The Calumet news. [volume] (Calumet, Mich.) 1907-1938, 1910-07-16
CUGG66EEsNTPP Of THE CosP!!5 , s:!s:;

which Al 90 worth will be disposed of at 90 Inon
the success this plan in great measure depends
the future development work to be done at the prop
erty The company has a shaft sunk $50 feet with
a station cut at $50 showing commercial ore.
SOUTH LAKE
South Lake has started another diamond dril hole
known as No. which will be located about 500 feet
from No hole which recently disclosed well
mneralized vein. Should No. hole cut the vein car
rying as much copper at No. hole the value OF
South Lake will be much enhanced. Drilling at No
l and No holes has been discontinued.
NEW BALTIC
Good progress is being with the work of sink
ing the shaft at New Baltic. The oucrop of the 30
called New Baltic vein has already been reached
new shaft is not far distant from No. diamond drll
hole, in which the vein revealed exceptionally
wide and carrying high copper values for IA feet
SUPERIOR AND BOSTON,
shipments from the McGaw shaft OF Superior & Bos-
being made to the old Dominion smelter
the rate OF fifty tons day. Last month shipments
averaged so tons day. The management decided to
reduce shipments for two reasons because OF
the present OF the metal market and the other
affording a economical method of operations.
Heretofore. shipments have made entirely from
he 600 level of the McGaw shaft lengthy tram being
line to the McGaw shaft.
The shaft is less than thirty feet from the
level When the SOOfoot level is reached, there
win lack only about lateral necessary to
reach the Great Eastern body. Shipments will
then lee made entirely from the 500 level, which win
be much economical and add to the profit OF OPP
eratons at this point
The home office advises that by shipping fifty
tons OF orc day, Superior & Boston will be able to
meet all of its operating and developing costs and
the reduction of the OF mined will
its resources until such time the mstal
market is in shape to afford greater returns.
The weakness in Superior & Boston the past
days is attributed forced selling Certain
which showed heavy holdings of the
group of stocks forced to realize quickly
and found Superior Boston the best stock sell
without much of sacrifice The market was fairly
well supported by public buying and at this writing
there large sized orders at 800 and slightly bet
In the event that the general market shows any fur
Their weakness naturally Superior & Boston will show
sympathetic action. but soon as any Improvement
is displayed. there is doubt that this issue will
spond quickly and sell for much higher prices.
LAKE
The decline in Lake extended over ten points in
share market this week. Last Saturday. the stock
closed at ala this week It sold below $50 the first
time in months on JAM 22d. Lake reached it's high
point selling "a 1-2. The decline to s32 share
represents drop of Ga 1-2 shrinkage the So
900 shares outstanding amounting to s55S570oOO The
sudden drop this is attributed to results OF
milling operations month OF June. which showed
the return of about thirty three pounds of mineral
ton of rock stamped against thirty elght
half pounds during May operations
Galen l.. Stone. of the newly elected directors
OF Lake, explains the policy of the Board the
following interview:
THE interests elected to the directorate of
the Lake Copper Co. recently have had time to
size the situation in which they find the property.
In the hrst place. there is disposition to aues-
ton what has happened in the methods development
In the past The Lake property has treated as a
prospect and has, at times, appeared to be very
brilliant prospect
The new interests propose to 1t still as a
prospect but they consider to be a very promising
one. Their first task will be to select as Efficient a
management and general organization the property
as possible Having done that, the work of pros
peeting the mine laeray and depth will be con-
tinued with vgor
mill runs from a propertv I'm tho nreson. s,oaa ~
development of the Lake apt be extremely mis-
leading, and considered bv the new manage
ment to have any practical value whatever As a
matter OF economy there is nothing whatever gained
by shipping from as tons OF rock per dav 10 the
mn OF the Franklin the Baltic or anv other mill
Ihere Is nothing but expense and a loss in such
s'' shipments 1t is probable. therefore that these
shipments VIII be discontinued very soon.
i"a' Is ABOUT all that can be said at the moment.
" VIII be case Of prosecuting the DEVELOPMENT work
VIII WI" al ue vsor and intelligence possible. with
view OF bringing the property the earliest possible
day' TO point where shipments of magnitude can ne
MADE from the results of which reliable estimate