The Calumet news. [volume] (Calumet, Mich.) 1907-1938, 1911-01-24
FRANKLIN.
Recent Developments Show Assess
ment of 81 Was Fully Justified.


Recent Developments Show Assess
ment of 81 Was Fully Justified.
The wisdom of the 81 assessment
just called on Franklin is plainly evil
dent to those who are informed as 10
the recent developments at the prop
erty. Working i'm the No l shaft on
the Pewabic lode have recently shown
so marked an Improvement that the di-
rectors deemed it wise to provide the
proper equipment with which to handle
an increased production and put the
property on a dividend earning basis.
The Improvement in the ore hOisted is
so great, we understand, that the num-
Der of tons of ore hosted in the first
10 days of January produced 10000
pounds more copper than a similar
quantity hoisted in the first 10 days
of December. In the face of such
splendid Improvement as this it was
deemed best to put the property in
position to handle a larger quantity
of ore.
While the company could have paid
for the new equipment as it went
along, out of the earnings, as has been
the case in the past, it was thought
that the showing warranted new
financing rather than an increase in
the floating debt The present assess
ment is the first ever called upon the
Franklin stock and with this payment
there will have been $122O paid i'm
on the stock. Since the present man.
agement took hold of the company, the
property has been increased SO that ii
now owns 4040 acres of mineral land
extending from the northern boundary
of Quincy 10 the southern boundary
of La Sale. The company has paid
some $1,240,OO0 i'm dividends. and i'm ad-
dition has constructed a 100000 mill
and paid for all previous development
and construction from the earnings.
During the past year Franklin ac-
quired the Rhode Island property by
the issue of 1888 shares of stock, and
previously $40 acres of land We're taken
over from the st. Mary's Mineral Land
Company in exchange for 1888 shares
of Franklin, so that the number of
shares now outstanding totals 1866.
The payments Of the 50 assessment viii
put the company is possession Of $685.
S3S new money. which, after the pay
ment of $4,000 for new equipment
sufficient to insure a production of g.
100000 pounds of copper per annum
and the cancellation of $4,000 in float
ing Indebtedness, will leave in the
neighborhood of 100000 as working
capital.
The improvements, consisting of
new hoist with a daily capacity of $500
tons and the addition of a new story to
the steel rock house now standing at
the No. 2 conglomerate shaft and the
moving of this structure to the No.
shaft on the Pewabic lode, will, in adj
dition to allowing increased produc-
ton. make possible greater economy
i'm operation. With the new equipment.
which is expected to be in operation
in the early summer. a minimum pro
duction of 1900 tons of ore per day can
be made. While this production is far
below the capacity of the hoist, ii is
figured that il will mean a production
of 100000 lbs. of copper per annum.
can earn 81 per share on a 100000
pound production.
The No. Pewabic shaft is now bot
toned at the 31st level. from which
point crosscut is being run to cut
the lode 1t is from this ground thu
the very rich ore is being hoisted. The
shaft is being sunk along the footwall'
about 20 feet underneath so that the
distance to the lode is very short.
While it was primarily the excellent
conditions encountered at this level
that caused the directors to finally de-
eide TO increase the production, there
has been a marked Improvement in
the ore since the 26th level was
reached.
When the new hoist is I'm position
and a greater amount of orc can be
handled. Il is the intention OF the man
agement to increase the number OF
drills now working in the shaft. but of
that number ~ are engaged in sink
ing and drifting. leaving only eight
available for stopping.
The justification of the directors in
calling an assessment so that money
would be Immediately available for the
work of increasing production is plain
i'm face of the existing conditions at
the mine. There has been some sell
ing of shares within the past few days,
but II should be remembered that the
greater part of the assessment goes
right back to the property in the shape
Of new machinery and equipment by
means OF which production Is TO be in