The Calumet news. [volume] (Calumet, Mich.) 1907-1938, 1911-01-21

1t is distributing dividends only SLIGO year. The
margin safety is apparent. is quite sufficient to
insure the stability of the present dividend rate
Tonopah has recovered it's dividend which OFF
about weeks ago and there has been some very
good buying in the The selling OF Tonopah and
The Of the proceeds in TonOpah- Belmont
has about ended. and we firm market
for Tonopah shares in the immediate future.
CALUMET coRBlN-
The annual meeting Of the Calumet Corbin share
holders was held In ST Paul week. the fol-
lowing officers and directors elected: President
Elmer f. Esselstyn; Secretary and Treasurer O. II
Espy: Directors, Elmer T. Essestyn, state treasurer
Of Montana: William J SCHNEIDER II. f. seber b. W.
Parsons and @. H. Espy. ST. Paul
Upon assuming the presidency Company.
ident Essestyn issued following statement which
viii considerable interest local shareholders:
AS am very wen acquainted with the possibilities
and recent development IN Rsdersburg district I
believe the Calumet & Corbn Mining Company, with
intelligent development will the ship
ping mines Of this district and base my opinion
the that property lies in the heart Of the
camp, surrounded by OF the richest mines there
Present Indications the showing the pres
shaft and several tests confirm my faith in the
property. The management viii direct efforts on
all intelligent and economical mining. with
a toward efficiency and maximum results"
The official announcements Of the plans for the
solidation Of Arizona Superior & Pitts
burg were received by shareholders of the
panies this The details have made
known before in weekly letters, with changes
whatever. In to plan consolida-
ton, special meeting Of stockholders OF Calumet &
Arizona will be held February 18th provide for the
increased capitalization Of the company from 100000
shares to $4,000 shares Concerning the dividends
says;
Dividends depend upon the cost of copper the prod
uc; and the selling price We believe merger OF
the Companies will decrease the cost the produce
ton be maintained present in
creased, If the market viii absorb it at reasonable
price your management certain that under all
ordinary conditions regular dividends be paid
the stock from the beginning"
The dividend Superior Pittsburg will only
be declared after fifty Of this issue has been
deposited for exchange for Calumet Arizona shares.
fractional certificates will be issued, but instead
script will be given shareholders for odd lots Since
the announcement of the plans. there has been
siderable trading in odd by those who desire
up their holdings. The dividend to Superior &
Ptsburg shareholders will be and one-seventh
times the aggregate paid Calumet Arizona share
holders between August Is. 1910 and August l.
Providing Calumet Arizona pays a dividend 500
a share March, there will be accruing Superior
Pitsburg holders dividend Of approximately eighty
six cents share
Accompanying the announcement is financial state
of both the Calumet Arizona and Superior n
Ptsburg companies From this, seen, that Gala.
& Arizona has Of amounting to
S376O5G5 while Superior Pittsburg has Of
amounting s1292,OS1. After the payment o
all dividends, the merged companies will have ball
ance of approximately ss.5oOOOO in cash. and
supplies hand according to the estimate of the di-
rectors A comparison of financial statement as
mailed shareholders with the last report in
dicates that Calumet approx
m9tely s65OOOO than dividend requirements Su.
perior Pittsburg during the period about
S1OOOOO0 If the merged companies in able
average thirteen cents pound for copper there
doubt that dividends of s1OO share per quarter
be maintained.
CALUMET HEcLA MERGER
Opposition to the merger of Calumet & Hecla su6sl.
diaries with the parent company gradually fading
away and at this writing there doubt but that by
eth, the the consolidation, practically
all dissenting shareholders win have and
will deposit their for exchange, according to the
original terms offered.
The concerted opposition is developed among
osceola shareholders. Last Tuesday, shareholders
the Lake Superior district owning approximately 1000
and adopted set of resolutions protesting
against the terms under which Osceola to be abb
date, additional local interests have
added the list Of protesting holders and an
other meeting will be held Tuesday night. While
the sentiment rather strong the local osceola
interests, will probably eventually pass away.
The contention those who oppose the merger is
that osceoa will receive share of Cal
ume q for every two shares of osceola
they now mold their dividends will be materially de-
creased a consequence In other words while at the