The Calumet news. [volume] (Calumet, Mich.) 1907-1938, 1910-04-06
MINING
MINNEAR & co.'s GOSSIP.

The report tnal OHio upper Sohh-
many had financed itself by borrow
ing 100000 is premature. The COM
many netted $4,000 last month on the
treatment of 1000 tons daily.
The directors of the First National
Conner company will meet within the
next few days to take up the $4,000
outstanding bonds. also block of
notes. There are sf,000,0OO bonds I'm
the company's treasury and cash
balance said to be 100000. The com
many is making about 12,OOO,OOO
mounds of copper year. IL Is ex-
nocted that an assessment OF S.25 n
sbore Welding $4,000 will be called
while Hancock has not yet decided
,ybether il will begin construction on
It's stamp mill this summer, 1t Is quite
probable, beginning in October or Mo-
vember. shipments will be started at
tho rate OF 400 to 700 tons per day
Arrangements will be made to have
mill of the district.
GoldfeId Consolidated in March re-
covered $4,000 net.
Utah Consolidated's annual report
shows 20637 tons of sulphide ore
Skinned. Reserves estimated at 1884,
A7o tons of ore. Yielded 10,04S,90O
nounds of copper, 29S.167 ounces OF
silver and 21,569 ounces of gold.
very seldom give much of an opin-
ion on mining stocks, for the simple
reason that I know very little about
them. but on general principles Lake
Conner is at least worth watching. LII
ouidation in Il has been more drastic
than I ever remember seeing 1T In a
speculative stock before in similar
space of time and the price is almost
cut in half without venturing an
opinion as to the property at all and
simply from these facts, I deduce that
the man who buys 1t around these
nrices is not running a great deal of
risk.-N. j. M.
Transactions in copper continue
small with sales few and far between.
The large selling agencies and pro-
ducers are not inclined to make con-
cessions but sales in small lots are re-
ported at 1874 cents pound.
mining engineer says: Hope
the most valuable asset in mining en-
terprises and many people I notice
are still clinging to the idea that the
Cranky directors report of 5000, 900
tons of ore available for stopping
means only 100000 tons of ore block
ed out in their ore bodies, but If my
advices are correct IL means that the
entire known ore bodies in CRANKY to-
day are 100000 tons. CRANKY has
been wonderful proposition unlike
ANYTHING else in the world. 1t is n
self-nuxing ore with lime, iron and
silica i'm the right proportions in the
rock. BY reason of the fluxing quality
Of the ore all of it goes through fur
naces and 81 per cent of the assay
value is recovered. while were 1t con-
ceptrated with a loss OF say 30 per
cent i'm concentration. ii could not be
prontably worked. The profit, how
ever, is not in the copper; 1t may be
considered as entirely i'm the gold val
ne i'm the ore. as for the last siX
months of 1909 there was 100000 in
gold produced. The percentage 'of
copper in the ore has declined and
my friends from the boundary country
tell me that at times the smelter has
been run on ore that paid no profits"
There has been talk that st. Mary''
Mineral Land would distribute It's
treasury Hancock stock pro-rata. This
is not true. the management says
Houghton Copper company stock Is
the one that will be distributed.
If the ores of the Utah Cons. had
been treated under the new contrac'
with the Inter National Smelter in
stead of under the old one the Garfield
Smelter, it would have made DIFF
ference of 100000 to the company.
Opinion in the CRANKY matter Il
very contradictory. Even If tho
mines prove better than the recent
report would show still IL is evident
that 1t can never become the gigantic
producer that II was once predicted &c