The Calumet news. [volume] (Calumet, Mich.) 1907-1938, 1910-08-27

OF the large tonnage assured These ara onlv
a few Of the problems which must be worked out be-
fore merger is possible.
/ II Is reported that Superior & Ptsburg win be In
shape for an initial dividend before the close OF the
present year should copper hold present price n
sueh IS the case the disbursement would probably be
twenty-five cents share.
/ MIAMI
Miami shareholders will have until September 1atb IN
which TO subscribe for OF new stock nj ss m
snare Tor every ten shares they hold. The sale
OF THIS stock VIII bring the outstanding capa,za
uoh OF the Miami up to $4,000 shares 1t was report
Gu recently that The purpose of this issue was 10 take
o'e 'ie outstanding capitalization OF the New keystone
s however Is denied but it appears though such
pan was being considered by directors OF botb
companies and it quite likely that some plan along
' ''''s OF merger between the two companies will
De formulated before the close of the present year
Inc basis Of such consolidation is probematical bur
according to the present selling price of both issues
II VIII be on basis between five and six shares o,
New Keystone for OF Miami
New Keystone continues to push its explora,or ,
al aggressive manner and by of churn drilling
has already blocked out considerable ore Al Tho -.
ent time it is estimated that Miami has very close .,
2ooooOoO tons Of developed which will ASSAY hot
ter than 2ls per copper
MANeAs-
President HARE has issued a statement relative q,
conditions existing the Mangas which reads AZ fol-,
lows:
Ia answer to number of inquiries from stockhoIa
S anu 'nat you may be fully Informed relation to
the affairs of your company present time we beg
leave to issue the following statement viz:
iou are already aware that organized about ten
months ago as development company for the purpose
oil exploring for copper mining the same in
the Burro Mountain Mining District Grant countv
New Mexico You have from time to time been in
formed through the by direct reports as TO
te progress made in these explorations We were or
canned as development company with the intention
as you are aware. of changing the same into mining
company as developments on the propertv and
market conditions would warrant us in so doing Won
al nave had knowledge Of the deporable condition of
the copper market for the past year. This condition
mas mus far rendered it practically impossible up to
TINS ume Tor US to successfully re-organize as a min.
'hs company as at first contemplated As of the
payments on our several properties would become
que III the near future we obliged act Quickly
After due consideration or the rights of all parties
concerned and rather than risk Reorganization under
present conditions concluded temporarily close
down drilling operations and if possible secure 90
from the original extensions of time for paw
inents on the several properties. we have been
h.
stantiay the original terms been extended for
ana IN this case we have the promise of the managers
that they will interpose serious obstacle to
able extension, as the different interests can
De brought together. So much the original proper
ties held by the Mangas
IN June we secured an option large and valuable
property containing approximately 1900 acres living
10 the southeast of the Burro Mountains as the
uIoch Group on this group there has already been
exposed on and the surface some very high grade
azure malachite cuprte glance Our engineers and
experts think that have here large deposit of con-
per ore which be easily developed with churn drills
and mined at profit Another important feature of
these claims is mill-site where at comparatively
small expense water developed sufficient to run
a mill Of very large capacity The situation is such
that the ore developed can be mined miled very
cheaply The ore be from the mine by gravity
directly TO the MILL thus saving expense of railway
transportation We have thus far spent no money on
mis- property except for thorough geological topo-
sraphcaI survey The former has been compet-
"a ana the latter is now in The under
WHICH we nave taken over this large groupe of claims
Nceeuihgly favorable The purchase price $780,
'OO payments to three and one half years:
he first payment $4,000 be made on November "a
9ll; balance in equal payments November "a 1912 |
ma on November a. 1913 Everything considered, the
acquisition of the Tuloch Group with it's mill site has
dded an immense value the holdings of the
dangas Development company. We have approx
mately $500 of mineral lands mill site
nder option, with plenty time developments and
'ayment.
Already there are signs of returning prosperity in the
Upper business AS are reasonably sure
hat these signs point to permanent conditions we ex-
ect to resume churn drilling original and
ecently acquired properties. In meantime our en-
lneers are making accurate re-surveys and maps.
Each and all of the Board of Directors have great
aith in the future development least two copper
lines the properties under control of the cam