The Calumet news. [volume] (Calumet, Mich.) 1907-1938, 1909-10-29

BOSton-When the 20 cent dividend
just declared on Butte Coalition shares
is made payable December next, two
years viii have elapsed since the pre-
vious disbursement. Up to Deem
Der 1907 when 15c per share was paid
the company had dsbursed since it's
organization in 1906, $2.45O,0O in divi-
dends on its 100000 shares. Butte
Coalition is producing very close to
4O.00O,0O0 lbs. copper per annum at al
cost OF Toe per pound. on 13c copper
the indicated profits are equal to $1.20
per share as against current dividend
requirements of 81 per share per an
mum. On December 31st next, the
company viii conclude the best year in
it's history and will show record
production as wen as the lowest costs.
Through the opening of new tram
way shaft a much larger ore tonnage
has been accessible while a large por-
ton OF dead work formerly charged
up To the cost OF operation has been
completed. Butte Coalition has a cash
surplus approxlmating to $4,000, 900
and this has been kept virtually in
tact since organization.
Ojibway has lost the lode in No. 1
shaft whore drifting has been in prog
ress in an effort to pick up this lode
which so far as exposed in this drift
and until lost, made an exceptionally
fine showing. The drift is now driv-
ing in trap rock with indications that
lode has shifted toward the foot wall
side though this Is nowise GER
tain. The drift on the S00-f foot level
in No. 2 shaft driving towards this
fault zone is continually In copper
ground of the same average content
sinking below a depth of 1900 feet
There is nothing discouraging about
Ojibway aside from the situation n
the S00-level in No. l shaft. Condi-
tons are altogether favorable. Ma
, chine drills are in commission.
Important sales of copper by one
OF the larger selling agencies were re-
ported Wednesday at close to 10 cents
The exact amount which changed
hands was not made public but wa
said to be about 75.O00O0O pounds, tn
chief purchaser being one of the larg
er brass companies. The strength il
Amalgamated. although the Unite
Metals Selling Co. was not the agenc.
which made the sales, was attribute,
to the improvement in sentiment i
copper trade brought about by tn
above transactions and IL was freel
predicted i'm metal circles that the cop
per market has seen it's lowest level
for some time to come.
With no new development meritin
particular mention, the general situa
ton in the Lake mine continues 4
encouraging as at any time in til
past. Drifting is in progress at tn
second. third, and fourth levels wit
four machine drills engaged in thl
work. At the fifth level one machin
is cross scouting the formation, a dis
lance of quite $50 feet from shaft c
approximately fifty feet within It'll
lode and a good average showing
copper rock is being had. The sha
is sinking below depth of rs feet
the foot wall trap. The managemeI
has many problems yet to solve-in I'll
work of opening up and developin
this lode and not the least has to q
with the extraction of rock from BE-
that ranges from go to 100 feet
width, carrying so much of its miners
disseminated from foot to hangin
wall. To extract the commercial roc
distributed >over so wide an area
, much more than the simple process
breaking down ground and hosting
the surface. 1t is pointed out unoi
ficialy that the company now Is
a position to ship 500 tons of roc
. daily for three months indicating
\ tonnage of about $4,000 tons availab
for that purpose. The statement
D ultera conservative, not to sd
4 relied on. From fairly reliable dat
: in hand this tonnage is estimated b
4 Lake Superior authorities at 100000
tons. The estimate Is based on I'll
given depth of 200 feet lateral expos
ure of lode of about 1000 feet and a
average width of so feet. the lode M
where so far as opened or damon
drilled showing less than sixty fee
with the greatest width at about II
4 feet. Drill cores taken at several le'
Il els and the horizontal openings ger
y orally indicate an average width
so feet of commercial ground.
Boston-The advance in Amaigan
ated yesterday was generally taken
an indication that progress had bee
made in the negotiations which are b'
lieved to have been going on, havir
for their object the contamination
a deal which will benefit the copp
! metal market. No one seems to have al
definite idea just what is going on bl
the action of Amalgamated and signi
Ilicant buying of other stocks Is suff
II cient to satisfy the speculative elemel
| that some sort of deal will soon be al
| nounced. There were reports of heaN
II sales Of metal but as metal prices
III not bear them out they were receive
II with skepticism. II Is fact, howeve