The Calumet news. [volume] (Calumet, Mich.) 1907-1938, 1910-07-15
NEWS FROM THE MINES

show a good width of ore. namely IA
feet, and assays for the first week OF
July showed z per cent copper values.
The drifts east, technically known az
POSI-, has continued to widen and
shows about 20 feet of orc. The ore
in the face OF this drifts is we'll snIink-
led with copper, principally glance,
and Is the most satisfactory showing
ON the 5000 foot level. This drift Is
almost directly under the 1900 drift
on the Jessie vein which will nccessi-
tate the extension OF the drift on this
level from 10 to 200 e. before IL
crosses the north side line of the Jes-
sic fraction.
on the Gem vein the drift west
known as 2OO2 shows the ore 10 have
widened to four feet. This drift now
looks more encouraging than 1t has for
Il long time.
on the Croesus vein, drifts on the
1900 were advanced very little dur
ing the first week I'm July, as the
ground has been extremely heavy ana
some difficulty has been encountered
In checking up the ground and getting
the timber i'm place. The crosscuts on
the 1900 foot, 200 and 1900 foot lev
els are still advancing, but have re-
Gently shown nothing of important in
terest. The Spectacular shaft was
sunk 20 feet during the first week In
July and is now within 10 feet of tie
newell on 2.400 station. The shaft will
be continued after the station set Is
In until the necessary stump below the
level is cut.
The North Butte Mininr company
has begun suit against the Tuolumne
company to secure title to the ore bod
les in the Jessie vein and also to Sc
cure an accounting for the ore extract
cd by the Tuolumne company under
the surface of Jessie fraction, as the
Tuolumne company refused to recog-
nize the North Butte title 10 an un-
divided interest in this fraction. This
suit was started July z.
The Tuolumne Co. is at present not
doing any underground work whatever
excepting cutting a station on the 400
level. all work below that being sns-
pended. Work has starte,: OH the sur
face Of the Jessie claim to determine
the exact position of the apox VI the
Jessie vein.-News Burean.
Boston, July 15.-Thompson, Towle
e. Co. say: I'VE have it upon the au-
thority of one of the leading copper
interests, the president of one of the
largest producers, that conferences are
now in progress i'm both this country
and abroad with n view to bringing
about the long-looked for and much
talked about curtailment of copper"
Gay & Sturgis.
New York, July 1.-THE edge has
been taken off speculative enthusiasm
since the market opened after the rise
in the price of cotton and wheat, and
by the reported reductions in the
prices of wire nails, etc.
There has been a good deal of talk
going on about a curtailment of cop
per production. and the rumor is that
the big interests have decided on this.
itively as yet but / do know that dis
cussions along this line are going on
in some pretty high quarters this
morning. Production OF copper is going
TO be curtailed either by agreement
or by a drop in the price of metal
TO about IL 1-2 cents and i'm either case
1t looks as though we were at last
reaching the bottom of the copper sit
uation.
1t is estimated that the banks have
gained about sS.OO0.000 this week.
There is practically no change i'm the
money market from yesterday, al
though one big Chicago institution put
out lot of six months money in New
York at the bid price, which is a quar-
ter per cent lower than loaned for the
same maturities yesterday.
Public interest in the market today
seems TO have evaporated. / expect
no activity worth mentioning until
next week. as Saturdays at this sea-
son of year in New York are practi-
cally holidays. w. Prentiss.