The Calumet news. [volume] (Calumet, Mich.) 1907-1938, 1914-02-14

| De able 10 handle all the water in one SHIFT.
Power drills being installed soon as the cut
ting of the station has completed crosscut will he
the 500 level width of the ,on that
This vein showed continuously shaft for 1914 fee;
with only wall exposed
BRITISH COLUMBIA
a financing plan presented to stockholders II
calls for the organization company to be known
the Canada Copper Corporation with shares par
value $500 each 1t is also proposed that the latter
rany issue $OOO,OOO en-year six per cent convertible
Gel enture bonds for the of oaning money
British Columbia that the floating debt ON the latter
company can be paid well provided it with a work
ing capital
British Columbia stockholders be given the privilege
of exchanging their old stock for the Canada
Company share for basis providing they sub
scribe for 500 bond every stock
shares of British Columbia outstanding so this would re-
qure 100000 shares of the Company and of
the bonds leaving 100000 shares the stock and
100000 of the bonds; 100000 shares stock will
nave to be held m the treasury to the bonds
other 100000 shares will be optoned prominent East
ern brokerage firm, the price being named Besides
this, this firm will commission for underwr-
ing the 100000 of the bonds further
will have option the remaining 100000 bonds
less than $40 OF the deposited for exchange
holder will have anything to lose if he exchange
his stock. The plan appeals nothing more than
the creation of holding company issuing If
bonds the proceeds Of which will be advanced opcr
atms company This seems to be round about to
render financial assistance TO the British Columbia Com
pany, and especially at this political game
when there is so much opposition holding companies
LA SALE
During the pas. week. two drilling machines w,rc pu,
into operation at No. shaft this property AT No
shaft total of eight machines being worked Rock
lage is expected this week
All this tonnage come from tho nth 10Th and
18th levels of No shaft. Undoubtedly before another
week has passed regular shipments going forth from
No. shaft 1t is the general opinion tie rock con-
suous To NO shaft is of better grade than being
roken at No shaft About forty men are or the payroll
# the company. ana attempt has been made to
perate this property both shifts.
SUPERIOR 6 BOSTON
This issue is inclined TO lo heavy I'm, nc f,r 30 , 80
zee there is no reason for weakness The company
Yearly breaking even from shipments. While it is true
developments little on the 10th level tho man
cement is still sansuine of opening up commercial orc
odies on this level and the levels below $
some ore has been found 10th level too narrow
"WeVer to allow for profitable extraction The ore was
hsh grade suphde and indicates that there is COM [
lee change in the formation between Sh and 10th
'ves as the Sth level shows only oxdized ores .
The report that shipments have been reduced NAV Il
ave been the cause of the selling but the reduc
on in ore shipments will the financial position
the company adversely for grade ore hereto
IRE shipped with metal under fifteen pound has
cited barely sufficient transportation and smell,
r charges Now, the company making closer seec /,
on and shipping only higher grade In fact as near
W" can learn. the running 90 COPPER d
he latter orc will The company SIS per ton