The Salt Lake tribune. [volume] (Salt Lake City, Utah) 1890-current, 1906-08-20
CALUMET AND HEC[A
CONTROLLED BY FEW
Remarkable Copper Mine Has
Very Limited Number of
Stockholders.

How often do we hear that the fa-
nous Calumet and Hecla copper mine in
the Lake Superior region is controlled
by so few men that they can be counted
on the fingers of one hand. Literally
this statement is true, because compar-
atively little of the stock held by the
original owners or their heirs is now
| sold on change, says the Mining
| World
The current high price Of $6s5 for
| the $25 par value share might tempt the
| uninitiated to speculate; but when 1t IS
learned that the Calumet and Hecla
company is now paying dividends at the
| rate of $50 per share per annum, and
it's incorporation, in 1871, and has a
surplus reserve equivalent to $l06 per
share, investors will not dispose of
their holdings. The total dividends up
to June, 1906. amount to $95, 100000
on an authorized capital of $2,500,000.
The output OF copper from 1871 to
1905, inclusive, was l,725, ,010,534
pounds.
The extreme selling prices Of Lake
copper during this period wero 30 cents
per pound high, in 1872 and 1873, and
Q cents per pound low, In 1894. In 1905
the Calumet and Hecla company made
sales at 1919 to 10 cents per pound, and
in the six months ending with June,
1906, Lake copper was quoted at Is to
10 cents per pound, (. o. b. New York.
During the period from 1872 to 1905
there was marked expansion in the
copper mining industry, judging from
the widely fluctuating ratio of the out
put of the Calumet and Hecla mine as
compared with the total for the whole
country. In 1872 the Calumet and
Hecla mine produced l6.162, lS3 pounds
OF copper, which was equivalent to
nearly 60 per cent of the. total output
quantity was S7.304 900 pounds-the
high rocord-or 9.6 per cent. Notwith
standing the smaller ratio in 1905, the
Calumet and Hecla mine is today the
third largest producer of copper in the
world.
Cornerstone for Promotion.
1T has been the cornerstone for the
promotion of numerous copper mines,
and as the king~pin in the alley of in
dividual producers, has not yet been
bowled over by those who have tried
TO include it in the so-called copper
combinations. The reason is not far to
search, especially when it is understood
that twelve individuals, families, and
trustees of estates control $4,000 Of the
100, 900 shares issued. The Shaw fam
lily, of Boston, owns 1870 shares Of a
par value of $lS9,250, quoted in the |
open market at S5,ls5 ,450, which at the |
current rate of dividend nets $454,200, |
or nearly 9 per cent per annum Tho
Higginson family hold $3.50 shares par
value $131,250, and marketable at |
So 500, $50, upon which dividends of
$3l5,000 are being collected annually.
President Alexander Agassiz owns |
5000 shares, par value $l25,000 mar
ketable at $3,425, 900, and netting divi-
dends Of 100000, which added to his
salary makes a tidy income for a man
who has witnessed the growth of one
Of the greatest copper mines in the
world. The Hunnewell family is cred
tied with 3195 shares, par value S79,-
SIS, quoted on change at $2,lSS,575,
and earning in dividends $l91, 200 an
nually. r. S, Oliver, trustee, of Bos-
ton, represents $500 shares, par $S7 800,
at S2,397 800, and yielding
dividends of $4,000 per annum. Other
arge shareholders are the Sauer family,
1881 shares; G. p. Curtis, 1893 shares;
Lee, Higginson g. Co., 2032 shares E.
R. Lyman, trustee, $50 shares; N. II.
Stone ct al, trustees, 932 shares; J..
\. Wright, $50 shares, and the Simp-
Iins family, S5l shares.
There are registered on the books of
he Calumet and Hecla company less
han $50 shareholders owning over 100
shares, and among these are many who
nave inherited from early investors.