The Calumet news. [volume] (Calumet, Mich.) 1907-1938, 1910-04-25
MINNEAR g. co.'s GOSSIP.

The general balance sheet as of De-
cember 81, 1909, of the Utah Copper
Co. shows undivided profits of $2,943,-
G27 as against $2,25S,271.
Cordova's churn drill is said to be
making a good showing in the Eurekt
claims. The deepest hole drilled al
Chino Is 1,O40 feet deep with gold ore
there.
The cross-cut from the Williams
shaft of the National Exploration OF
the $50 level has struck n fault 241a
feet southeast of the station. The ore
runs high i'm iron.
The Consolidated Arizona blast fur
mace of $50 tons capacity was blown
in last week.
Considerable criticism Is still being
directed at the North Butte manage
ment for not issuing the information
that is now being made public a year
ago.
Old Dominion is opening an abund-
ance of high grade ore in its west coun-
try. Recent strikes I'm United Globe
territory have. with openings i'm the
lower levels of Old Dominion proper
disclosed sulphides enough to make
the company independent of any out
side source of sulphide supply
a private dispatch received i'm Bos-
ton says there has been rich strike
made i'm North Butte.
The First National Copper company
Is declared TO be earning over $1,000
net per day on 13-cent copper. For
the first quarter OF the year the net
profits were 100000.
Stocks of many large consumers are
low and because of this producers ex-
pect a buying movement in near flu
ture.
Butte.-While there is nothing more
in the way of the Butte copper merger
except threatened opposition by the
minority shareholders of the Parrot
Mining company. comment of the pro-
ducers is that the big general merger
Is, in view of the delay of the Standard
oil and Tobacco cases, farther off than
ever. The statement Is also made that
companies is not especially in the in
terest Of any proposed general merger
but was necessary by local conditions.
An equally important reason for the
merger of the Butte mines is the neces-
sity for greater economy i'm the mining
and production of copper Under one
economical management the Butte
mines should be able to bring costs
down to 9 cents or less, which would
leave fair margin on 10 to accent
copper.
). and b. is still holding close to
the low record price in spite of the
very favorable news that continues to
come from the property. The trading
is on very small scale and 1t is evil
dent to those who have watched the
market for some time that the buying
recently has been of very good char
acter. That there is good reason for
bullishness on the stock is evident from
the nature of late dispatches.
The Hancock Cons. No. shaft is
DOWN 1850 feet and sinking to cut the
quincy or Pewabic lode, where n for
nation of known commercial quality
traverses the land of the company.
Latest reports from the property show
'hat the underground developments
continue In ground carrying gratifying
copper values. Drifting is progressing
steadily at various levels down to the
18th.
ihere are reports of a big ore strike
III the c. and A.. but all good news
seems without effect i'm this market
Exports of copper for the week end
ca April 2ist were 2,774 tons and since
Npril first 1894 tons. against 22.s11
last year.
me development work on the Super
ior and Globe is being confined to
uriits being driven east and west of
INC horth crosscut on the 650-foot
Vel Drifting is being continued
"'ong fault of mineralized material
,'''u 'or distance of 800 feet the vein
"ss proven to have an average width
~ zen feet. The mineralized ground is
1'"eeh diabase walls and will be fur-
'er explored by drifts with view to
'e'e'oping copper values.