The Calumet news. [volume] (Calumet, Mich.) 1907-1938, 1911-02-21


originally agreed upon. Up to yesterday not quite
~ per OF the Superior & plttsburg stock had
been deposited although It is learned upon excellent
authority that enough TO insure the success OF the
consolidation will be deposited early next week. II
these expectations materialze. Superior & Pittsburg
shareholders win get their dividend approximatng
cightyhve cents share at the that next
disbursement to Calumet Arizona stockholders is
made. which will likely the latter port Of March
HANCOCK CONSOLIDATED
The annual report Of Hancock Consolidated win be
issued carly week. and promises TO be an inter-
estng document. The report win be fully COM
pete those issued in the past, and the comments
concerning developments will read with much
interest.
1t is expected that Hancock will begin shipments
rock Centennial Allouez stamp mill before the
first of April and shortly these rock shipments
started they will average so a day. man
agement win be satisfied If the equal six
teen pounds of ngot copper per OF rock stamped
However venture the opinion that the results will
be closer to twenty pounds.
ELY CENTRAL
Plans for the reorganization of Ely Central have
been formulated company win be organized
take the old property and viii be capitalized for
100000 shares of par Of $500 each In addi-
on there will be bonds totang 100000. voluntary
assessment of fifteen cents a share is called, which
if paid by all stock outstanding will provide OF
$4,000 sufficient liquidate the present obga-
tons.
The Federal Trust Company of New York has been
designated as the depository and shareholders who de-
sire to participate in the plan requested TO for
ward their certificates to the above named Trust
Company with a remittance OF fifteen per share.
The committee the reorganization plan
quests prompt action in order eliminate the poss-
bilty Of loss of portion of their property through
the sale of fifty to Nevada Consolidated
KEWEENAW COPPER COMPANY
The annual report of the Keweenaw Copper Com
pany issued this week. The financial statement
shows that the Company has accounts receivable and
cash on hand amounting to slightly over 100000.
The report of the Keweenaw Central Railroad Com
pany, whose stock is owned by the Keweenaw Copper
Company, shows deficit for the year amounting to
$4,000 Concerning the result of operations at the Ke
weenaw property, the report comments follows:
For the past year mining work confined
the development of the Kearsarge lode through No
shaft which enlarged somewhat for distance of
S5Nfeet from surface, and the track wdened to full
gauge allow the a 2 1-2 ton skip The shaft
was sunk SIS feet to a total depth 62s feet
the temporary level $50 feet the shaft
to IA feet The permanent level established at
but followed it deemed important
attain depth rapidly possible until the shaft
the superior grade of disclosed by the diamond
drill which extracted a depth of about
1850 feet the dip of the lode in line with the shaft
there showing much Improvement in naturalization and
character of rock. Considerable diamond drilling
ploration done during the year and some good
looking carrying copper obtained particu-
larry the just referred to, and another from bed
about 20 above both containing considerable cop
per. These two Iodes considered be the upper
and lower beds Of the Kearsarge lode 1t is the
lower of these that No. shaft is sinking,
at the present rate of progress it should the
better rock the point penetrated by the drill, by
October. though it is anticipated that shaft
may enter this better class of rock any time
depth attained. At No shaft a temporary shaft
house and power plant have been erected
SOUTH HECLA-
Recent developments at the South Hecla have been
very encouraging. General Manager George II. Wat
will be in the Copper Country in the of the
few days, and it is quite likely that he will
quaint local shareholders with the extensive plans
being the aggressive development of the
whole Little Cottonwood district.
salt Lake exchange comments as follows on
developments at the property:
"A fair idea of the character of the which is be-
ing found the South Hecla may be obtained from
the assay returns received yesterday from samples
by Watson feet of recently cut
in the Wedge assure 1t showed gold, 50; copper.
per cent; lead 61.9 per and 1917 silver
which is about $40 rock
The drift the Wedge assure is making about
three feet day progress The dssure has been fol-
lowed for 500 feet now, affordng vertical depth
the vein of about 600 feet The pay streak has varied
from few inches to four feet Above the tunnel is
a foot shaft the Wedge vein. which will doubt
be corrected with these lower workings The
The lower drift is similar TO that taken of
the shaft. showing it is undoubtedly the vein
10 danth