The Calumet news. [volume] (Calumet, Mich.) 1907-1938, 1909-11-13
GAY G. sTUReis Gossip.

GAY q OHOIS COSSIP.
The situation at the Ojibway mine Is
growing materially better with the Gre
alton of lateral openings in ground
tributary to No. 9 shaft in which the
500 foot level drifts north towards No.
l shaft, after passing through several
hundred feet of rather Indifferent
ground, is now emerging from low
grade vein matter and breaking into
first-class stopping ground. This drift
has attained "A length of 500 feet The
shaft has reached a depth Of 1880 feet
and further sinking is temporarily
ceased until a crosscut can be run tc
the lode at the 1850 foot level at which
depth further investigation of the
lode will be made. The No l shaft
is approaching 1880 feet in depth and
reveals copper ground of exception
al richness at all points where the
lode has been exposed tributary to it.
The drift south at the S00-foot level
is still driving in trap rock to pick
up the lode lost through faulting in
the formation. That the lode will
eventually be encountered is GER
tainty and If found to be as well min
eralized as indicated by recent de-
velopments in the S00-foot drift north
from No. 2 shaft will materially bright
en- Ojibways future on the Kearsarge
lode.
The property is well equipped and
in good condition physically, but the
financial condition will have to be
looked after early next year and an
assessment is in prospect to provide
funds to continue underground devel
opment work already under way The
company plans to exchange a part or
all of the 10000 shares OF its stock
held in the treasury since organiza-
ton for. q tract of 100 acres or mineral
land owned by the osceoia Co, lying
next south and partly SURROUNDED by
the ojbway holdings.
Boston, Nov isi-Our Butte cores
pondeht wires us that the big Black
foot Lumber company, understood in
that city to be a, reorganization of the
Big Black Foot, Milling company, a
subsidiary of the Amalgamated Copper
company, has been organized and in
corporated for $25,OOO,OOO. The direc
tors of the new company are all Anal
gamated officers. but the purpose of
the, large capitalization, it is said, is
not understood in Butte. &
It is not impossible that the reorgan-
i.,t;,o 80 tIte ,,a Iero tod e,,ho ia 10 %,
has important significance as effecting
some big consolidation plan on the part
of Amalgamated interests. 1t has been
known for a long time that the great
lumber properties held in the treasury
of the Amalgamated company were
If il can be demonstrated that these
properties are today worth anything
like $4,000, 900, it may mean an i'm
portant disbursement in the shares of
the new company to Amalgamated
ockholders.-News-B Bureau.
New York, Nov. 13.-The chief topic
of interest continues to be the money
situation. Call money loaned here
yesterday at 6 per cent.
Time money is loaning from to 5ls
per cent and Is really tighter than i
has been at any time this year. Gables
received from London say that money
is getting tighter over there and a
new demand for gold is springing up
from Argentine and that stock mar
ket and political sentiment are ex-
tremely conservative.
1t is expected here that the bank
statement today will be bad and that
surplus reserve may be entirely WHIP
ed out. am still inclined to look for
q great deal of irregularity in the
market but / do believe that we have |
nearly reached the beginning of the |
end OF tight money and that from
now until this market again turns
upward. IL will be purchase on very |
weak spots, but as trading is so pro
fesslonal, I would also suggest that
profits be taken on the strong days.
There was exceptionally good buying
IF st. Louis and Southwestern Com
non and preferred yesterday and
here was also good buying of the
copper shares.
Extremely bullish talk still con-
inues on nterboro stocks, but be-
ieve that they win shortly get a good
w. p.
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