The Calumet news. [volume] (Calumet, Mich.) 1907-1938, 1910-07-16
CURRENT GOSSIP OF THE CoPPERs

market price of 121-4c copper. The present market
price of metal is IL IL cents per pound
An eisht-dril air compressor and boiler plant 100
H. r. capacity have been installed and giving ex-
celent service. The property is also well equipped
with hosting machinery, drills mine cars tools etc.
for carrying on underground development work. The
company at the present time is operating two churn
drills and has ample of churn drill supplies
The company holds under option to purchase about
200 acres of mineral ground known aus the Live Oak
property. The so-caed "Cottontar' litigation men
toned in the last report to the stockholders been
settled by efectng compromise, giving the con-
estants strip 500 width in the extreme south
crn part of the property this strip being located $500
feet south of the body which is now being de-
yeloped All litigation been cleared up and set
tied and there is cloud on the titles of our prop-
erty Receivers receipts have been issued for four
fths of the and receipts obtained on the
remaining one-ffth in the near future
The Southern Pacific Railroad COMPANY has in on
Grafton line from Globe to Miami This company
Is now running survey from the town of Miami 10 the
Live Oak Mine, distance approximately two miles
ana VIII build this branch railroad as requested
TO do so by the Live oak Development Company
All exploration work the property yielded very
satisfactory results and has taken property within
eighteen months time from prospect and estab-
''9"eo 1t as "a valuable copper mine. The explora-
uons were ftrst carried on by underground work In
April oil this year one churn drill started The sue
cess OF this method OF exploration marked that
another churn drill was added making two churn drills
III operation on our property, and underground work
which is more expensivewas correspondence reduced
IL Is tho purpose of management to explore thor
oughly the ore body and determine its extensions and
outlines as soon possible, in line with this plan
hurn drill xi1ib
making three churn drills in operation ON tho ,rn
er'y In the meantime plans for the erection of mill
plans and methods of blocking ore and making il
ready for extraction"
GREENE CANANEA-
Company is to hand this week. and contains a mass ~
figures and statements which to the ordinary stock
holder are entirely uninellgibe. perusal of the re-
port idicates that the various subsidiary companies
have something like s5.OOOO 100000 Tin net assets or
little better than $500 per stock capital
zation OF Greene Cananea. The report goes into con-
siderable detail relative to the physical operations Of
the property Efforts made give a comprehensive
financial statement although very apparent TIM,
those IN control are not desirious giving shareholders
detailed Information matters both relating TO tho
financial and physical condition of the property 70
which they are entitled.
III appears as though the Company will have to ex
pend further large funds it's reduction work and
na' the prospects for any substantial earnings in 1910
are rather remote Until copper sells for least if
teen cents pound, Greene Cananea shareholders can
expect practically nothing In the way of dividend dis
bursements.