The Calumet news. [volume] (Calumet, Mich.) 1907-1938, 1911-08-28
Brokers Gossip
Amster Makes Statement.

Amster Makes Statement.
y. l.. Amster says: Il fear thai
much OF the selling of stocks i'm COM
panies vita which l am identified is
due TO a misapprehension of what has
happened. i should be borne irt mind
that my troubles have been entirely
my own and that the properties are
not i'm any way involved. l was too
enthusiastic, tried TO support my
stocks during a period of general an
! tipathy TO all stocks and that has cost
me over $2,000,000, but that should not
be taken as bearing on the values OF
the properties. and | hope that many
stockholders are not Obliged to sacri-
fee their holdings just because l had
TO mako a temporary capitulation l
believe in the properties as strongly
as ever. ] leave soon on a trip during
which / shall inspect all three prop
critics and shall hereafter give closer
| supervision to the details OF the mine
/ Arrangements. / have been very much
! pleased TO receive assurances of con
! tinucd confidence and cooperation
from so many and hope That my per-
| sonal troubles will not lead to "A use
less sacrifice on the part Of stock
holders.
owing 10 the fact that Arizona
Commercial will need money soon,
REORGANIZATION of that company may
take place which would put the COM
pany in a strong financial condition.
The property has great possibilities.
our experience with IL has been much
the same as that with the Old Dom
iuion. which was selling at one time
In 1903 at s. per share, and which *
now on a dividcnd-paying paying ba
sis, having developed rich ore bodies
at depth and the property has now al
valuation Of $12,000,000. The upper
levels OF the Arizona Commercial led
US to believe that the teaching did not
extend TO such great depth as In other
parts of the Globe camp, but after
opening the tenth level we find tnat|
stu greater depth must be attained.
We arc now prosecuting on the 18th
level To reach both the Black Hawk
lode ana Old Dominion fault. There
is another situation in the property
which promises well. The Old DOM
inion management i'm developing the
United Globe cut into our Copper Hill
mine and showed a strong vein of sui
phides. The work on the United Globe
on a lower level than where this was
cut is showing up even much better
and those developments are now APP.
preaching our property. We have
biologists at work To map out a plan
for the development of this end Of our
holdings and I expect splendid results.
1.-THE Shannon property speaks for
itself The stock was selling for SO or
81 a share when / took hold of it and
1t was generally considered to be of
little value Since then we have prac
ticalIy built 1,0O0ton smelter and
paid ia bond issue OF several hun
dred thousand dollars out of arnings.
We have built a railway from the
proceeds of a bond issue which re-
lieves the company of any danger Of
being compelled 10 stop ore shipments
because Of floods I'm the spring. We
are developing new ore bodies below
the old ore tunnel level and the prop
erty Is in every way in splendid shape
to mako returns to stockholders on a
better metal market. The costs have
been reduced fully cents a pound
since took hold and are now down
to about 11h cents and with pros
poets Of a still further reduction.
"Thc Boston & Corbin property Is
looking exceedingly well. We have
opened an ore body on the 1,20O-foot
Lowell. and arc again drifting on the
90O-fno level and increasing our re-
serves or ore. We have estimated re-
serves in the ncighborhood of 100000
| tons or ore down to the 9th Level,
| which will run the 3O0ton concen-
| traitor for about three years and should
| learn substantial dividends ON the
small capitalization Of 10000 shares
Of the companys stock. The issue of
bonds recently announced has been
underwritten by responsible banking
houses so that my affairs will not in
terrerc with carrying out the plans as
I announced"