The Minneapolis journal. [volume] (Minneapolis, Minn.) 1888-1939, 1904-01-07
FOR
THE VICTORIA
100000 WILL BE SPENT BY COP
PER NINE MANAGEMENT.
Calumet & Pittsburg Stock in Spleen
did Demand - Old Shareholders
Take All the New and the General
Public Is Disappointed-Rum of
a Dividend by the Franklin.
Special to The Journal.

Special to The Journal.
Houghton, Mich, Jan. THE manage
ment of the Victoria mine figures that
the recently called assessment of 81 a
share, added to a treasury surplus of
about equal amount. giving a total Of
something more than 100000. will COM
plete the development of the waterpower
install necessary mining machinery and
build and equip One-stamp mill. The
work accomplished at the Victoria speaks
for itself, and shows that excellent value
has been obtained for every dollar spent
The Victoria has never had subsidized
support in the stock exchange or press
consequently it's shares have never
reached high level of prices. The COM
pany's management has probably served
it's shareholders better by keeping hands
off the market than it could have done
by running it's stock up to a high figure
in boom times, only to drop with a dis
tressing thud, as all unduly doomed
stocks must drop in times Of reaction.
The Calumet & Sault Ste. Marie De-
velopment company, local corporation
engaged in opening a mine in Algoma,
Ont, paid the second installment Of SILL
900 on the purchase price Of it's property
on Jan. 1. Active development is under
way by shaft and crosscuts.
| Rush for c. & P. Stock.
Il Arizona bunch Is held by investors
is shown by the subscriptions for stock
at the time $1,0OO,000 was raised, late in
December, to change the Calumet & Pitts
burg from a development company into a
fully organized mining corporation. Each
shareholder in the old company received
gratuitOusly two and a half shares of the
new stock, with rights to subscribe for
the additional issue of 100000 shares at
par, $40.
Not only did every individual sharehold-
er take every share allowed him, thus cut
| ting off the general public from opportun-
! ity to secure a single share of the new
stock. but $264,O00 was sent in certified
checks by shareholders for extra stock
not taken by old shareholders under their
! rights, and 1t was necessary to return the
entire amount, not a dollar of which was
| placed.
! The incident shows very plainly thai
there is still plenty Of money in the cop
per districts, Duluth and Pittsburg, where
this stock is held, for copper mining prop.
! ostions of assured merit.
End Of the Pewabic.
The payment Of a final dividend o.
! $5,423.43 by the Pewabc Mining compa ny
| legally ends the existence of once
famous mine that has been practically
! l.
was the twin Of the Franklin, but the
| management carelessly allowed the cor
! porate existence of Nle company to expir,
without securing a legal extension, ant
a small minority interest, held by the lat,
Thomas F. Mason, president of ting Quin
| cy, enabled him to prevent reincorpora
ton, and put the company in the hand
! of a receiver for liquidation. The min
was bought for $4,000 and turned owe
to the Quincy for an even Million bein,
a great bargain at the price, and it i
now perhaps the best part of the Quinc.
mine.
Eastern rumors of the probable paymen
of dividend by the Franklin mine Shout,
be taken with a grain of salt. The com
| pany is not in a financial position wher
the payment Of dividend would be t.
its best interests, tho such disbursement
might be squeezed out if determined upon
The Osceola Consolidated is stamping
about $500 tons of rock daily, of whic
approximately $500 tons are from the tw
Kearsarge mines and about 1000 tons fror
y the Osceola proper. The Quincy is mill
ing about 3,400 tons daily and for 100
should be able to crowd a production Q
! 100000 pounds again.