The Calumet news. [volume] (Calumet, Mich.) 1907-1938, 1910-09-03
CURRENT GOSSIP OF THE CoPPERs


the South Columbus is times that Of the Alta Hec
I'm the matter Of its location referred the
veloped mines OF the district
The South Columbus has about three hundred fifty
$3.50 acres of ground. all paid patented This
ground adoins the Columbus Consolidated south
The Alta Hecla property south OF the South CO.
lumbus, and just much farther removed from the
proven ore OF the district
The South Columbus property represents an actual
cash Investment of about Four Hundred Thousand
Cs4O06Oooo) Dollars. apportoned approximately as fol-
lows
Actual cash cost of property .......... $3.50 10000
Actual cash OF development. ........ 225oeOOO
Actual cash buildings equipment. 100000
This is not paper" valuation. but a real money in
vestment We do not know the actual money expended
for the property and development OF the Alta -Hecla
but do not believe that it will anywhere one-
tenth of this amount And yet. Notwithstanding that
have three hundred fifty (s5O) acres of ground
patented and paid for, the location which and the
prospective value of which is conceded TO be many
times that Of the Alta Hecla. with
vestmcnt of probably ten times that of the
Alta Hecla, the trustees of our interests Uhe Hon
ora5le Board OF Directors, except Mr. A. l. Jacobs
who would stand for the deal and resigned from
the Board) have the hardihood propose plan that
shall place these two properties equal And
the plea to successfully finance the Company.
We fail to see in what way the lacking OF the
Alta Hecla will help to finance the South Columbus
our Directors think it advisable that should
treasury reserve. why do they ask contribute
from cur holdings for such a purpose. How we
to be helped by taking in another property of less
one-tenh the value of ours and sharing equally with it,
1t is indeed excellent scheme. but its excellency
appeals to the few the -HeclaN rather
than TO the stockholders South Columbus This
committee is ready propose plan for the financing
of Company that will involve the sacrificing
of one-haf holdings the acquisition of a few
acres of undeveloped ground that would in no way
enhance the value Of our property.
This committee will endeavor in every possible way
to defeat Directors in their desire carry
feet this plan If all us were interested in the
welfare Of the Alta Hccla Company we might be in,
different TO the Those of us who are stock
holders only of the South Columbus must make the
hghtsn
SANTA RosALiA-Enorts to get some definite news
for shareholders Santa Rosaa have been unsuccess
full Officers and directors of the company refuse TO
give any information the Developments They claim
that negotiations are pending which if given publicity
would seriously Interfere with their plans However In
the meantime shareholders in the dark and do
know whether control of the property will pass into
other hands will be held in the copper country 1t
known mat the fight for control is being contested Bit
ter and 1t would not be at all surprising If the
would be resored by the outside interests in the
event that the local interests dominate. The annual
meeting of stockholders will be held in Bisbee Arz
Sept TO- the proxies being in the local
board special meeting called to be held in Bis
bee last Saturday but what done this meeting
is not Known for it was called by the faction opposing
the present control.
QUlNcY-Quncy has started diamond drilling at its
Pontiac No. 10 shaft The management hopes to To-.
cate the copper bearing chute Pewabic lode in
this quincy operating on basis that is
netting it sufficient to require.
NORTH BuTTE-The Spectator shaft of the North
Butte has attained depth 24OO feet Is proposed
to sink to $500 feet when that depth reached
believed North Butte will of secondary
enrichment such as was found by Anaconda after its
shafts had passed through lean stretches North Butte
is showing signs OF being absorbed and all breaks
finding ready market 1t is hardly likely that
company VIII change its dividend for the remainder of
the year. but it is doing better earning present
dividend requirements any material Improvement In the
metal market will added dividend for North
Butte shareholders
SOUTH lAkE-The Boston office of South Lake is in
receipt of information to the effect that drill up
10 Thursday morning still In commercial copper at
depth of 113 feet but apparently through the upper
copper bearing zone of the No. hole been dis
continued because of entering dsorganized a
depth of 1850 feet. The been removed to a
new site known No. 5 about 200 south of No.
hole.
No. should operate the upper copper zone around
500 feet from the surface and will have
overburden of feet is believed that this
new hole will give valuable information relative to the
strike and dip vein South Lake officials of the
company state that there remarkable enrichment OF
the bed recently cut by South Lake. yet
been disclosed In drilling in the Lake Superior country
dt Is hoped to get sufficient drilling so that the
will decide to start a shaft before the
weather prevents this class of work