The Calumet news. [volume] (Calumet, Mich.) 1907-1938, 1911-08-05

CALUMET q HECLA- ~ "a
The decision handed down by granting a
temporary injunction prevent being
the Calumet & MERGE vas, might been.
expected. the important topic of conversation IN
circles Without question interposes further
delays in bringing about consolidation originally
oposed Those who oppose the merger hold their
Vows the most tenable.
Charles NJ Turner. through whose the tempor-
airy injunction obtained. visiting cop
ner country he that associates
present controversy propose push vgor-
cusy they find it necessary The step will
hearing OF testimony determine whether tho
Injunction should BE- made permanent Mr.. Turner is
quite confident that testimony going prove
tremey interesting, may lop facts yet
brought out in the several heretofore heard.
It Turner's contention that merger along
lines proposed will held unconstitutional
impossible to property admittedly valued
than times its proposed capitalization Of 10000
600 into that amount and that BY ioing the statd
might be defrauded of franchise fees and taxes.
Apparently the value of the Calumet & Hecla stamp
sands is going given Mr.. Turner
and associates of the opinion these
absolutely without value yet in the
consolidation at high figure. For years. when tho
Blgeow interests properties
carefully the district
and the results these early Investigations
hand to be used in the forthcoming hearing
met Hocla officials stoutly maintain expert
ments with the sands given them ample assurance
Of in this work. although other mining the
district hold contrary views.
II is certainly matter regret and unfortunate
that the settlement question not yet
az hand. Innocent subsidiary compa-
ries have the speculative properties
eliminated by the The greater majority OF share
holders have been reconced to the hope
that not many more months will elapse before they
know definitely whether they will not become a
part OF the Calumet Hecla.
CALUMET & ARIZONA
The production Calumet & Arizona for the month of
July $4,000 pounds. This included the product
IF both G & II. and Superior Pittsburg Tor June the
combined output OF the companies was 3656OOO
pounds. The July product was somewhat larger tnan
normal June below
The success which has attended the consolidation OF
Calumet Il Arizona anu Superior Pittsburg is much
sreater than expected While was never any
doubt but that the consolidation brought about
the hearty by Superior Pittsburg shareholders
in exchanging their stock has gratifying the d-
rectors of the companies.
Calumet & Arizona directors this issued circular
letter calling attention more than ninety
cent Of S. & p. exchanged already.
The time for exchange mas been divi-
dend as of July will be paid to all s. p. Stockholders
who exchange their holdings at once The
directors the right offer at any time
In the circular letter information that
since the companies operated as one unit
material benefit both in production
followed.
Calumet & Arizona directors viii likely the
of this month early to take action on
the quarterly dividend. There Is already considerable
discussion concerning the be paid. We
IT, opinion that unless is a decided weakness in
metal before meeting is held the rate
will be continued at 81 per share. The company
quite earning this amount. when the last dividend was
declared informed h. official company
that earnings then approximately ninety per
Since there has been a slight improves
ment in the price received copper
on capitalization 62S.5OO Calumet Arizona
TO maintain dividends of 81 quarterly
ngs $2514OOO The production at the rate in July is
5O,OO0OoO pounds per a profit therefore of a
trihe than per pound maintained
to insure dividends of "a annually. Such being the
costs must be brought down u cents a pound and
the copper sold 1874 cents.
one matter which should not be lost sight that
is the company has obligated the extent Of about
$L5OO000 in the reconstruction of its smelling plant
ready preliminary has been started
win take months and viii be confined to
excavating and building foundations The equipment
will then begin arrive Production will not be inter-
rupted a result work. rehabilitation viii
proceed oy units
From market standpoint Calumet & Arizona can be
looked upon likely give very good account of it,
self. Metal betterment will much and insure dvi-
Geods at the copper selling at tar-
teen cents pound there is doubt 81
viii maintained indefinitely II copper sells below
that length cut in the rate
''uSt be inevitable 81 aIAikiiStfIR
NEVADA CONSOLIDATED
There selling in Nevada Consolidated this