The Calumet news., 1909-10-30
Mining News
Paine, Webbsr & Co.'s Weekly Copper Letter
Facts of Interest Concerning Properties of
Merit. Prospects for Future and Metal
Market Conditions

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been brought about by reason OF the
demand for steel rails, it is a fact that
the big roads have, with few excep-
tions confined their acquisitions TO
rails Their general requirements are
now to be given attention with con-
tracts that win include a great deal of
copper.
Butte Coalition
There is but one reasonable inter-
pretation of the action of the Butte
Coalition in declaring a regular quar-
terly dividend of twenty-five cents a
share. 1t means that the company is
in excellent position to pay that rate
of interest to the shareholders and
there is reasonable expectation that
the dividend will be maintained. The
company has been putting off the divi-
dend payment until the officials felt
certain that they could keep up the
pace once started. They must now be
certain that there is to be no material
decline in the price of copper from its
present level and we rather interpret
the action in favor of higher metal
expectations. Certainly there can be
no fear for the future. The treasury
of this company has about $4,000, 900
on hand. The mine is now producing
at lower cost than ever before and get
ting out a little better grade of copper
than ever before. The persistent buy
ing of this issue, as We have pointed
out in the past has been for investment
account and much of the buying has
come from European sources, sources
which are usually well Informed with
regard TO the metal situation.
Michigan
The last trainload of rock from the
Michigan workings was shipped on
Thursday and put through the mill.
At the mine the scene is not partcu-
larly inviting, as most of the mining
buildings have been boarded up and
the property generally put in shape ia
remain idle for some time. The force
of men retained at the mine numbers
20 A plat is being cut in the shaft
and preparations are being made to
give these Bee workings a thorough
nothing new of interest in the Michi-
gan situation. The rumor of another
assessment following so soon after
the payment of the 81 call is not found
ed on fact. While Il is true that the
larger balance which has been made
by the management to keep the mine
working for the past six or eight
months the treasury is left with cash
enough on hand to continue operations
as now planned for the greater part ol
the winter at least The outlook for
the future of this property is not good
In this connection it would not be
surprising to see the Victoria follow
ing the action of the Michigan. With
the present metal prices the Victoria
is not making any profit for the share
holders despite her low operating costs
and the Victoria's power plant has, i'm
the past, cost quite a tidy outlay I'm
the winter season, with the chances of
freezing always to be reckoned. AS
for the Mass that company is i'm posi-
tion to continue operations during the
winter with the hope of higher metal
prices soon.
Winona-
Construction work on the new Wino-
ma mill has been going forward rapid
ly. The arrival of the machinery has
facilitated the work considerably and
1t is now believed that the stamp min
will be In readiness for operation as
first planned. There was a rumor in
circulation to the effect that the feed
water dam which is being built i'm the
Sleeping river for the water supply
for the new mills, broke away and
wrecked the embankment upon which
work. has been done for the greater
part of the last six months. Investi-
CATION proved these stories untrue. The
concrete wall used for an embankment
for a small condenser dam did break
but the accident was Of slight import
ance and the damage done was of no
serious consequence.
ojibway-
At No. shaft the Ojibway is down
within a few feet of the 1,250-foot
mark. When this point is reached
sinking viii be discontinued for the
time being and crosscut driven to
the lode and drifting toward Number |
from the level will be started The
drift at the S00-foot level In this shaft
is in 500 feet and is showing good min
oral values At No. / the shaft Is
down 1000 feet After fifty feet
more of sinking i'm this shaft or at
depth of 1850 feet sinking will be dis
continued and drifting toward No. 2
/ will begin. The crosscut I'm this shaft
at the S00-foot level has not got into
the lode yet. At this level the lode
seems TO have been faulted and. in the
crosscutting the curve made i'm the
opening TO permit the passage OF the
tram cars carried outside the forma-
tion. This led To a well circulated ru-
NOR that the Ojbway had lost the lode
and the stock was sold down very hea-
Willy during the week To new low
point In its history, mostly because of
a lack of buying orders. AS matter
OF fact 1t is more difficult to lose
fho Keorsarge lode once YOU have IL