The Calumet news. [volume] (Calumet, Mich.) 1907-1938, 1910-06-22
PAINE, WEBER & co.'s GOSSIP

PAINE, WGooGN u W. y SOooir'
Globe--The churn drill hole No.
sunk on the Live Oak property LOO
feet west of the shaft and 800 feet
north of it, is sinking in fine grade
of ore. The ore was first encountered
500 feet from the surface yesterday
and the drill Is still sinking in it at "A
depth of 400 feet. hurn drill hole No.
SO passed through 100 feet or ore ana
the drill formerly there Is being moved
from the new location All six drills
sunk on Live oak land have pene-
trated ore for thickness varying from
75 to 175 feet. The average copper
content of the material found i'm the
drill holes is 2.5 per cent. Drill No.
Z will be sunk 200 feet south of the
shaft and 800 feet west of it and
should this hole encounter ore as is
probable. the ore body will be shown
to have greater southern extent than
was ever anticipated.
The Victoria Copper company's pro-
duct for May was So 1-2 tons.
Exports of Copper Monday were
1,116 tons and total since June Isl
1854 tons.
Butte wires-No dividend declared
in Tuoumne yet. Their report reads
in part: We have for the present de-
cided it is best to accumulate a treas
ury fund and defer payment of divi-
dends till such time as we can place
the company on a sure and certain
dividend basis. We cannot promise
definitely just when we will reach a
dividend basis but hope to do so with
in the present year. The report shows
cash on hand May S1st, 1910, $685.
1867.
The North Butte directors authoriz-
ed the giving out of the following
statement accompanying the an
nouncement of 20 per cent. dividend,
payable July 2Sd. 1910: At the present
time an extraordinary amount of de-
velopment work is being vigorously
prosecuted in the North Butte mines.
Two shafts are being opened, dcvel-
opment work on both Edith May and
Jessie veins prosecuted on 1000 ana
1900 foot levels and below the ZOO
level on the Edith May, as well as eN-
tensive development of the Croesus
claim, the remaining part of which
was recently secured and of contigu-
Gus property. The development WORK
is disclosing additions to the ore re-
serves in the mines. The Wine be-
low the 1900 foot level OF the Edith
May keeps Disclosing high grade ore
and the development work on Croesus
claim and contiguous property Is DIS
closing ore of excellent grade. In
view of the development work and ad-
ditional expenditures required for this
purpose the directors deem 1t prudent
at this time to declare dividend oil
30 cents per share. A complete re-
port of the mine development and
analysis of ores developed will be FOR
warded to stockholders with dividend
checks.
The Greene Cananea Copper com
pany had on Dec. 31st, 1909 cash
balance of s3,327 against $9S6S on th'
corresponding date in the preceding
year. In the third annual report
President r. +. Cole says: ITO date
the company has acquired 9i4'sS
shares of capital stock of Greene
Consolidated Copper company ant
599,75S shares capital stock OF cam
Central Copper company. NO dlVl'
dend disbursements were made Wy
either of these subsidiaries companies
the past year. Pending receipt OF dlVl'
dends. arrangements were mace 10
borrow $4,000 from the Cananea Cen
trail Copper company to meet curren'
expenses for the year. During the lat-
ter part OF the year there was ac-
CURED by our subsidiary companies
the outstanding stock of the Indiana
Sonora Copper company, the Mexican
corporation of which Is known as th'
Sierra DE Cobre Mining company" ;
A. We consider this property val
liable addition to our holdings in th'
Cananea district.
Salt Lake-F'ire reports at the Chie
Cons, are greatly exaggerated. Th'
blacksmith shop was damaged TO th'
amount of about $500. This was th'
only damage, other buildings not De
ing touched. The first didn't get In
side mine. II will only stop worl
about two hours.