The Minneapolis journal. [volume] (Minneapolis, Minn.) 1888-1939, 1902-12-19
MICHIGAN
oscEoLA AND Its SHAREHOLDERS
Latter Are Dissatisfied and Put Out 4


HOUGHTON, MICH.-The advent of
the holiday season is marked by the be-
ginning Of an attack upon the manage
ment of the Osceola Consolidated Mining
company by dissatisfied shareholders. The
manifesto issued by a committee of share
holders chosen for the purpose Is a long
one, and specifically charges the manage
ment with failing to handle the company's
affairs to the best interest Of the share
holders, who are asked to send proxies
for the annual meeting to be held next
March to the local committee. Some of
the wind was taken out Of the sails OF
the committee by reason Of delays that
gave tho mine management an mixing
Of what was going on and permitted
Captain w. E., Parnal to- make an ex-
haustive statement Of the present status
and prospects Whatever may be the
disagrsements between the ing and the
"outs' Of the Osceola. there is no question
regarding the actual value of the mine
which is. without question, one. OF the
most valuable copper producers in this
or any other district.
The Mohawk is making copper with one
stamp The second head will go into
commission in two or theree weeks. and a
third head should be stamping before
the close of 1908. The mine should. make
year. and at a price that will allow a
handsome profit. regardless OF the mar
ket price of the product. "a . .
The mill test of Winona rock is in prog
ress. and the first few days run are said
to have given better than per cent min
eraI The results, SO far, are better
than expected. .:.. .~
Stories regarding the new Adventure
mill were greatly eXaggerate ted. The man
ufacturers will rebuild some of the jigs
and will make a few minor chances.
Even with it's defects the mill has given
fair service. The return Of copper mineral
from rock stamped is said to be about
per cent. but this figure is not official.
The difficulties of the Consolidated
Lake Superior company. at Sault Ste.
Marie, are of interest in the copper world
because Of the proposed copper smelt-
ing plant of that company. The trouble
with this concern is that it has had a
forced. and little pinch in the money
market has brought confusion to the
plans of the management. The Consol-
fdated Lake Superior has the second larg-
est developed water power in the world,
and property. of great value. but What is
now lacked is producing industries oper-
ated by independent concerns. These can
be secured in time. While criticisms on
the plans and operations of the company
could be suggested, the present is not
| the time for them, and any unprecedented
beholder must accord great praise to the
courage and energy that have accom-
piled such wonderful results at the Amer
lean and Canadian Saults, within few
years.
The local smelters are supplied with
enough anthracite coal to insure contin-
uous operations until spring. The last
cargo was secured by the Calumet &,
Hecla under great difficulties, and the
Lake Linden smelling plant is again
working full force.
The statement that the Franklin Is
earning / cent pound net profit on its
production is challenged by local author
| tiles. Whether the company IS or is
not making a profit at present it is GER
! tain that the mine Is being handled with
great vigor and prudence. and if It, can
be made a dividend payer again. the pres
ent mana cement is competent as any
that could be secured to accomplish this
result.