The Calumet news. [volume] (Calumet, Mich.) 1907-1938, 1910-06-24
GAY G. sTURGls GOSSIP.

Inc News Bureau says "Thc Shat
tuck-Arizona Copper company, in con-
nection with the listing on the Boston
Stock Exchange. is producing 1000. 900
pounds of copper per month at a cost.
refined and sold, of less than 5h cents
per pound n record at the present time
unequalled and unapproached by any
copper mine in this country.
The Shattuck- Arizona company is
capitalized for $4,000 shares, rs per
cent of which is owned by seven men,
the remaining 25 per cent is held by
something over 500 shareholders.
The property represents in its orig
inal cost and subsequent development
and construction work. about $1,000
goo. OF this amount 81 200 900 repre-
scnts the purchase price 81 500, 900 hav-
ing gone into development work. only
$4,000 of which, however, was levied
upon the shareholders. In other words
this large development fund was Sc
cured from the property itself i'm pro-
cess of opening work, the copper de-
rived having been turned into working
capital, as rapidly as possible. This
is also unique record in the annals
of copper mining development.
The Shattuck- Arizona property is
poined on the north by the Copper |
Queen while the c. & A. and S. g. |
Z. lie to the south and east with the
w. IL A. on the west. The company's
territory embraces 120 acres. practical
ly all of which is mneralized.
At the present time Notwithstanding
the low price of copper, net earnings
ire running between $4,000 and $780,
BOO per month. These profits are be-
ng derived from the daily treatment
IF 160 tons of ore, which ore assays
between II per cent and Is per cent
copper. From every ton of ore which
he company is shipping to the Copper :
queen smelter, ii is recovering be- I
ween 1886 and $50 pounds of copper. |
Engineers estimate that there are in 4,
light measured on three sides. 10000 [,
ons of ore in the property. and mining |
Ugh ores, of which there are at least |
10000 tons. with the lower grades. '
he total tonnage will average at least '
II per cent copper. Y
Into the company's phenomenally low '
ost of production of less than 51h
rnts per pound. the actual figure be-
ig 5.3 cents, is charged all develop
tent costs and expenses of every
laractcr. The company carries no IL
pen construction account.
The mine is operated form one shaft A
hich is down 900 feet and is connected A
it'll the Copper Queen on the S0O-foot A
vel The rich ores now being hoist A
are coming from n point between Il
e 600 and $50 foot levels. r
The directors have recently declared C.
initial dividend of 81 per share. pay C.
lie July 20. c.
Calumet, Mich, June 24.-The mar C,
It's opened weak this morning and Fl
ntinued so throughout the day. III
ices showed loss of from one to l..
ur points. l.,
The Boston market was extremely Nj
II and what quotations that were n
ide were at lower prices. n,
Algomah was the feature of strength p,
the early trading on the curb, ad- r.,
ncing to IL with slight recession n,
ar the close. Cherokee was very ST
ak and sold down to 2. These Sr
'cks were both listed on the Boston So
rb today. Su
Jew York, June 24.-American stocks ST
London heavy X to y below parity. Tie
ntiment this morning is n little more IIr
irish The action of the market at II.
sc has increased the number of w
IRIS. The passing of the dividend on
preferred stock of Minneapolis &
Louis has had much to do with
Inge i'm sentiment, although the ac-
n of the stock has indicated that :
nethlng of the kind would have to Gre
done ste
Weather reports from the northwest pr
tinue to be contradictory. ........lp oI