The Calumet news. [volume] (Calumet, Mich.) 1907-1938, 1910-06-10

ceivables on hand. The construction
of such a railroad as above proposed
would cost I'm the neighborhood of ST.
$780, 600 and I'm connection with the
final decision to build this railroad II
would give an additional profit to the
Utah Copper Co. of some 100000 or
$500 900 year. ii is not unlikely that
the question may come before the
short time as to whether or not this
road shall be built out of present cash
assets or whether such "A railway may
sell an issue of bonds when built, the
Utah company reserving its present
S5, SOC, 600 OF cash assets for working
capital in connection with the large
amount OF copper which 1t will have
after enlargement is completed.
Boston.-The May report of opera
tions of the Goldheld Consolidated
shows net profits of $72S.S96. Compar-
ison with previous months follow:
January, s519,3OO; February. 4S5,49S;
March, s7SO,2SO; April, $S39OS9; May,
1928, 1916.
Five months total, $3,297,514.
Production amounted to 20,509 dry
tons of ore. the gross value of which
was $1,O21 ,656, as against $1.099, $40
for April. The total cost, including
losses i'm May, was $29S,26O comparing
with S295,76O in May. May produc-
ton included 700 tons of high grade
ore shipped from the Clermont work.
| ings direct to the smelter. The report
further states that $500 feet of new
ground were broken during the month
and that new ore brought into sight
exceeds i'm tonnage the amount ex-
tracted although of n slightly lower
grade. A discovery of ore was made
during the month on the 450-foot level
midway between the Mohawk and Red
Top shafts i'm virgin territory Re
pairs to the mill are expected to be
completed by June in anticipation OF
which the ore tonnage now being ex-
tracted has been increased.
calumet Mich, June 1O.-The gem
eral market was weak all day and pri-
ces showed loss of from one to four
points.
Amalgamated and North Butte were
the features of weakness i'm the Bos-
ton list. The former selling down &c
61& and the latter to 81 IA with 'bu
slight recovery at the close. This i.
a new low record for these stocks OF
this movement.
The balance of the Boston market
was dull and without material chang,
i'm price.
New York, June 10.-The course o
the market since the opening has beer
some what disappointing but natural
AS we have intimated, we see m
chance at the moment of the marke
going far in each distance.
Amalgamated has been sold on
we'll distributed rumor that cope
metals will be cut to 1O1a cents.
The report that Alton dividend viii
be passed has not served to help tn
market in railroad stocks.
There is growing feeling that Stee
will sell off a little more, in fact peopl
who are usually right on this stocl
have advised their friends not to pur
: chase it at present.. II. Wainwright
Boston, June 10.-General Manage
. ]. Il. Risque of the Utah Cons. has re
r signed, but the company has persuad
: ed him to remain until Sept and h
: has consented to do So No mention
p made as to who will succeed him.
t News Bureau.
, Boston, Mass, June 10.-Hayde
= Stone & Co. and Paine Weber & CO
= have joined with Fitzgerald Hubbar
a Co. and the Boston representation
i'm the Lake Copper company will b
increased at the Forthcoming annua
o meeting.
!, 1t is understood that VIM. Fitzger
aid. Galen l.. Stone and VIM A. Pain
will go upon the board and that Nj
Paine will become president.
1t is contended that Champion mi
will be able to treat the Lake roc
more economically than the Frankli
: mill and at less transportatio
charge.
There are $4,000 shares of Lake Cop
per stock outstanding and Ftzgeral
Hubbard & Co. now have proxies 70
about 10000 shares.
Proxies run to VIM. +. Fitzgeral
= and Galen l. Stone.-News Bureau
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