The Calumet news. [volume] (Calumet, Mich.) 1907-1938, 1909-10-13

800 per share. Be tnat as ~ may, III
can be said that the directors are to-
day more confident concerning the flu
ture OF North Butte than they were
six months ago and within the last
three or four months some entirely
new ore bodies have been encountered
which gives promise OF adding mater
tally To the company's ore reserves.
1t Is announced that the American
Steel Foundry company is making
preparations to start all plants now
Idle. Recently the plant at Sharon
Pa, resumed operations. The earn
ings of the company are increasing
rapidly and 1910 is expected to be one
of the best years in the company's his
tory.
The offer of the Nevada Cons. people
to absorb the Cumberland Ely Co. on
basis of "a shares of Cumberland Ely
or one share of Nevada Consolidated
equal to $3.50 per share for Cumber-
land Ely, is based upon the fact that
such an exchange would call for an
issue OF around 100000 shares of Neva-
Ia Consolidated stock making its cap
tal outstanding 100000 shares. The
Cumberland Ely co. has played an
IF the Ely camp. 1t originally con
trolled all the water rights and IL was
because of this ownership that thai
company was able TO secure a one
half interest i'm the smelter and rail-
| road. Water in Ely was as valuable
rs ore and now that the Cumberland
| Ely has so valuable an asset as a one
half interest i'm the $S.000O00 Stepto'
| smelter and n half interest i'm Neva'
da Northern Railroad which Is earn
ing about six per cent return upor
| so ,O00.0 900 the Nevada Cons. seeks t.
Eliminate II upon the basis of 81 pei
share, although over year ago stool
ssued in large measure to pay for this
/ ownership was underwritten by tbs
| leading interests in the company al
$3.50 per share. II is recognized tha'
| the Nevada Consolidated may have
| ten tons OF ore i'm sight for every tor
| Of Cumberland Ely ore but Cumber-
| and Ely interests say that many mil
ions of tons could have been PLACED
| i'm sight had the Guggenheim manage
| nent made any effort to do so. Ovel
| a year and half ago. George f.. Gum
| vho with VIM. b. Thompson, purchas'
| I'd and promoted the Cumberland Eel!
| 20. and started the first development
| there on, resigned as director be
| ,ause he could not stand for the meth
DDS employed by the Guggenheims j.
heir policy regarding the develop
nents of the company's ore reserves
I is quite probable that the subject o
he acquisition of the Cumberland FL.
| viii be laid before stockholders by tn
/ Nevada Cons. in the course of a few
lays as the annual meeting of the lat
| Ter company will take place within !
'ew weeks and an effort will probabl,
re made to mring about the consolida
ion at that time.
\ Monday night a blast in the cross
ut at the fifth level or $50 feet dow
n the lands of the Lake Copper ca
'evealed the lake lode and Of cours
| veil mineralized. Your correspondent
listed the property. going through tn
openings at the third and fourth lev
| lis and examined the opening made In
| 20 the lode at the fifth level the nigh
| previous and found the breasts OF tn
| lrifts all i'm copper and of kind tina
L oil no m fha nnill
having copper horns in evidence quite
| uniformly through the drifts Will,
values i'm the lode seem to increase J!
| anything with depth. AS stated be
| ore the Lake has what is apparently
l strong lode, making the property on'
IF the most promising now under de.
selopment i'm the whole Lake district
A short time should reveal any ques'
ion as to the great permanent valut
4 this property. putting II among tho
assured big producers and dividend
payers of the future.
Within the not distant future tho
| copper Range Railroad. 10 miles IN
ength. will declare its first dividend
/ Ine rdllrouu cOnpdHy mas |I'V-osV"'
ponds and s4,OO3.7O stock. All of the
latter Is owned by the Copper Range
20. which is in turn owned by the
Copper Range Consolidated. For thu
,ast year or two the road has been
liverting substantial earnings to the
Improvement of the property. Stee
bridges have replaced wooden ones UNI
til now the road is in first-class physi-
cal condition. Dividends from the
company's railroad investment will be
Of assistance on a low metal market
in meeting the 81 per share dividends
now being paid on the $4,000 shares
of outstanding Copper Range CONSOLE
dated.