The Calumet news., 1909-10-19

4 -
tract expired the past year ana the
Guggenheims have since been free
lancos in the copper market. When
the Amalgamated people can again
make II To their interests TO have a
union of forces there will be a copper
combination but il will not involve anv
other large interests. The foreign in
terests and the Calumet a. Hecla are
entirely opposed to any combination
and hold that the laws OF supply and
demand are the best regulators.
Everybody believes that il is foolish
for sellers of copper to force sales
when the market is rather weak but i'm
the end il has always been found that
the best way has been TO let weak
holders sell. No combination has ever
permanently helped copper. The
Phelps-Dodge people do not believe i'm
any copper combination any more than
the large foreign agencies or the Calu-
met & Hecla.
The Michigan mine, though shut
down indefinitely will not be allowed
to fill with water, the workings being
kept free to permit the carrying on of
exploratory work already i'm progress.
| Two machine drills continue i'm sery-
ice, engaged in this work. The work
ing force has been reduced from 200
TO about 20 men. The last shipment
of rock to the stamp mill was made
last Friday.
1t is officially announced that the
steel corporation will begin tho con-
struction of the new plant at the head
OF Lake Superior this fall. The cost
of the first unit will be not less than
SO 100000.
Friends of Il. II. Gary say that the
United States steel corporation now
has enough business on its books to
keep it's plants working throughout all
of 1910 and that It is possible to make
the prediction that not less than :
per cent will be earned for the COM
mon stock. The same people believe
that the stock will be placed on a reg
ular four per cent basis on October 26,
and that an additional payment will be
declared, bringing the last years fud
dividend rate up To four per cent. Ear
ly next year, they say United States
steel will be placed on a five per cent
basis. 1t is admitted that Steel has
many very optimistic friends but ho
one i'm authority has as yet come for
ward to deny that the dividend will De
increased.
1t is expected that in the near flu
ture, Nevada Cons. will go on a div-
dend p aging basis. aNturally this
means that Cumberland Ely share
holders who received 100000 shares
of Nevada Consolidated i'm exchange
for their holdings, viii secure imme-
diate profits. Operating independent
ly the Cumberland Ely would not
have been justified in paying a divi-
dend for two years at least.
Calumet and Hecla has cleaned up
the stock pile resulting from opening
work i'm No. 21 shaft on the Kearsarge
lode. Results Of the mill run on this
rock have not been made public. OPP
erations at this point are confined to
sinking and drifting. This is the on
ly active shaft opened on the Kear-
sarge lode i'm Calumet and Hecla ter
ritory. shafts No. 10 and 20 next north
having been abandoned several years
ago owing to unfavorable under
ground conditions. Developments I'm
No. 81 shaft are not particularly en-
couraging. Much better ground has
been opened in the upper levels than
is now being had at greater depth.
At Mohawk a little more mass cop
per than usual Is being had in ground
tributary TO No. shaft. At the No.
shaft the installation of a concrete
collar is still in progress, the work
being handicapped by inclement
weather but it should reach completion
in another week when shaft sinking
will he resumed. The shaft has at
taincd depth of about so feet.
The report that Superior has drift
ed into Isle Royale ground is pure
miners talk. 1t is not confirmed by
officials These say that several drifts
have been carried well UP to the Isle
Royale property Superior continues
TO secure good average yield from
rock miIled. A recent report showed
r. "a lie