The Calumet news. [volume] (Calumet, Mich.) 1907-1938, 1910-10-25
HAYDEN, STONE & CO.'S
GOSSIP OF The COPPERS

lnspiration-StOckho OF lnspir
alton have been officially advised tina
all the preferred stock OF the eompan
has been converted into common stocl
and the preferred cancelled; also. tina
the company has received s2,O22,92
for the remaining 2O2.292 shares o
common stock in the treasury.
The conversion OF the preferre,
stock and the sale of the common stool
leaves the company with 100000 tom
of ore blocked out averaging bette
than two per cent copper and that il
is the intention of the management e
proceed with the erection of con
centrating plant the daily capacity OF
which will probably be 5000 tons.
The Porphyry Coppers-It will be-
but a very short time now before pro-
duction begins at the big so-called
porphyry copper mines that have been
under development for two years OF
more.
At the Miami the work of preparing
the mine for extraction Of ore is prac-
tically completed; the construction of
the building. almost wholly OF steel
and concrete, is nearly finished, and
all that remains to be done is the in
stalation of the machinery itself
This should be within two months
and by the first of the year the wheels
should begin to turn.
At the Ray, the expansion Of the
proposition beyond the original es-
Inmates will mean slight delay in
the work of actually starting the ma
Chinery, as everything-of course-has
to be laid out on a broader scale, but
within two months after the starting
of the Miami mill Ray should begin
TO put its mill into commission and
thereafter one section after another
will be placed in operation as fast as
can be got ready.
The Chino will follow about the mid
die of 1911. Within a years time,
then, these three properties should be
treating total of $4,000 tons of ore a
day or course it will be three months
from the starting of operations before
any of this new copper appears on the
market and the fact that several
months will intervene between the
placing in commission of these mills
will prevent the flooding" of the
market with this new production. but
il will be. without doubt, a matter of
considerable satisfaction to the share |
holders TO know that their properties |
have actually reached the earning
stage Undoubtedly the actual results |
will further attract to the shares the |
attention of a certain class of invest
ors who have hitherto held aloof.
There is a certain type of investor |
who will not buy until the divided |
stage has been reached. The next
rank. in point Of conservatism, will
buy only after earning power has been
developed.
OF course. these two classes lose the
opportunity for profit that is afforded
i'm the earlier career OF these stocks, |
but their final absorption of the
shares is a very important feature and |
no doubt they are justified in their
point of view.
II would seem that between now and /
the beginning of production will be the /
opportunity of the business man who
will not invest his money until sub
stantial values have been developed,
but who can also look ahead and anti
cipate the final results
Chino-The detailed report for Sep
TENDER is at hand and is Of rather un-
usual interest, as it marks another
distinct step in the development of
this property.
Heretofore the management did not
consider themselves warranted in re-
garding any ore as fully developed
unless the holes on which the estim-
ates were based were within 100 feet
nf each other. Now, the bands of ore
can be so accurately correlated at dis
tances Of 200 feet, that there can be
no doubt whatever of the continuity
Of the ore bands where disclosed by
churn drill holes 200 feet apart.
To quote from the report-"Hereto-
fore. a separation has been made be-
tween the ore developed on the 100
IT, and 200-ft, squares calling the ore
developed on the 10O-ft. squares de
vcloped ore" and that on the 200-ft.
squares alone, as partially developed
ore" The absolute consistency of the
bands in the 2OO-ft. squares made IT
evident that this separation was arti-
Ecial and that the drilling on the 200
IT. squares was fully developed ore"
In other words. the Chino ore body
has now been shown TO be so consis-
tent that the same method for estim-
ating the tonnage will now be used at
this property as at the Ray Consoli-
dated This of course. converts a
large part of what was previously re-
gardcd as partially developed ore"
into fully developed ore"
Through this and the actual addi-
ton made TO the fully" and par
TALLY" developed ore reserves during
the month by drilling the Chino has
now 24,598.S79 tons of developed" ore
and 4,346,465 tons of partially devel-
oped" ore. total OF 2S,945,344 tons OF
ore. averaging 2.5S per cent
Shannon has reduced the cost of |
producing its copper to ga cents at
the mines. which is equivalent to about
If cents pound delivered; conse-
luently. as soon as the company is
able 90 realize 10 cents for it's copper