Butte and Zenith Veins Deepening At Crosscuts
Mining reports from the Butte and Zenith project describe new veins opened in the south crosscut about 636 feet from the station with three veins in the north crosscut and three in the south. General Manager Gibson expects two more veins soon, with ongoing crosscutting and drifting as they extend toward the 2,000 foot level. The Jersey vein shows 100 feet width and strong mineralization, Paint 20 feet, Graes 12 feet, and in the south crosscut the Economic vein 10 feet and Sulphide 15 feet with a 4.5 ounce read on crosscutting. Workforce around 40 men, with 12 in the south shift. The market rise in silver to 75 cents an ounce improves outlook for western district mines like Nettie and others in development. Meanwhile, Davis-Daly plans to develop Hibernia and Britannia in nearby claims. crosscuts, sinking, and unwatering proceed as conditions permit.
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Quarterly disbursement rise on preferred stock shift
The quarterly disbursement for the preferred stock is $1.76 per share, while the common disbursement increases by 26 cents from the amount declared last October.
Bethlehem Steel to Increase Stock and Pay 10 Percent Dividend
Shareholders at a special meeting on February 24 will vote to ratify directors’ plan to raise common stock from 16 to 60 million and distribute a 200 percent stock dividend. Directors also boosted the common dividend from 7 to 10 percent quarterly and offered subscription rights to 15 million in new stock. Chairman Schwab asserted control would stay with him and associates, citing 1916 earnings of 61,917,928 versus 23,782,786 prior.
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Public Hesitating Markets Still Dull In Trading
Very light trading kept prices within a narrow range as public interest remained weak. Copper and zinc stocks moved slightly while Montana Power rose, with Anaconda Butte and other names opening, closing, and trading within small spreads.
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Wall Street Close Shows Mixed Movement on Moderately Higher Trend
New York traders held transactions to a modest scope with a tendency toward higher levels. United States Steel and other speculative favorites lifted the day’s slim volume. Bethlehem Steel rose to a close at 447, up 17 points, while shipping, oils, rails, and utilities showed varied gains and losses amid an unsettled session.
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