The Calumet news. [volume] (Calumet, Mich.) 1907-1938, 1910-10-18
HAYDEN, STONE & COMPANY'S
GOSSIP OF The COPPfRS

ect that this report will show an in
crease i'm the developed ore reserves
for the month of, approximately A.,
600. 600 tons, bringing the total up L
about 29.00OO00 tons With the ex'
ceptlon of Jnly. which It about equals
this is the largest Increase that the
company has ever reported.
The experimental mill was in COM
mission more than year and there Is
the utmost assurance Tor predicting "a
net value Tor this ore. on a 1919 cent
metal market. Of $1.75 ton. ON this
basis. the 2g.O0O.OOO tons of ore devol-
oped have a net value of 100000, 0O0. o.
over $40 Per share, 10 0e extracted.
such developments. il seems To as.
should be sufficient answer To the IN
curry that We are constantly receiving,
as 10 whether We do not think that the
advance in the stock has been over
rapid.
II is true that we offered Chino To
our clients a year and a third ago at
s. Der share: today IL is selling at $50
four times what il was then, but mean
time the developed ore has Increased
from 1000 900 tons 20 $4,000, GOO. seven
times what il then was. As matter
OF fact. the ratio in the increase of
value 10 price is really more than
10 4. as "A property with 29,000oO0 tons
of ore is much more than seven times
a. valuable a. "A property with 1000
600 tons of ore developed. This is be
&C.
is essential TO the success of a low
grade mine and the building of n mil
is not warranted unless large ton
mage is known To exist In other words :
il is Just as necessary that the ore OF
a low grade mine should be CONNER
cial i'm quantity as in quality.
We are also receiving a good many /
INQUIRIES as TO whether Chino will is
sue more stock, and what effect this I
is likely to have on its price.
In answer TO this we may say that,
in a letter which we issued but n few
weeks ago. we stated clearly that the
company would probably issue 100000
shares more.
The Chino has made very favorable
contracts for transportation and smelt-
ing. and will not have To build any
railroad or smelter of its own. and
consequently will not have to raise the
large amount of capital that has been
necessary in similar propositions Tor
these purposes. The development and
preparation Of it's mine for production,
the completion Of its mill and work
ing capital are the only purposes for
which the company will need any fur
Their funds. II still has in its treasury
about 81 900, 900 In cash, and there will
be no further issue Of securities UNI
iii June. when the company will raise
one and a half or two million dollars
according as to whether II decided to
increase the capacity OF the mill from
three thousand 10 five thousand daily
or not: consequently, il seems to us
that this should be considered, if any
thing. rather a bullish argument, es-
pecialIy. as with 100000 shares addi- q
tional. the Chino will still have one Of =
the smallest capitalzations Of any
Of the kind. 9
Copper Range-Last year the Tri-
mountain receipts fell short of eXpend-
itures by an amount about equal 10
It's item Of taxation. and to this ex-
tent was a burden 10 its owner, the :
Copper Range Consolidated. This year
he Trimountain is doing much better, G
due 10 the return of commercial val !,
les at new depth and the treatment a
a 1
mage. The improved conditions have b
furnished the incentive for greater ac- 81
ivity i'm the matter of development a
work. and when conditions warrant. it l.
~ believed that this mine viii be cap %
ible Of. responding To broader demands b
han at any time since its change Of I,
ownership. 81
Conditions AT Baltic and Champion O.
present no appreciate change, the n
Yield Of copper per ton and cost per b
pound Of copper varying but little from b
he figures Of last year. Each Of these f.
mines is capable OF supplying I'm the 7
leighborhool Of 10000 tons Of rock per i
month, for tho treatment OF which am u
pie facilities have been provided in p
very department h
The line Of the Copper Range rail- Il
road is the only one that reaches every q
Town Of Importance in the entire Mich G.
gan copper district This company n
has made extensive Improvements and
has added to it's equipment during re-
rent period. and is now a worthy COM q
petitor Tor the fast freight and passon- .
ger traffic. u
AS an Investment the Copper Range
Consolidated stands second TO none in X
The list Of mines In the Michigan dis d
trict. This company is a comparative
~ new producer; it is the posessor Of
an extensive property Of established I
value. and one that has been opened G
from surface and equipped throughout
along modern lines.
Superior-The position OF Superior &
has been immeasureably strengthened n
as result Of the recent favorable de- T
at No. shaft. to wit: the q
OF commercial values on e
he 650-foot level. II is significant to
note in this connection that while the
ode at No. / shaft disclosed more or {
ess copper practically from surface, {
material promises of profitable opera {
ions were not presented until depth !
vas attained similar to that at which I