The Calumet news. [volume] (Calumet, Mich.) 1907-1938, 1910-10-19
Minnear & Co.'S Gossip

Ernest r. woolcy of salt Lake cit
Utah. has been elected president, di
rector and general manager of the Nc
vada Utah Mines and Smelter corpor
alton. succeeding T.. Leonard resigned
Edward $. Hooley has resigned as
director.
The management Of the Ray Cons
Copper CO., is considering an issue O
convertible bonds To be offered 4
stock holders, but so far no definite
action has been taken I'm this matter
According 10 current reports the is
sues will amount To $4,000. 600 and viii
be convertible into stock at $50 a
share.
1t IS stated by persons close TO the
management of the LaRose CONSOLE
dated Mines that within the past
month there has been an important
development on the property. the ma
ture of which will probably be dis
closed in a few days.
A Houghton dispatch says; "Algomah
No. . drill hole has passed through a
fve-foot amygdaloid lode OF exceed
inely rich native copper ground at a
depth of $50 feet. The core and sludge
in the opinion of those who have seen
them, are ms rich as any that have ever
been seen in the district"
Fortnightly statistics show stock Of
copper decreased 2.O49 tons and that
the VISIBLE supply decreased 1873
tons
The International Smelling e Ref.
Co. is not considering the erection
of any new plants at this time. The
GirouM ores win be treated at the /
Toole shelters when that property be-
gins shipments.
The Algomah shaft is now down !
100 feet in copper ore all the way. The I
diamond drills stlH continues its search /
for the lode at depth.
The Hancock company was fea-
ture in the market the past few days
and will be even more of a favorite
later on, and the advance i'm price of
shares is but reflection of the good
things in a copper way. coming more
and more I'm evidence as the openings
are extended into new grounds on the
No. 3 lode Drifting is now under way !
north and south. and all drifts are in
copper ground. those at the 18th and
18th being in exceptionally good
ground.
Drifting is TO begin at the 35O-level
Of Ojbway and this will make open
ing work underway at the 35O,GOO6j0
and S00-foot levels with shafts going y
down Recent work in this mine has
given the management much greater :
of the Kearsarge formation
in the land Of the Ojibway, and that 7
seems To be followed by the q
opening OF good stopping ground OF cop :
per values which take the property
out of the prospective class and gives
il a place among the future mines of a
The district.
Hancock has been bulled consist
.ntly by several of the largest houses, W
iere. but the issue has met consider
lbe stock from stale accounts who VI
want to change around. This class of u
elling is characterized by the begin "
ling Of all bull movements. Hancock Is
hould sell at 80 at least in order To
.e commensurate with its present val al
e al
The $2,O22,92O received for 2O2.292
hares of Inspiration has been placed
d the company's treasury. 81
Greene Cananea viii begin he I'd
reatment of ores for the Miami about
anuary LIST. and 100 tons of concen- 10
rator viii be shipped at the start. IN
The Hancock power equipment -
hitch will be fully installed By the L
ew year. will permit Of bringing TO 60
urlace daily sufficient rock to keep
jur modern heads pounding cohuh- %
ously. shares in the Hancock bought OF
nd put away viii grow In value and GU
iould be worth something when the a.
chncss at a depth of about 1000 feet no
an additional resource and one that
romises a big mine, giving tho con-
Undated company two instead of one -
ch copper formation TO draw on. L"
Tn fact that Lake had cut the lode n'
the 7th level was announced yester- TO
Az and the stock promptly advanced. Hi
ne lode was reached last Tuesday cy
ne the fact was only announced after so
meeting OF the directors of the CONF go
any held yesterday. President Paine la
sued statement in which he said
rat he was firm I'm the belief that
AXE would make a great mine but u"
rat considerable time would be need IA
!. The new drill compressor will be