The Calumet news. [volume] (Calumet, Mich.) 1907-1938, 1911-01-07

sessment is not paid the old National stock win be
yalueless The Iron Cap Company proposes TO imme-
dately begin active campaign Of development work.
and has a property worthy of further attention
ARIZONA & MICHIGAN
The annual meeting OF the stockholders Of Arizona
a Michigan viii be held in Globe January 18th
No change in the organization is expected At the
present time the Company is doing work at all
at its property. The annual report recently issued
shows that the company cash hand amount
in 10 $4,000 and there is due assessments SS2-
$500
During the year just closed 25s9 feet Of development
work done and while commercial ore was opened
up indications considered very favorable with
little more additional The Zee owners Of the
land have granted extension the option for
six months. so that payments will be due until
August lst,
Last September. the management found IL necessary
to discontinue operations the Black Bird. vein be-
cause Of insufficient funds. Efforts to open the
old Dominion fault however continued and the
work at this point ON the old Dorn'n'
ION vein winze sunk and water level was reach
ed when operations discontinued The manage
ment believes that the installation of a diamond drill
and boring about 500 feet will demonstrate the true
values lode below water level and following this
exploratory work. the sinking of permanent shaft
the surface can be undertakeil however DeIoIe
any additional mining be done, towards the
raising Of additional funds will be necessary.
SOUTH LAKE
South has No diamond drill hole down 10 the
ledge and is now boring at the about twenty
feet a day. The Company already disclosed very
satisfactory values i'm several holes and No will be
bored chiefly give necessary data preparatory to
sinking a shaft 1t is hardly likely that the manage
viii undertake to sink a shaft before it
provides for financing. Just what plan will
be adopted in raising is difficult state,
but at this writing. it looks though offering Of
treasury stock will be made
ToNoPAH BELMONT
Accompanying the dividend checks issued this week
by the Tonopah Belmont Development Company, a
condensed statement of operations quarter end
Ing November issued. This shows that the
>Company's net income months ending on the
above date amounted SSSOS95.OO while dividend dis
bursements totaled S15OOOOOO, leaving handsome
profit over all disbursements. According the state
ment TIE Company has a balance of assets OF
$95S615.OO.
The strength in Tonopah Belmont during the past
few weeks due to the gradual exchange Of Tonopah
for Tonopah Belmont by many shareholders, who re-
gard the speculative possibilities the lower priced
issue as greater An increased quite likely
when the directors meet for that purpose.
ToNoPAH MINING
An officer of the Tonopah Mining Company advises
us that negotiations for the acquisition Of additional
property have not reached yet which would
justify public disclosure The only reason that the
| Company wthhods this information is due to the
! fact that the consummaton of impending deals might
be seriously obstrueted were this information made
| generally public this time 1t is understood that
the Tonopah Company proposes to acquire very val
uabe property i'm what is known the Sierra dis
tric which can be easily reached by Tonopahs rail-
i road There has been gradual decline in the price
4 of Tonorah stock due to two reasons, namely, the
sale Of this issue to purchase Tonopah Belmont and
secondly the sale of certain holdings because of
the fear that the acquisition of additional territory
means the admission by Companys officers that the
present property is being rapidly worked out How
ever little he given to the last theory as
it is hardly to be the favorable
developments the mine
SANTA RosALIA-
President f. A. summervle advises us that the re-
signaton of r. c. Clancy as General Manager and Di
rector of Santa Rosalia Gold Mines Co. has been ac
cepted and that Charles E. Griffith has been named tc
succeed him Mr. Summervie was appointed Genera
Manager of the property and will leave watertowr
about Jan 9th to give personal attention to develop
ments at the property and also superntend the ship
nent of some of the high grade ores from the mine
He also will have correct made of the dferen
ore bodies opened up and proposes to issue reports
TO shareholders frequent intervals. The Company
working about twenty-five men,
TuoLuMNE-
The Directors of the Tuolumne Company this wee
announced the initial dividend of fifteen cents share
payable February 18TH stockholders of record FEB
ruary 1st Disbursement will probably be quarterly i
the future. dividend just declared calls for tn
distribution of Sl2OOOO.OO there 100000 share
of stock outstanding The adjustment of the Com
panys difficulties with North Butte made 1t possibl