Bisbee daily review. [volume] (Bisbee, Ariz.) 1901-1971, 1908-06-06
THE L. S. & A. COMPANY
WILL RESUME soon
Decision Reached at Meeting
of Directors at Houghton,

HOUGHTON, Mich, June 5.-The
board of directors of the Lake ou-
perior & Arizona mine. located some
twenty miles from Globe, Ariz.. h-N1
meeting in Calumet this week aua
decided to resume active operations
at once on the property The work
will commence in June l. and will be
IN charge OF Fred Hoar. formerly
superintendent for the Old Dominion.
Mr.. Hoar has been under contract
with the Lake Superior & Arizona for
the past year. He is thoroughly
posted on the property and on the
| district and while the financlaI
stringency left the company high and
dry Mr.. Hoar was retained
The company found itself in q pc
culiar position eight months ago. 1t
has a mine with a good ore showing.
In fact there have been Some eX-
tensiye shipments from the ore bod
les and these have all showed excel
lent returns from the custom Smelt-
ers at FL Paso. With a well openAd
mine. showing fine ore bodies, an
empty treasury and the financial stu
alton of the country SO tight that it
was out of the question to finance
anything that wasn't sure of return
ing gold dollars for pennies. the di-
rectOrs had to quit operations at the
Lake Superior & Arizona, for the
| success of the company necessitates
| the expenditure of arge sums.
Under the old legal status in
! Arizona it was impossible for the di-
! rectors to force collections ON assess
ments and the directors found their
| last assessment unpaid. However at
/ the last session of the territorial
| legislature of Arizona, a change was
made in the mining laws. So that nov
| companies organized If that territory,
| can sell the stock of the delinquent
shareholders who fail TO MAKE good
with the assessments. Acting IN
| der this law the directors recently
] called another assessment Of 81 a
share and sent notices to the mem
bers of tile decision tn effect sale OF
| the stock when no paymenta were
made.
Illustrative OF the improved finan-
cial conditions now quite generally
apparent, the notice produced results
Immediately and the assessments
have been very generally paid. This
will provide money enough to go for
ward with the operations on an ex-
tensive scale. The shaft will be IN
watered at once and sinking contin-
ued to expose the ore body at greater
depth. When work was suspended
; the showing of ore in the shaft "S"
remarkably good.
| The company was organized hiR
years ago by Calumet and Globe PEG,
pie. It was brought TO Calumet in.
vestors by DR.. ". 4. Holt. head physi.
clan for the Old Dominion mine and
for many years located at Calumet,
} previous to going to Globe. He, with
A. c. Sieboth, an Arizona mining
man, took very large stock interest
in the company which was formed
The property included some .Ufu
claims which have been worked sue
cessfully and paid dividends some
years previous.
j The present owners, however
worked for copper results. The ore
shipments netted something like
S25, 600 and the percentage of cup,
per ran as high as 81 per cent, with
some gold. 1 visited the property
five years ago and at that time they
had opened up three tunnels and the
shaft was well under way. Since
that time the policy seems to have
been a waiting one. There was
some litigation, finally successful to
the present owners, regarding the
Titles. Then there were rumors that
It was to be taken over by the Cal
umet & Arizona people and Incr
again BY the CoieRyan people Dur
ing the boom, on these rumors, TIT
stock sold as high as $25 a share. A.
a matter Of fact the property has atl
vauced practically little since my Wis
II to the location five years ago. yet
tBev have good ore.
| The company is handicapped bv {
lark of shipping facilities and before
Lake Superior & Arizona can evel
amount to a mining success provision
must be madA for rai'road connec
ton of % miles to Florence, where Z
sne1ter might be built To finance
the railroad and the smelter 81 .000.00i
| will be necessary, yet 1t seems
doubtful II the mine warrants such q
large outlay with its present ore
I showing
| ---fe- -