The Calumet news. [volume] (Calumet, Mich.) 1907-1938, 1910-06-04


The West winze being from the 4th level o, r.,
'' pe'h continuously In ore to its present deptb
OF lilo feet The average copper content is DER cent
ELM RIVER
With the organization OF the Contact conner Com.
1t Is hoped 10 finance Elm River in n manner o,,, -
isaetory to all concerned Readers OF these et,e ,
recall the fact that several months ago we mantle, ,
the fact that Elm River interests were Negotiating O.,
the purchase of the section land adjoining it mo-
erty to the south known as Section H. and tho 60,
west quarter of Section H.
The Contact Copper company has been orranizaa ,.,
capital of 100000 shares under Michigan laws Elm
River stockholders will be given the opportunity Of o
changing their holdings for stock the Contact com
pahy on share for share basis, providing that thew
subscribe Tor one-ha or their holdings in the COM
py at " per share For example holder 100 shares
of Elm River will receive $50 shares of Contact stoc
on the payment of $780, This would provide for the ~
of 10000 shares and give the company 500 IN
cash with which to explore it's holdings Tber
will remain $4,000 shares of stock unissued in
the treasury
1t is necessary subscription for the new stoc no
made at the time that the exchange of Elm River for
Contact shares is made. The plan will new lease
of life to Elm River is believed by many familiar
with geological conditions this district that the So
be taken over Diamond drilling will he undertaken at
once, and it is hoped get this work well under way
before the close of the present year.
AHMEEk-
The new Ahmeek stampml has been placed in COM
mission, head already pounding on rock from the
mine and second will go into comssion very soon
While Of 1t is yet too early state just sat
isacory the mill will be, it is understood that the
results to date have been very gratifying Some
changes may be found necessary. before summer
will have passed Ahmeek will be shipping 1900
tons of rock daily its mill. and will discontinue
stamping the Franklin Tamarack- osceola plants
QUINCY
1t announced this week officially that Quincy
earned for the quarter ending 81 approximately
$4750O AS the company has outstanding the present
time $4,000 shares earnings of $lSO
per share. This recent cut in the
dividend from $3.50 to s1.25 per share
LIVE OAK
Churn drilling at Live Oak continues to enlarge the
known this property and the issue is gaining
friends right along From a market standpoint
has been the strongest list largely
the limited amount of stock issued. Last drill
tered the surface 700 feet west of
the shaft 1t is possible that the company will
ganized from development into mining company be-
fore the close of the present year. Large blocks
stock wanted at $40 per share
ALeoMAH COPPER
The organization of the Algomah Copper Company
perfected week. and as near as can be ascer-
tanned the issue of 10000 shares public
subscription all taken and stock
The stock underwritten by prominent Boston bro
kerage houses underwriting fees coming from the stock
given the property owners.
The Agomah Copper company organized under
the law of the state of Michigan capitalization
100000 shares of par value of $25
offered for subscription $40 per share with that
amount marked paid in. The original property owners
received 10000 shares of of which 10000 shares
sold to the public In addition 10000 shares
sold to provide the treasury with 100000 and
10000 shares remain needs Thus it
will be that sufficient cash Is in the treasury for
the companys needs for at year while it
has 10000 shares of that disposed of was
done with stock in the Lake treasury.
The property of the Algomah Copper Co. consists of
three quarter sections of Section Township So Range
3S, embracing $50 lying south and adjoining the
property of the Lake Copper The third level south
of the Lake is within 200 feet of the gomah boundary
trench 100 feet long has been opened the Agomah
In line with the outcrop of the Lake lode uncovering
fine looking amygdalod thoroughly charged with copper
Exploratory work will start Immediately on the outcroI9
as no diamond drilling for the present, at least will be
necessary.
Stephen r. Dow will be president of the company
with r. NJ Edwards managing director J. II. Rice, John
c. Watson, A. L. Wyman and d. E. Dow with the above
will constitute the directorate. 1t will be that the
Algomah will be managed by the interests as
control the other so-called Lake group of mines.
LAKE COPPER COMPANY
The annual report of the Lake Copper Company Is at
hand and in many respects is of the most compee
and interesting reports issued by Michigan copper
company. Not only Is complete detailed statement
given of the financial affairs of the company but every
possible detail is noated concerning the physcai con-
ditlon of the property.