The Calumet news. [volume] (Calumet, Mich.) 1907-1938, 1910-04-22
PAINE, WEBER & co.'s GOSSIP.

PAINE, WEBER q CO.'S GOSoir'
Tho production of First National
c,,,no. FOR the month of March was
tg6s.7SS pounds and the company is
declared to be earning over $1,000 net
per day on 13c copper For the hrst
ouarter of the year the net profits
were I'm excess of 100000.
salt Lake-President Geo Wingiield
of the Goldneld Consolidated, who is
in this city, declares that the financial
loss through the recent burning of the
company's mill will not exceed $4,000
while 20 stamps are already dropping
Ten moro will be commissioned before
the close of this week. Four cars OF
rich ore have been shipped since the
fire. so production and profits of the
company will not be interfered with.
Mr. Wingfield declares that the mine
never looked better than it does at
present.
Boston.-At the annual meeting OF
the New Baltic Mining Co. the follow
ing directors were reelected: Robert
Shields. president; Jas. =. Edwards
general manager; Simon j. Beahan'
vice president; f. II. Baird, secretary;
and treasurer j. II. Bradford Harden.
The treasurer's report for the period
from the organization of the company
in December, 1909, to April 20, l9lo'
showed receipts of $12OS2 and eXpen-
dimrcs including cost of incorporation
purchase of new property and deVel-
opment work, S25.O03, leaving a balance
on hand Of $95,792.
A wire dispatch from Butte says that
there has been another rich strike in
the North Butte mines. This comes
from a source closely connected with
North Butte affairs.
The stockholders of the North Butte
Mining Co. are wondering just why
the management should this year go To
such pains i'm the matter of operating
details and dwell at such length win
such cruel frankness upon the unta-
vorable underground situation. Former
annual reports have been distressinsly
brief and non-illuminating. Those
stockholders are also trying to figure
out whether North Butte is really
worth the s13,000,0OO at which it Is
now selling i'm view of the fact that
hnt
profits i'm the mine on 10 cent copper OF
only $1.416.75O. or less than 81 per
share They have read with great IN
terest of the new Gem and Adirondack
vein developments concerning when
they have never before heard but they
are entirely at sea i'm attempting t.
appraise the possibilities of these veins
as well as the possibility OF rich ore
developments at depth on the Edit
May and Jessie veins. There certainly
can be no criticism of the manage
ment on the ground that the stock
holders have not been given in the las
annual report all of the important OPP
Grafton figures. Many companies would
do well to pattern their statements af'
ter the 1909 report of North Butte
There are reasons To believe that in
forests close to the management have
been buyers of North Butte In the SO's
The liquidation that followed the pub
lication of the report was not from in
side interests.
Boston.-The work at the te-Bal
ar mine Is progressing in n satisfacto
~ manner. Secretary Percival says
During the past week we shipped ap
proximately seven hundred tons of ore
assaying about per cent copper AM
twelve ounces of silver. This amour
has been taken from the mine witt
our old equipment: we also drifted II
on the ore on the 700-foot level ant
opened up the vein that was encounter
ca ON the 500 level. The 500 level sti
maintains Its great body of ore blocke
out ready for raising. We have ais
cut a station on the 900 level and ar
orosscutting to intersect the vein tina
Is so rich on the 500 level. We hav
raised % feet on the 1000 level and tn
ore showing in this vein is six per cen
copper. The ore i'm west drift on tn
500 level now shows n breast of IL fee
with copper assays of 10 per cent wit
10 ounces silver. We expect to hav
our big hoist ready for business on tn
|oth when 1t will be possible for us
more than double our present outpu
win the new equipment installed "
should ship at least 200 tons of OF
ua'iy and as development work pre-
crosses should be increased to at lea.
twice the above amount. Our ore is
remarkably high grade, averagin