The Calumet news. [volume] (Calumet, Mich.) 1907-1938, 1910-08-27
CURRENT GOSSIP OF THE CoPPERs

able amount of funds available for development work
the company's properties could be converted into
thorough going mine. and the possibilities
coming OF the famous properties OF the country
This being the case it has been determined by the
Board of Directors that the company ought be Il
nanced in such manner will put it produc-
ing and concentrating basis.
During the last sixty days the officers OF this com.
pany have brought its affairs point where the prop
erU can be adequately financed, assuming that the
plan devised meets the cooperation approval OF
tho stockholders.
In order carry out the plan recently conceived by
the Board of Directors. number of things will have
he done. The suggestion is To
First-Orsanize a company with authorized
capital stock 100000 shares the par value 800
per share
Second-rhis company take all of the
properties of this company those of the Alta &
Heca Mining & Milling company whose products are
contiguous to those of this company, and nearly
can De determined of equal value.
Third-Each of the companies whose properties are
thus turned over. namely. this company and the
Hecla company receive 100000 shares each
capital stock of the corporation. total 2OO
600 shares. leaving treasury the company
100000 shares. which amount will then be sold the
highest possible price and the moneys derived there
from in the development the properties thus
acquired.
Fourth-By the plan it is proposed that the
shareholders this company the
summated. exchange their holdings at the rate of
shares of this company share the new COM
pany. BY this the 100000 shares new COM
pany will be distributed proportionately among the
stockholders of this company.
The most important of this cooperation from
q nnancial O. at rate will 10
number of shares outstanding and hawked the
ket at very low figure will be converted into stock
that VIII DC completely lifted Of the cheap class and
the company will have practically double the amount
of acreage of this company and all of it of equal
value near can be determined. with the properly
which the company has. The plan has come as
conclusion to digont study investigation of
the problems confronting company at this moment
and is regarded by the directors wsest course
for the company to pursue to realize upon its assets
and convert stock which pays no dividends into
stock that will. think very shortly net a profit to
its holders We feel quite that the stock of the
new company which you will get under the above ar
rangernent will have higher value by far than the
stock which you hold, assuming that the plan pro-
posed and above set forth with your approval"
FRANKLIN.
Franklin is pursuing policy of rigid economy and
is shipping only in limited way its stamp mill Last
month it produced approximately sixty two tons of
mineral The rock that stamped came almost en-
tirey from development work
No. shaft the Pewabc lode has been shut down
temporarily, and for the present development work
Is in territory tributary to No shaft This shaft is
bottomed at the Goth level level down
some very satisfactory rock has been taken consd
cradle stopping ground opened up No. shaft has been
connected with No 3 shaft at the level No. 3
smart having attained depth slightly below the 10th
level
MONTANA INTON