The Calumet news. [volume] (Calumet, Mich.) 1907-1938, 1909-11-09
Mining News

$l,500,O00 bond issue a contract with
is to underwrite the bonds for which
ii is to receive a banking commission
of 1 per cent. and an underwriting
commission of five per cent. and also
to authorize an increase in stock from
3 to 31a millions to provide forconver-
to be paid in two instruments, 10 per
cent. on December Is and the remain
ing 80 per cent on January 3rd, 1910.
The right to subscribe expires Deem
Der Is.
The so-called hot air blasts in
the inability to get into many of the
workings the damage cannot be
known. Falls of rock are seemingly
growing less frequent and the air
blasts of Sunday were not so severe
as were those of two previous days.
At the moment No. 2 shaft from which
production of about 1900 tons was
being had daily is the only shaft out
of commission and so far as damage
can be estimated will be out of SER
vice for several weeks. Quite 1900
feet of shaft has been filed in with
to so underground but limited pro-
duction is now being had through
shafts and next adjoining No. 2
shaft. Number shaft 1000 feet next
north of No. 6, is unaffected by these
earth movements. The loss of No. 2
shaft reduces the output by approx
mately 25 per cent but il is thought
that part of this can be made up by
increased operations through the three
remaining shafts as soon as earth
movements subside. The present
troubles are the worst of this ma
ture i'm the history of the company.
Salt Lake City-Word comes from
Ely that the Giroux Cons. has just
penetrated body of commercial cop
per ore 100 feet thick i'm a drill hole
that had to be put down 500 feet to
get 1t. Detailed information has not
vet been released though reports state
the disclosure is a most important
one.
The head of a New England corpor-
alton which is substantial consumer
of copper says:
81 had not taken much stock i'm
talk og a copper consolidation until
Monday when | was called on tele-
phone from New York by prominent
metal interests and it was suggested
to mo that | had better buy line OF
copper if | desired to take advantage
of the present low prices. The ground
for this advice was that copper con-
soldation is now an assured fact ana
that all the larger companies are IN
volved except the Calumet 81 Hecla
and that even the Rio Tinto abroad
will work in harmony with the new
combination and that the matter is
only awaiting the return from Europe
of Daniel Guggenheim to sign the pa
pers
The copper metal market is more ac-
tive and firm on basis of 13c for cleo
trolytic. 1t is stated UIat "A very sat
isfactory business was transacted on
Saturday. and today at that price. The
buying here was influenced To some eX-
tent by the sharp rise i'm the London
metal markets. Numerous inquiries
are i'm the market and it Is stated that
il would be difficult TO obtain any large
amount of the metal under 13c. The
tendency of prices is upward and in
well informed quarters the prediction
is made that quotations will be adj
vanced before the end of the week.
Boston.-The Davis DAILY Copper |
will go on regular produce
ing basis of about 500 tons daily within
about 60 days. Mr.. Heinse, president
Of the company. when questioned
about his plans for that property said;
I'VE cut the ore last week on the 1.55O-
foot level and the ore looks just as
good there as IL does above on the 1925
foot level. We have % feet of ore on
the lowest level that runs about per
cent copper"
r..n.H Ont Mo-. Q-Tha RoetpO |