The Calumet news. [volume] (Calumet, Mich.) 1907-1938, 1910-08-06
Paine, Weber & Co.'S Gossip

as high as 12% cents pound. The
copper producers figures for July tc
be made public on the sth of this
month are keeping many consumers
out of the market. They anticipate a
further increase in stocks and believe
that this increase viii prevent further
rise In metal prices. The large sales
In July and early this month will not
be reflected in the July statements as
the sales came in too late.
The McGaw shaft of the Superior
& Boston Copper company is at pres
ent at a depth of 761 feet from the
collar, or 21O feet from the present
sixth level. II is stated that by the
first Of August a depth win be reach
ed that will warrant the establish
ment OF the eighth level The shaft viii
then continue TO the ninth level. The
slopes from which most Of the ore is
at present coming are located on the
sixth level. about 800 feet west OF the
shaft Stopping is being done between
the sixth and the intermediate level.
which is 80 feet above. The system
employed is I'm no way different from
that used on the east side Slopes Of |
the old Dominion mine. II is apple |
able only 10 veins under 90 feet In /
width and is most efficient i'm veins OF
an average width OF ten feet. A trip
le expansion Prescott pump on the
sixth level is handling about $50 gall
Ions a minute. This water comes en-
tirely from the sinking of the shaft
Shipments Of 30 tons a day are at
present being made over the new
branch of the Arizona Eastern railroad
TO the Old Dominion Smelter. This ar
rangement between the Arizona East
ern and the Superior & Boston peo-
pie seems 20 be definite one. The ore
averages between and . per cent
copper and AZ ounces In silver.
An official of several Lake Superior s
mining companies, who has just re-
turned from the Lake, where he in .
spected the Hancock Cons property
says: From present indications
Hancock will make a mine on the So Il
called Hancock No. 3 lode. Work be- e
ing done at the property is on a broad
scale with view of making large %
output. The shaft, for instance. is the W
largest i'm the lake district, with the II
single exception of the Red Jacket II
shaft Of the c. & H. 1t is five COM >
partmcnt AFFAIR, four OF which will be
used for hosting rock and is equipped p
with underground stations for hand
ing very large tonnage.
a Boston man, who FOR many years III
"A a Eaf.l ]
copper district, and who has closely
watched the development Of Lake Con- ~,
per says:-"In my experience In Lake -
Superior mines and Lake Superior o.
mining shares, have never seen such =
I complete reversal Of sentiment as ~
las taken place In the last six months IL
egarding the Lake Copper company. ~
.ast January. when the stock was up DC
n the eighties, there was apparent "a
y three buyers for every seller while WI
p TO very few days recently there ing
as seemed 20 be three sellers for w
very buyer. When the stock was go
og up the mine was open to inspec-
ION by anybody in the underground
Ituation. There was no report that
id not confirm the previous one OF
ne richness Of the Lake lode. it's ex- A..
'aordinary width. that IT would run 49,
or 30 pounds TO the ton or even a.,
igher, that the property was the big a.
est thing ever discovered at Lake 49,
uperior. not even excluding Calumet ~
Hccla which has paid Sf13.O 600 600 -
dividends But this AN has chang
J. Lake Is prospect Lake is a
'reak' Lake, the erstWhile favoritc -
nearly everyone I'm state street -
nd the copper country. seems now to
ave few friends, although, l am glad Co'
say that the people at the Lake are .-ol
i'll believers in Il. They are backing Ia
p their faith by holding onto their 10
ock, some Of which was bought at rl'
uch higher than prevailing prices. / VII
I'VE no criticism TO make of the pres Viz
It management but I do resent stalls gre
at have recently appeared. reflect ia
~ on tho old ono COVE -, 80 He
r as to say that they misreprcsented Ihu
nditions at the property. It seems lsl'
me that the very fact that only $500 ne
ares Of treasury stock were sold in ne
g open market, when twice that La
Mount Nigh have been sold at high La
prices, attest the faith of former Ma
rectors I'm the proposition. The last Mi
ock sold brought 70 and one Of the MI
rectors TO my personal knowledge Mo
as anxious 20 put the company IN FNe
impregnable position by selling MI
ough more around that figure TO NO
We it $i,OO00OO In cash. But the No
unsels Of the majority prevailed. oil
lieve If the company had sold some ole
orc treasury stock last January the Os'
ice would not have gone to "a then Pa
r later 10 2S. II precedent counts for fsa
ything in Lake Superior mines. the gu
Ike viii make n rich mine although Sh'
small one. based on the rich show 5.
Z at present depth. II the lateral SUI
cnings continus to open rich. II will Su
wonder. Lake is cheap at pres Ia
{ prices, but IL is hard 10 make any L.
G i'm Boston believe II now" Uts
The Utah Copper company reports for Vic
p quarter ended June 30 total net Wi
oits Of $i,54s979. consisting Of ST. WY
1879 from mining and milling oper- We
ons; 1882 from rents and misceI-
leous sources; and s35e,42s from