The Calumet news. [volume] (Calumet, Mich.) 1907-1938, 1911-03-10
ALL COMPANIES
FAVOR MERGER
oscEoLA ALSO VOTES IN FAVOR
OF c. & II. CONSOLIDATION.
LEGAL QUESTION UP
MARCH %.

mAhNFl 90
Boston. Mass, March iO.-At tn
special meeting of the stockholders o
the osceola yesterday afternoon tn
stockholders voted in favor Of the mer
ger. The vote on the merger stoo,
1854 shares in favor, and 9,726 shares
against, $3.50 shares being voted on
of a total of se.l5O shares outstanding
Necessary to carry merger, $3.50
shares. The c. & H. owns S2,7Sl
shares.
The situation now is that all the
companies have agreed TO the merger
and the meetings stand adjourned &c
dates from April gath TO the 2sth, in
elusive. The legal question comes up
March 2Sth at Grand Rapids,
The adjourned meetings of the COM
panies will be held as follows:
Calumet 4 Hecla, April 25 at 10 a. m.
Allouez, April &c at 10 a. m.
Tamarack. April rs at u noon.
Centennial, April 26 at $3.50 p. m.
Ahmeex, April % at 1880 p. m.
Superior. April IS at 10 a. m.
Laurium. April 2S at $3.50 D. IN.
Seneca. April q at $3.50 p. m
LaSalle. April y at 10 a. m.
Osceola. April "a at 10 a. m.
II will be noticed that the Osceola
meeting which was the last Of first
series. will be held before the adj
journed meetings of the other COM
panies.
Isle Royale and Gratiot, being New
Jersey corporations, have 10 await the
consolidation Of the big companies and
then upon the assent Of a legal major
ity OF stock can sell their property TO
the new company. Hence, the entire
Gratiot and Isle Royale matter goes
over tin the organization Of the new
company. II Is admitted that the mer-
ger plan. is success.
La Sale.
In reply 70 various questions put to
General Manager MacNaughton at the
I.aSaIe meeting he stated that little
or no diamond drilling had been done
on the western part Of the property.
No drilling had been done i'm search Of
the Pewabic lode Some drilling 10 the
east Of the Kearsarge lode had been
done. bat not 20 any extent.
II was stated that the Kearsarge lode
I'm the Caldwell property is split into
three or four branches, and the cross
cutting made in that property was FOR
the purpose of identifying the various
branches Of the Kearsarge vein.
A value of 100000 was allowed for
the values east on the Kearsarge lode
in the hope that the LaSalle carries
the extension OF the lode in the St.
Paul property 10 the north.
In reply 70 criticism that due credit
had not been given for the UNEMPLOYED
section Of the company's 2400 acres. 1
Mr.. MacNaughton stated that relative
values rather than actual values had
governed the making Of the consollda-
ton plan. and that very little value
property TO date Allowance had been
made for the treatment Of 100000 tons
Of LaSalle rock per annum. II was ex-
pected that this tonnage was not the
maximum capacity Of the Tecumseh !
shafts, but that II was placed at this !
figure because it was not believed pos
sible that on a low price for copper I,
the company could operate at a profit /
There would be periods when the mine /
was better shut down altogether. II IL /
were not for the exploratory work, now /
being carried on the property would /
not be working today. Lasalle rock is
so low in grade that there is no ex-
pectation that It can be worked contin-
uously.
Il was brought out at the meeting |
that al the time OF the Tecumseh-La- I
Sale consolidation S1,64S, 900 was paid !
for the Tecumseh property at public /
auction. figure representing about $3.50 /
per share on LaSalle's present market /
standing. IL was claimed that on this 1
basis a higher valuation should have \
been worked out in the present con- /
solidation scheme Attention was called /
to the management which the G. & II. /
company has with LaSalle I'M the mat
ter Of providing $4,000 Of ADDITIONAL
working capital.
Mr. MacNaughton stated that this
agreement was contingent upon the
physical conditions at the mine and
indicated that unless conditions war
rantod the spending OF this money that
G. & II. could not be called upon 70
advance 1T. A. Minnear & Co.