The Calumet news. [volume] (Calumet, Mich.) 1907-1938, 1911-02-06
CURRENT OF i-,i=;. THE COPPERs
~ GOSSIP Vt II Z N/By j. A. MlNNEAR
oO0NOAA ''''''''''' COMPANY

OSCEOlA- LII 49,
The Lake Superior shareholders of osceola conSo,S
dated who opposing the consolidation OF the ca
Hecla subsidiaries have encouraged by the So,
port il is claimed they receiving from sharehol,-
throughout the country II was stated YESTERDAY ,ho
approximately $4,000 shares osceoa were represent,
in the protest against the offered the Comnan
CHIEF CONSOLIDATED
The annual report of the Chief Consolidated Mini,
Company issued this week. and ON the whole ;.
a very satisfactory document The Company had .
balance on hand January LIST of 1860 In addition
there are 1866 shares unssued During the perid
since the last report was issued the Company received
from sales OF ore s17I613 The netted $2555 nor
ton after the payment of smeter charges and trans
portaton expenses There were shipped a total .,
s9i7 tons President Walter Fitch in the annual 20
port comments in part follows:
Since the date of last reports your comnar,.
has acquired the balance of the OUTSTANDING sbar.
of the Little Chief Mining & Milling COMPANY ana
had its charter surrendered addition to yoar cor
panys former ownership of the Eureka City Mining
Cos shares II has acquired by exchange of its oun
shares for that company's, on the basis of one for
five, all but few of the shares those outstanding
The number Of your companys shares disposed Of
is given in the Treasurer's statement
Additional Mining Claims have been acquired
as shown by the same statement.
1t found be absolutely Indispensable 10 nro
vide the mine with machinery in order that proner
development work could be forward and as the
character of this had demonstrated ample promise
of results to justify the outlay very complete Power
Plant has been provided and the same is now COM
plete and in operation with the exception noted in
the superntendents Report and has proved to be ex-
tremely satisfactory. AS a result of this improve
ment there will be during the current year a very
considerable increase in of work done and
the results predict will very satisfactory to You
The Treasurers Statement will show you that with
out the sale Of any of the Treasury or the in
curing OF any Indebtedness the mine has produced
enough ore to provide the means to its operat-
Ing expenses and has in addition paid for equip
ment purchased additional mining claims provided the
working capital for the development work for the Eu-
reka City Mining Company, in accordance with its
contract with that company discharged the indebted
ness inherited with the Little Chief Mining & Milling
Company and besides mourning some abnormal ex-
enses, incidental the starting OF a new enterprise
still has an ample balance of cash on hand to start
the year with.
With the product now making and the very ex
oelent promise of its workings. anticipate a rapid
replacement OF the companys original capital and
Following this the payment of dividends"
superintendent Cecil A. Fitch adds the following
interesting information in the report:
THE work underground during the past year was
mainly done on the lioo level. where in quantity
was first discovered The development OF the levels
above and below is being directed from this known
ore; the work so far done in the way of development
indicates that this is the and economical
pan In connection with this method will be run
both north and south the different levels in the
most promising part of the channel and the work
of developing the when encountered in these
drifts, will be by of laterals
No further work has been done towards providing
additional compartments to shaft for the reason
that this work proved to dangerous while hoist
Ing was in progress, owing very light character
of the timber and it deemed nadvisabIe to stop
the operation of the mine for this work at this
IL mas therefore been postponed and three-deck
VIII be used in the single compartment and dead
load balanced by CONFERENCE.-THE BY this large
tonnage can be hosted; more than three times the
former capacity. At time the future when the
earnings Of the mine will the delay the i'm
provement be made.
The prospect of the coming year a profitable
product is very satisfactory"
LIVE OAK
There report circulated this week that Live
Oak directors had decided 10000 addi
tiona stock at $500 share However this report is
premature, for decision to the price has been
reached The special meeting held January Gath
thorized the increase of capital $4,000 shares
to 100000 shares and the directors authority to
issue part all this increased capitalization at
the Boards discretion. 1t is quite likely something
definite will be announced this month concerning the
further financing of the Company. In a circular letter
10 shareholders, H. b. Rowland, director the Com
pany. in part has the following to say:
Since January l. 1911, five drills have been in con-
nuous operation on the Live Oak property. and to-
al Of $500 feet has been drilled. OF which drilling
500 feet Is In averaging "a cent copper The
Dre measures in the western part of the