The Calumet news. [volume] (Calumet, Mich.) 1907-1938, 1910-06-30
TUOLUMNE HAS
MADE PROGRESS
ANNUAL REPORT SHOWS Salts
FACTORY STATE OF AFFAIRS.
SOME EXTENSIVE ORE
BODIES OPENED UP.

Copper Mining Co. covering the year
ended May 81, 1910. is issued. In an
interesting review OF the work done
since the organization OF the company
and a discussion of present condi
tions, President Edward Hickey says
The Tuolumne company has now been
I'm existence for period of four years.
During that time we have prosecuted
the work OF developing and operating
the property OF the company with all
possible vigor and speed. Various
causes have operated against US In
the operations during that time. we
have passed through one of the most
disastrous panics in our country's his
tory, making it nearly an impossible
ity To raise money for any purpose
and especially for mining purposes.
Together with all other companies not
then on paying basis we felt the et-
fects OF this panic and were greatly
hampered by it in our operations, by
reason of the difficulty OF obtaining
money for operating expenses.
To this fact we may attribute con-
siderable loss OF time, and while we
were never forced to entirely suspend
operations as many other companies
were. yet we were compelled to econo-
mizc and thereby hold back in our cX-
pcnditures at the expense of develop
ment, and are not consequently, as
far advanced as we otherwise would
have been had conditions been differ
ent; also we have been delayed AT va
rious times by strikes, and while not
directly affected, were Indirectly ar
fected through railroads and other
companies being involved on whom
we were moro or less dependent. But
we can now say that we are i'm the
very best Of condition and can see no
obstacle in the way Of future progress
and prosperity.
Since our meeting Of June Goth, |
1909, we have encountered very rich
and extensive ore bodies on the I400, |
1.2OO and 1000 levels Of the mine, az
shown by the report OF the general |
manager herewith submitted
These ore bodies contain high grade |
copper and some silver and are we
think, as rich in mineral values as any |
ever encountered in the Butte dis
trict
with the raise In the price OF cop
per that we believe will come In the |
not distant future. our property should |
soon be in a position to produce yer.
handsome dividends.
NXfa how. gbfup,a ufp,, Gant.f,ah aV
1909. to May 81, 1910 19,4S4 tons Of
ore average copper value 10 per cent.
and 3lA ounces Of silver per ton. We
have not engaged actively In mining /
during the time mentioned. as we have
pushed development work at the ex
pense OF mining. believing that it Is
better TO push development when cop
per is low and thereby be ready for 2
large output when copper Is high. than
To- push production when copper T.
low, and be in no position to produce
when copper comes up again to a good
figure
We have spent considerable time
and money in developing the apexes
OF our veins and otherwise proving the
ownership Of them. All this has been
added To the cost OF our mining and |
thereby reducing our profits. But We
have established beyond question our
ownership Of the veins we always
claimed to own.
Regarding dividends. we will say
that we believe the policy OF "A steady
and certain dividend is better than
one which Is uncertain and nuctuat-
ing.
We have. therefore. for the present
decided that II is best 20 accumulate
a treasury fund and defer the pay
ment on a sure and certain dividend
basis, that each and every stakeholder
may know with certainty what he will
receive; we cannot promise definitely
just when we will reach the dividend
basis, but hope TO do so within the
present year; this has been and is our
policy, and we would respectfully
recommend II to the careful considera-
tlon OF the board OF directors. who will
be elected at the present annual meet
ing.
Since our last annual meeting, there
have been numerous and various ef-
forts made TO discrodit and injure our
company by persons who had no in
terest i'm Il. by the circulation Of false
reports regarding the property and its
operations; these have emanated from
those who have desired to obtain our
stock at a figure lower than the mar
ket quotations. We would say, that 10
all such reports. stockholders should
turn deaf ear, as they can always
obtain full and accurate information
OF the operations and affairs OF the
company mt any time by applying to
the proper officers Of the company.
I'm conclusion, we will say 20 the
stockholders, that they are the own
ers of one Of the finest copper mines
ever opened up in the Butte district.
and that with patience and persever-
ance all matters connected with II
will be satisfactorily worked out and