The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1907-03-04
BIGGEST MINES
IN THE WORLD
Calumet & HecIa Now Controls
Properties Covering One
Hundred Miles.
LEADS ALL COPPER OUTPUT
WITH CAPACITY OF 100000
POUNDS PER ANNUM.

POUNDS PER ANNUM.
One-fifth of the worlds production of
copper, OF 100000 pounds annually. is
the estimated capacity of Calumet & Hec-
la within the next few years under its
present policy of progress and expansion,
says the Boston Herald.
This policy was officially acknowledged
for the first time yesterday. State street
received its first tangible inkling OF 1t
in the transfer 10 the companys name
a week ago of 5000 shares of Alouez
mining stock.
in the transfer TO the same company OF
20GC0 shares of Osceola. together with
letter to the stockholders of that com
pany seeking proxies TO be voted AT the
annual meeting IN Boston on March Ia,
and declaring that Calumet & Hecla is
1.-The largest stakeholder of the Osceola
Mining company.
Centennial in the opinion of the street
had already been gathered into the Calu-
met fold. Colonel Thomas L. Livermore,
vice president of the Calumet q Hecla,
confirmed this opinion when ne said 10
Herald reporter:
Colonel LiVermore's Statement.
TT is true that we have very much
more than a majority of the stock OF
the Centennial Mining company. 1t IS
also true that we have many more than
the 10000 shares Of Osceola which were
transferred today and more tnan the
5000 shares Of Allouez transferred
week ago.
Another official admitted that the
company had secured control of the
properties 1t wanted and that 1t had
working agreement with the Centennial
and Allouez companies, but not with the
Osceola. This means that there will be
no fight for the management of the Cen
tennial and the Allouez. but that there
will be for that of the Osceola.
The Calumet management is credited
with a particularly brilliant stroke in
picking up proxies. as it is believed to
have done, on all the stock lying around
the lake territory before the Lewischn-
BigelOw- Amalgamated interests, who
wanted the proxies. woke up to the fact
that Calumet was IN the field.
Boston Center of Copper World.
This big deal and it's accompanying
coups bring Boston once more into the
limelight as the financial center of the
copper world. and Boston people, who
have been regarded as too conservative
for modern progress by the New YORK
crowd. as the real leaders in this enor-
nous industry.
For ten years the question of expan-
sion outside of the old Calumet & Hecia
mines proper has been urged upon the
management. The life of the old mine
at the present rate of production, 1OO,-
10000 pounds Of copper yearly. was es-
timated at about twenty-five years 1t
would never do. IL was argued. to let
the company die for lack OF expansion.
The management however. moved with
the utmost caution All the mineral iodes
OF known value pass through Calumet *
Hecla ground. Before enlarging its ter
ritory it decided to explore the mineral
section within its own boundaries, and
for several years has been exploring the
OsceOla and kearSarge lOdeS, which I'M
derlie and parallel the Calumet lode.
Now the company is ready to act, and
1t has determined to bank its future for
tunes on the OsceOla and Kearsarge lodes
not only within its own territory, but
Immediately to the north and south of
it, Its control of these properties at this
time is to prevent them from falling into
other hands.
Controls 100 Miles of Territory.
With the Osceloa, the Allouez and the
Centennial, which have a combined acre
age of nearly 1000. the Calumet & Hecla
has in the vicinity of 100000 acres of val
liable mineral and timber land running
through the heart of the lake copper
region. 1t extends along the lake shore
for over 100 miles and is from three to
nine miles in width.
1t it authoritatively stated that the
company has openings enough on the
Kearsarge and OsceOla lodes within its
own territory to produce 200,000.O00 instead
OF l0O90,0OO pounds of copper annually,
If it so desired. Various considerations
however. have caused the MANAGEMENT
TO hesitate before making any such enor-
nous increase in its production.
But now that the company's policy of
expansion has been given to the public
it Ms asserted that plans for a gradual
increase in the production of copper will
at once be put in operation. Oseeola,
Centennial and Allouez will be managed
as independent companies by Calumet &,
Hecla. which will also furnish the funds
10 develop them to thel1 fullest extent
in the interest of the stockholders
Each Of the three properties named has
in capital stock of 100 900 shares, par val
ne u.s. but only 5000 shares of Centen-
NAL ana &c. $50 shares of Osceola have
been issued. Today's selling price OF Os-
ceola is $50 per share. that of Allouez is
above see and of Centennial SAC.
No Increase in Stock.
The acquisition of the Centennial. the
Allouez and the Osceola gives the Calu-
met control of the rich Kearsarge lode
with the exception of One-half mile pos
sessed by the wolverine and a few acres
by the Lourium. for substantially ten
miles. Within this area it is believed by
mining men that there is copper enough
10 produce many times the amount OF
dividends that have yet come from the
old Calumet d Hecla pToperty-s1O1, $4,000
TO date.
The plans of the Calumet & Hecla
management do not contemplate anv in
crease in capitalization or stock of that
company. Calumet is capitalized on
10000 shares. and at the present price of
copper the profit on this stock is $50
per share. or Sl6.000,O00 annually. The
last three dividends have been at the
rate OF $50 a share annually, and il is
only within few days that the stock
has touched the unprecedented price of
sl.006 a share.
Before it was arnalgamated with Hec-
Ia IN May. 1871. it is said that Calumet
stock sold at 81 a share. An idea of its