The Calumet news. [volume] (Calumet, Mich.) 1907-1938, 1909-10-07


more than the previous record month,
October, 1907 The iron ore movement
from the Lake Superior district was
IO5O,9S5 tons. For the first time In
the history of the Lakes, the seven
million ton mark has been passed in
two successive months. The shipments
to Oct. l were SO539,2O6 tons. owing
to advances in prices OF foreign ores
and OF transatlantic freight rates,
the buying of foreign ore is now at a
standstill From different parts of
the country and different branches of
the iron industry. complaints OF car
shortage, especially in the handling OF
coke, are heard with increasing fire.
quency. Railroads, evidently foresee-
ing the congestion which seems in
evitable, are placing more orders for
equipment, and are urging deliveries
for repairing OF cars.
Boston-One who is close TO the
management of Osceola tells us that in
all probability the next dividend will
be eight dollars per share, thus making
total of S12 for twelve months to end
next Dec. 1t is stated that il is the in
tention- of the management to de-
clare IS per share because the COM
pany would be strong in cash even
though $12 is paid as the mine will
have earned IL and as the surplus is
about $1,5OOOOO. 1t will be remem-
af "a
ago the dividend was doubled or made
at the rate of IS per annum. The
same action may be repeated this year.
Boston-The Shannon is not yet
shipping any ore from the new ore
bodies found in the lowest workings
as the working section of the mine
consists of opening up the new bod
les of ore. The development of this
ore body adds very largely to value
of property. The ore i'm this lower
ore body being much higher grade
than that which comes from the lev
els now being worked, it will result
i'm a saving in the cost OF the copper
per pound and this with the saving
which will he made when the new
railway is completed next spring will
add materially to the profits of the
company. Shannon has demonstrated
its ability to make money even i'm the
period of business depression and low
prices for the metal, which we have
been going through and should dis
count the better things ahead.
September outputs--Michigan. 134
tons Isle Royale. 3S5 tons; Quincy,
1850 tons.
Boston.-The old Dominion output
for September of 2,672,0O0 pounds
would indicate net earnings for the
month of about $50, 900. allowing n 10M
cent cost and 12% cents received for
the months output and figuring on p
500, 600 pounds as the production from
old Dominion ores. The falling off in
the months production may have been
accounted for by the fact that it Is no
longer treating the Black Warrior ores
which interest past have been return
ing 300 900 pounds of copper per
month. These ores however have con-
tanned no nuxing material and there
have been practically no profit in their
treatment.
Butte-The North Butte crosscut on
the 1920 foot level is still about 300
feet from the Jessie vein. Progress
is slow owing to interference with
cross cutting by mining and develop
ments on the Edith May veins.
Boston-The drift on Minnie Healy
vein on the 1000 foot level Of Butte
Coalition continues in first class ore
and has the best showing ut any point
Of the mine on that vein. The vein
has not yet been crosscut but indica-
lions that the entire vein is better
even than on the upper levels.