The Calumet news. [volume] (Calumet, Mich.) 1907-1938, 1909-12-13

eeption has been worthy OF attention The stock
went the market s2sc per share paid in and
since time calls have been made until IL is now s.
paid in The last assessments s. per share. whcn
has provided funds sufficient carry operations
for least seven months and also to make pay
$4,000 the property With this
payment there viii be little more 100000 due
the options covering period OF several years.
Live oak is a property controlled by the Hovland
Smith and is probably their best property
lies in the Miami camp and is opened mp by two
tunnels and shafts. The developed is sim
liar 20 the porphres elsewhere in the camp but as
says indicate slightly higher value. In some
OF the openings the ore runs quite rich The large
bodies chaeoclte opened up this property have
been developed by means OF actual openings insteal
or by drilling has been quite general in
the Miami camp supt. Mccarthy. who is in charge
OF Live oak developments has made rapid progress
with the work in his charge.
Is quite likely that Live oak viii be recognized
from a development company into a mining company
year. just what basis of reorganization wiz
be is yet premature. but told that the tenta-
tive plans the exchange share of Live
oak stock for and one-half shares of the mining
stock, and the right subscribe for like amount 0f
the issue at $40 per share. This would provid,
company 100000 sufficient all costs
the productive stage entered. In the
time we look for the continued advance in Live
SUPERIOR AND BOSTON
The annual report OF the Superior and Boston Cop
per company was issued this week. and the whole
is a very satisfactory statement. The financial
port shows balance assets amounting s29s.544
In addition to es5 shares of stock not issued This
small block Of is made up of fractional shares
made up when the stock issued. The
pany acted with the underwriters at the time, and was
entitled to this small amount OF shares a con-
sequence
President Rice prefacIng the report writes optmls-
ticay OF the company's affairs The company has
paid for its property in full. equipped McGaw
shaft and done much development work since the
last report was issued The only suggestion advanced
by shareholders any material consequence was
desire that the financial might have gone
a little detail particularly as to costs If
development work
The following interesting remarks are to be read
in the report from the pen of President Rice-
For Tic things accomplished the past year been
the most important in the companys history for with
in the not only has the balance of due
on the original mining property amounting $780,
3H 20 been liqudaed but additional valuable mineral
land (the Collins-Doyle group of claims) been
acquired and payments therefor aggregatng s14s,- |
1888 90 have been fully paid In addition important
velopment work has been carried forward, and sub
stahtia and efficient surface plant has in
stalled at the new McGaw shaft, capable of handling
large tonnage OF ore; that the company enters
upon the year with property entirely paid for
and with a substantial balance lin the ,treasury |
Greater progress in the development of larger oc
reserves and gradual increase in production may
confidently expected and Superior |
and Boston should speedily take rank among the i'm
portant producers Southwest. Plans for the
early development the Old Dominion vein through |
the McGaw shaft as encouraging evidences
Of an approach to the body in the Gardner.
the immediate particularly interesting
for the discovery Of bodies in either both
the Gardner and McGaw shafts would add materially
TO the tangible OF the company and greatIy
enlarge the possibilities for production
WARRIOR DEVELOPMENT
This issue is another of the Hovland- Smith proper
ties, which has been attracting than passing
attention during the past week or two. The issue
put the market 81 per share and has since
sold above So The property is located in the Miami
camp but is opening of different character
than the other mines in the district. Warrior ore
is Of high grade and frequent shipments now
ing made to the smelter The Warrior is property
upon which extensive work has done and consd-
cradle ore shipped The issue up in
sympathy with Love Oak. but is a property OF much
merit and should be watched closely. We believe 1t
will eventually sell much higher.
coRpovA-
We understand that the Globe. which Is taken over
by the cordova, contempates sinking a shaft
soon Al the companys property in the Miami district
the Eureka excellent progress is being made with de-
hoq
been opened. Not only does the work at the Eureka
show up good results but the Inspiration and Miami
properties working the Eureka lines show
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