Arizona silver belt., 1903-10-22
LAKE SUPERIOR & ARIZONA
First Annual Report One Year of Develop
 ment Shows Splendid Results.

Carlton, presidents W. A. Holt, vice president; A. w. Kerr, secretary w.. B. Anderson, treasurer. The directors are r. s. Carlton, w. A. Holt, w. II. Thielmau, H. l.. Baer, J. H. Cuddihy, J. Vivian, Jr., and ThoS. Maslin.
 The directors, through their presi- dent, present the following report of | the operations of the company from it's organization to October 1, 1903.
 The company was organized one year ago with an authorized capital of 200 GOO shares. par value $l full paid aud nonassessable, to purchase an op- ton or bond then held by W. A. Holt, of Globe, Ariz., on six mining claims : The Gold Crown, Golden Eagle, Golden Eagle Extension, Caledonia, Sunny Side and Republic, located on Queen creek, Pinal county, Ariz. The terms on which this option and bond were secured were, that this company should turn over to W. A. Holt one share of NAAI AtlPlAdl uNDNh Ol liiN NbAh gohl Abi every three shares sold tor 25 per cent of the total stock issued and the com pany assumed the payment of $3l, 1000 on November 30, 1903, if the property upon development, was deemed of suf- tiCient promise to warrant the exercise of the option.
 The services of A. C. SiebOth, of Globe, Ariz.; were secured to superin- tend the development work. His re- port gives in detail the physical con- dition of the property and the meth. Ods followed Co prove its value. It has been the policy If your directors in handling the affairs of the company to strictly follow along the lines of legit- Innate mining opposing and discuur- aging anything that might tend to boom or Oyercolor the prospects of the company. In this We have had the hearty support Of our superintendent, and all statements in his reports will, we believe, be found safely within the lines Of conservatism.
 In his estimates Of tonnage he has figured only that which is absolutely blocked out, and does not include any thing below the floor Of the Anderson tunnel, which ifincluded, would make very noticeable change in the figures. Tue report shows that 246l feet of tun- neliug has been done and shaft sunk 100 feet during the past year. The tun- uel work, distributed at three differ ent points, has shown good values at every point of development The na- ture Of the Sh0wingS are such that Mir. SiebOth assures us there is no question of this being a very valuable property, and of 1t giving promise of being as profitable as any mining property in Arizona, The values developed thus far, with the persistency and strength of the vein, have warranted your di- rectOrs in making all arrangements for paying over the S3l 900 bond when due. The company will then own the fee to the property.
 The machinery placed on the prop. erty year ago is entirely inadequate for the present needs. Your directors have therefore entered into negotia- tionS for the purchase ofsuch compress sOrS, boilers, etc, as the prospects of the ed the wiser plan tO fully demonstrate the nature and values of the ore below the unaltered water zone, before the question of ore treatment be taken up.
 It is the desire of your directors to keep the total issue Uf stock down Co 10000 shares. With normal condi- tions of the money market, and a con- tlnuation of the good showingS at the property, this may be done, unless some unforeseen large item of eXpendi- ture confrOnUS us. The total stock is. sued 10 date is 5000 shares. The first issue of stock, 49, l50 shares, which was held in escrow, will be released October r, 1905 Books will be closed from O itober 15 to October 31, 1903, | inclusive,
 Following is the statement from or | ganization
 Sales of 49, 15O shares at $l $49, ,15O co Sales of 526O shares at $2 l0.520 OO l Receipts
 | First installmentof$5 B. share
 on 9342 shares subscribed
 for at$lj.................. 46, ,7l9 OC Advance payments on stock 235 OC
 Total .............. Sl06,6 OC
 Expenditures
 Machinery and mining equip
 menG G....,................ SS,2j4 6 Assay equipment and sup
 plies ............... III 7C Engineering equipment. 533 A Caup equipment ........ l52 5l Fuel ..........,............. 4,233 Ol Mining supplies. ..........., 4,5l6 5' Lumber and timber ....... l,G93 1.