The Calumet news. [volume] (Calumet, Mich.) 1907-1938, 1910-02-14
Mining News

information upon the physical condi-
ton of the property and have not ex-
amined IL underground for several
months, but we do know that the man.
agement is not putting up any schemes
to affect it's market value. The man
agement isn't responsible for any
price above SIS per share, that being
the figure at which they passed it
around to their friends, and upon this
the mine owes nothing, having paid
II out i'm dividends, and is selling at
very much better price in the mar
ket today even after the many vicious
attacks which have been made upon
it. The directors of the company are
not in the stock business but are
mining copper and working for better
price for the metal, which certainly
is needed and is an exertion in the
right direction. The price of the
shares have been made by the public.
When the annual meeting is held
IL will then be learned the exact con-
dition of the ore bodies i'm the mine.
1t is being given out from several
sources that the present showing of
ore is as good as at any past time i'm
the history of the property. but we
question the correctness of this
statement.
Our opinion is that the company is
now passing through the lean iron
has been encountered by every mine
of the Butte district, and that the
ore i'm this formation is pinched and
! lean as compared with ground above
and below this point. 1t is evident that
IL this ground is now being encounter
ed the profits from the ore secured
cannot be nearly so large as they
have been above the lean area. and
that il this be true the earnings and
dividends must naturally fall off UNI
I'll better ore is encountered.
That this lean ore zone will be pass
cd through (if in reality the miners
are now i'm iD, is certain to follow
1t is the history of the camp.
AS Iron ore stated i'm its last issue,
adjoining mines have met with this
discouraging condition, the Amalga-
mated Copper company, working shafts
close by having gone through such
experience and are now, and for sew
eral years past, been extracting very
rich ore from 200 to 1000 feet below
the present deepest workings of the
North Butte shaft.
MANY of our readers will recall the
time when Butte's ores were supposed
to have bottomed i'm this poor zone
The end of the camp was actually
announced by many experts i'm geology
and mining, and men left In large
numbers for other points, fearing the
future. Earnings ran down rapidly
and all of Butte's population was
greatly alarmed over the prospects,
which were not encouraging as COM
pared with former large and rich
slopes of ore. The lean sheet was
cut through and the ore was found
as rich as ever and has since held on
persistently i'm all of the mines where
there had formerly been pay veins.
North Buttes shaft will be pushed
To greater depths. and there is talk
of a crosscut from an Amalgamated
company shaft located only a snort
distance away. This would quickly
tell the story as to the value of the
vein at greater depth.
We have no fears that North Butte
is to lose it's veins. II has two run
ming parallel TO each other. IL viii be
remembered. one about as good as the
other and separated by eight nun
dred feet OF ground.