The Calumet news. [volume] (Calumet, Mich.) 1907-1938, 1911-01-06
Paine, Weber 4 Co.'S Gossip
ouincy's December output was 1900

ouincy's December output was 100
tons.
The big level ore body recently un
covered AT the East Butte on the 500.
foot level of the Pitts Mont. mine IA:
been drifted on 1000 feet. Throughout
that distance il holds in width and
richness. For width of six 10 ten
feet the ore averages I per cent cop
per.
There have been sold since the first
of the year approximately 100000
pounds Of copper at a price averag-
ing close TO If not actually l2% cents
a POUND. A feature of this buying
has been that quarter million and half
million pound lots have comprised the
bulk of the transactions.
There has been no improvement i'm
the copper situation since the first of
the year. Sales of copper for thirty
days delivery continues TO be made at
12% cents per pound by some dealers.
Large producers and selling agencies
continue to quote 10 cents a pound
The imports of copper last year ex-
cced imports in 1909 by about 25,OOO,-
600 pounds.
The Anaconda company will begin
the installation of the equipment for
the change from steam 10 compressed |
air power at some of the Hill mines !
about the middle OF January. The first |
mine TO be SO equipped will be the |
Mountain View thereafter the High !
ore and Diamond 1t is likely that it |
will take three months to make the |
change and that each mine |
will be closed for about a month.
The Copper Producers Association
viii hold its monthly meeting on Mon
lay. January 3, owing TO the fact that
Is regular meeting day, the Sth. falls
IN Sunday. A further reduction of
itocks of 100000 pounds. bringing
he surplus down TO 10000. 600 pounds
Is of January /, compared with AL
100000 pounds n year ago. is predicted. /
The exports should total $1,000 900
pounds and domestic deliveries about
100000 pounds, while production is
ot expected TO exceed 10000, 900
ounds.
Calumet and Hecla is making dia-
lond drill explorations of the st. Louis
property, which owns 500 acres of
lineral land lying directly south of
he old Colony Copper company. The !
anne formations which traversed Old
olony also traverse st. Louis. Dia-
lond drill experiments at the old Col
ny have failed TO locate any promis-
lg ground, which failure has been
lrgely responsible for the delay i'm
Exploring the st. Louis property by the
alumet and Hecla. The st. Louis :
Upper company has 4O0.0 900 shares
of which 35,45O are owned
Y Calumet and Hecla.
Stockholders Of American Smelling
nd Refining Co, at a special meet
* voted to amend the company's GER d
fcate Of incorporation so as to in !
'case capital stock from 500, 0OO,0 900 j
$115,O00,000. the increase being i'm
)mmon stock. The stockholders also G
pproved the plan to issue $4,000, 900 !
per cent convertible bonds of the
merican Shelters Securities company !
hich will be convertible into Ameri-
an Smelling and Refining Co, stock $
hen the bonds sell above par. The ;
lcrease I'm the common stock of the l
merican SHELTERS and Refining COM c
any is to provide for the conversion a
these bonds which are offered to the !
-ockholders at par The number Of |
nares voted in person or proxy was $
)0,715 Of the 100000 shares out {
landing. Only two-thirds vote was
equired to pass an amendment to the 9
of Incorporation.
I