The Calumet news. [volume] (Calumet, Mich.) 1907-1938, 1910-05-27
PAINE, WEBER G. co.'s GOSSIP.

At a special meeting of the Ray
Cons. Copper Co. held at Portland, Me-,
the proposed increase of authorized
capital from $1O,OO0,OOO to $12,000,OO0
was voted.
The advance in the shares of the
Butte & Balak. Copper company to 1875
representing a rise of more than 100
per cent from the recent low point, is
due to the prospect of the early in
auguration of a dividend at the rate of
50 per annum. The b. 4 b. company
while relatively small property, COM
prising six and one-half acres has n
length of 1000 feet east and west on
the strike of the Butte ore bodies. At
the present time the drifts on the 500
900 and 1,000-foot levels are in sensa-
tional ore In fact it is questioned If
richer ore in quantity has ever been
uncovered i'm the Butte district. The
average mineral recoveries for the
month of May will show better than
II per cent copper and 16 ounces OF
silver. The silver values are so high,
that strange TO say, the copper this
month will probably be produced for
less than nothing In other words, the
value of the silver recovered will more
than pay for the cost of smelter treat
ment at the works of the East Butte
company and the freight on the ore. In
the month of April the company's cop
per cost was a trife less than three
cents per pound. Secretary John A.
Percival, who is now i'm Boston is in
receipt of dispatch from President
Nelson, now at the mine to the effect
that the same rich body of ore en-
Countered on three levels above men
toned has been cut on the 700-foot
level. which of course adds immensely
to the intrinsic value of the property.
The vein on the S00-foot level is more
than 80 feet wide. 1t is remarkable
that i'm the shipment of only two cars
per day. the ore coming only from
drift openings, copper mine, on l3c
copper should be able to make any
such showing of earnings as II does,
but such is the fact. The company al
ready has earned the funds necessary
for the payment of the first quarterly
dividend which will be declared around
June / and payable probably July ]. In
addition the company has working
capital of 100000 with no debts out
side Of current bills.
Secretary and Treasurer ]. a. Per-
cival of the Butte & Balak. Copper
company was i'm Boston yesterday ana
he confirms the announcement That the
company will pay quarterly dividend
Of soc n share on the first of July. lie
goes even further. and says that the
stock will be placed on a four dollar
per annum basis January next. Mr.
Pcrcival is very optimistic on the
property and it would appear not WITH
out reason. He says
I'VE have opened up the largest ore
body on the 500 level that has been
opened in the district for years and IL
runs upwards of 30 feet in width of all
frst-class ore. The ore runs so high
In silver that the copper is costing us
nothing. At the present time ii per
cent copper and seven dollars in silver
are conservative figures. The mine IS
making this showing from develop
ment work only as we have as yet done
no stopping. We have about $2,OOO'OoO
of ore in sight on the rs, so. 80 and
Tooth levels: there is 3GOO-toot
strike of vein and we have bottomed
three compartment shafts 1,4O0 feet in
depth and have opened up every lever
from 100 to 1.400 feet. We are now
shipping about 100 tons day and the
profits from this will be sufficient to