The Worcester spy. [volume] (Worcester, Mass.) 1898-1904, 1899-03-04

f
=. to IA rallying to 1874: Winona
Strengthened q to 70; Adventure lost
4. 10 AZ; Rhode Island held around
Il Baltic was lower. al 20: Isle Roy
ale touched s61a. receding TO s.. Curt
shares were strong, Mass selling a II
and l9lz, TTimountain al "A. Victoria at
10. and Miners at 52G53iz.
In the outside market the following
quotations we're noticed Bingham
l12Aq13A Fortuna CSC. and 81. Veto
ria. 10: Copper Range Is bid MoIones
5lz1 81 Mass. l6G15i2 Boston 1915
ll'2; Michigan. 17d1S12. Trinountain
Il Trio, 7Gs; Miners. p. 5311 and 50.
The Arcadian Copper Company issues
circulars. proxy forms and mans Ia
stockholders to make clear the proposed
changes. The company was organized
under Michigan laws. IN June. 1888. four
s1ajts have been sunk. 235 $40. 40 and
80 feet respectively. and II SO feet Of
drifts have been opened. while a stamp
NIL! eapaole Of treating 1900 tons of
rock ps- day has been erected and a
railroad has been built to mine and
mill. When exploration began in 1897
the plans Included but $50 acres Of min
eHa4 land. two shafts and 1O0O-ton per
day mill, it has been deemed desira bic
10 increase and now there are 1920
49, h- SUI Ld-E Ell4Ll~E1E iznl WIN
length Of Y, $50 feet on the Arcadfan
lode or vein and total Of 2678 mineral
acres. figuring the lode az a dip Of fifty
fiNe degrees. It is expected that tho en-
TIRE milling and mining plant will be
completed and in operation about July
this year, with ability to produce
100000 pounds Of copper per year.
conservatIvely estimated. Il is deemed
advisable to take advantage Of exist
ing conditions and TO increase area of
the property and prospective rate of
output, If being desired 10 double the
.attel-that is, 20 make II 1900 900
pounds per annum before the end Of
1899 As the laws Of Michigan do not
permit capitalization larger than
S2.5V0.OO0. the company's present
amount. new company has been or
ganized under New Jersey laws. with
the same name. but with So. 10000 cap
ital in 10000 shares Of S25 par, an in
crease Of 10000 shares.
The neF company's stock is offered.
snare for share. 70 holders Of the old
stock Of record March IS. and the new
stock is offered 10 holders Of the same
record, one share for each two held. at
S50 cash per share. payable to the
American Loan & Trust Company. be-
tween March 20 and March %, the old
stock being surrendered in exchange for
new at the same time That is. the hold
er Of two shares Of Arcadian, on de-
post Of the same with $50. receives
three shares Of stock in the new com
pany He gets privilege worth ap-
prnHlmately $50. The company gets
*L500,oo0 cash, Of which $500 900 will be
pald for new properties and 5000 900 will
/ Dc reserved for plant and Developments
| me new company win have 1000 acres
Of surface area. five miles on the Ar
cadian lode and 1929 mineral acreage. on
the same, fully twice the property al
present. u is proposed to have six
shafts IN operation by the end of 1899.
doubling the stamping mill plant in the
same time, enabling the production and
treatment Of 1000 tons of rock per dav.
ana permitting dividend payments after
july ], 1883 a s they are earned. the
company having ample funds for plant
ana development without drawing on
earnings
r, The following statement is issued on Isle
Received from subscriptions. 49,. 81. 900 oOo
interest TO Jan. J. 1893. ...... S2.6S2
22,70a
r-,.r..,... .s1,O22, zoo
'aA- ms 1870 JZZrJZU
- III $50
Balance on hand Jan. 1, 1399... Ss45. O45
superintendent Parnall says: up to
TINS time very little has been done out
side Of sinking Nos. ] and 2 shafts. No
drifting has been done for the very
good reason that to drift with the
equipment installed to date would
mean the stopping of sinking. which
up to given amount, was the best
policy to pursue. The number of feet
sunk in new ground TO Dec. 81 is as fol-
lows: No. / shaft. 53S feet: No. 2 shaft
236 feet. BY April 90 there will be prac-
ucaIIy SIX levels at each shaft in which
DRIFTS can be started in virgin ground
/ Thus twenty-four drifts can be in Oh.
Grafton on or before May l. 1t will he
necessary the coming summer to ado
to the mine buildings such as the cur
rent needs require. but nothing fur
ther. A few months drifting on the
scale that can be taken up after drift
ing begins viii furnish a better index
to further expensive outlays than car
be anticipated at this time So far the
shafts in the new ground sunk through
give promise of good results. If the
drifts open up as good there will be nc
danger for the future"
The Baltic Mining Company issues
( its first annual report covering opera.
lions for the thirteen months ended
Dec. 81, 1898:
RECEIPTS.
Assessment No. J. Jan. H. 1895 49,. Slo1. on
Assessment No. p oct. o. 1885, g6 20.
Interest received ............... 4G.
Sales Of 5000 pounds Of copper. 3.6s:
,.,.r,,.,.,.,,,,., sgoo.23,
Expended at milne. s12g 3NG
/ Advanced Atlantic MAINS
7 Company for construction
/ of railroad TO Baltic mine
. 10 be repaid by trauspor-
+ tation Of rock. ctc......... 25r2
/ Freight, smelling ana brok-
eIage Observation-Disclosures. as
General expenses ............ 357i
salaries Observation-Disclosures. G25
- 1860 52'
Balance or haud................ $3g,7li
Balance due ON No. assessment. 33O=