The Calumet news. [volume] (Calumet, Mich.) 1907-1938, 1910-04-09
CURRENT GOSSIP OF THE C0PPERs
j. A. Minnear q Go.

shareholders The issue held up well in the face OF
the recent call of SO share 1t was rumored that
the ST. Marys Land company proposed to distribute
among its shareholders the 10000 shares OF Hancock
stock It received exchange for land taken over by
the Hancock company. We Informed that no such
step is contemplated. although ST. Marys may so dis
pose of its stock in the Houghton Copper Co.
CALUMET AND HEcLA-
The death OF President Alexander Agassiz has made
no change in the management of Calumet Hecla.
The of quincy A. Shaw to the chief executive
position places in this position official who has for
years given the property his closest attention. who
during the past few years has a matter of fact
been acting president. The resignation Col. Liver
more from the directorate one of the Oldest
of the board. with President Shaw in charge
of the company's affairs General Manager
MacNaughton In charge OF the operating end of the
property, Calumet and Hecla has probably the two
ablest mining men at its helm to be found anywhere
in the mining world. No changes i'm policy
expected by of the executive changes.
MANoAs DEVELOPMENT
The directors of Mangas Development have called
assessment of $3.50 per share payable May
stock of record April Is The company has also is
sued a report, which is considered gratifying.
In this report President Norman w. HARE has the
following to say:
In accordance with the announcement made in the
circular issued in September 1909 the Mangas Develop
ment company organized in the following October
with capital of 100000 shares, par value $500. of
which $4,000 shares offered to subscribers for
$3.50 per share paid $3.50 subject future call
by the Board Directors.
Acting upon the recommendations of our consulting
engineer Dr. ]. Morgan Clements of New York CITY,
we proceeded to explore the property by
churn drills. Two large drills purchased and
shipped to the property No. drill began operations
about the middle of December 1909 and No. month
later We have recently ordered third and still
larger drill which is expected to be in operation i'm
May.
our operations have thus far been concentrated
upon two claims, namely the st. Paul of which the
company the title. and Emerald of the Mala
chte group.
The Emerald lies between the Burro Mountain and
Chemung properties and In exactly same geolo-
glcal formation the two latter mines. and in the
path of of their largest bodies. this
claim in the second drill hole beginning a depth
of 35 feet passed through 40 feet OF ground
tanning chacocte copper Ore At this point cavlng of
the ground in the hole obliged temporarily sus-
pend operations to obtain additional drilling apparatus
We shall and complete this hole the near
future We in when drilling was suspended
The drill then 1926 feet to the south
again encountered chalcocite copper which has
been continuous for 100 feet. The drill is now
down Asa feet and still in with increasing values.
on the st. Paul claim beginning at a depth of 391
feet the drill passed through feet of mneralized
ground in what have called the Humboldt VEIN
This vein outcrops for nearly mile the Mangas
property 1t Is well defined lode of great promise At
the time of this writing in same hole at a depth
of e6l feet from surface second vein has been
countered possessing all the characteristics of the
Humboldt vein This vein also outcrops for a ,ang
distance on the Mangas every in
dication of being highly mineralized with depth
In addition to the results of drilling assessment work
has shown up much promising mineral ground on sew
eral other claims of the property
on the whole developments of ore bodies have thus
far much exceeded expectations As we have an
proximately 1000 of mineral land either owned
outright or under option, it is clear that we have
property of great promise.
Your attention is called to the following financial
statement viz: Financial statement from Trial Balance
of March /, 1910
Cash received-sale of stock " sos e5o 90
Expenditures.
Paid account mining property ..s6521495
Paid other expenses including or
ganization work.
houses, drills tools, supplies
mining operations, etc. $40. .ss715s SO 1os a74 ga
Cash IN bank ......... $50. -. ....... s5S7b as
III audton to the above balance on March l. there
was due from the First Call $16,75O The payments
ior March and April will up the greater portion
of these assets
developments thus far warrant us in recommending
oat the work already begun vigorously continued
U" much larger scale. To do this we are Obliged to