop No. shalt on the Calumet CON
glomerate lode, aud Nos. and shafts
on the OsceCla amygdaloid, so that the
proceeds OF this assessment can practi-
caly be used only for underground devel-
opmeut"
Gently, have been most favorable. The
mine has very rich vein OF ore assaying
Sli5 per ton, but the vein is still very
narrow. lt will pay handsomely to work,
however. Yhe regular April dividend
will soon be declared. This is the only
gold mining stock on the Boston stock
exchange having dividends.
Another 50 dividend on Calumet and
Hecla stock is payable April %, to stock
holders of record, March ~. This dIvid-
end will make S4S, $4,000 paid by the
Calumet and Hecla,
Old Dominion continues in the dumps
and appears to have few friends. The
railroad is still matter OF the future.
Mr.. Huntington, OF the Southern Pacific
railroad, says: The building OF the road
from Geronimo TO Globe City does not
depend uoon Mr.. Garland or Mr.. Levi.
sohn. When Mr.. Garland comes to the
Southern Pacific people and properly ar
ranges matters now unsettled we will see
that the road is built For forty years."
said Mr.. Huntington, people have come
to me with tales OF richness OF this or
that gold or silver property, but never
yet put a dollar into precious metal MN
ing directly or indirectly. A friend once
came to me with his hands foil OF mug
gets OF gold in quartz and said: Mr..
Huntington, | have acres of this, and
will give you half for $75, 900 to put up
a stamp mill-yes, half OF it is too much
Tor one miner to Own, will give you
three quarters for enough money to erect
a stamp mill said: My friend, when
go into precious metal mining will call
and see you He said, MIR. Huntington,
do you propose to gointo precious metal
mining?' and said: Not in my present
life, or while am engaged in railroad
ing. OF course the result need not be
told. He went into debt for his mill and