The Calumet news., 1912-05-29
STOCKHOLDERS
IN ANNUAL MEET
SHAREHOLDERS OF 5UTTE-B BAL
LAKLAvA COPPER TURN OUT
IN LARGE NUMBERS.

The annual meeting Of the stock
holders OF the Butte -BallalIlava Cop
per company was held Monday at Du-
luth and they We're there in num-
hers. It was highly satisfactory
gathering in every way
In his report to the stockholders
President z. II. Nelson urged that he
be allowed to retire as a director. He
las. FOR several years. devoted the
most of his time 10 matters relating
10 the company. and has neglected
much of his own private business,
which is extensive. Under the cir
cumstances he felt that ne should bc
allowed TO drop out as a director \
number of stockholders took occasion
To- tell Mr.. Nelson that his services
had been appreciated, and that they
had been OF great value 10 the COM
pany; that they would bee sorry to see
him retire as a director, hut that in
view of his long service IN that ca
pacity his wishes should bee respected.
Mr.. Nelson's resignation was ac-
cepted and George c. swallow of Mil
waukee was elected To fiji the yacan-
cy. The other directors were all re-
elected, and the board now is COM
posed of the following J l.. Wash |
burn. Gust Carlson. John a. Percival, !
George c. Swallow l. Freimuth, Mile
Bunnell and a. L. Warner
one hundred and eighty-fve thou /
sand shares of the company were rep
resented at the meeting by stockhold-
crs in person or by proxy.
The tte-Ballaklcva mine is ship
ping. and there is $4,000 cash in the
treasury. The directors suggested to
the stockholders that fund should
be provided 20 enable the company
10 cope with emergencies the principal
one being its defense Of the suit
which has been brought by the Ana
conda company. and TO provide for 4
further extensive development. 1t was
suggested by the officers that 100000 4
ne raised by debenture notes. and il
v as unanimously ratified by the
stockholders. Some spoke i'm favor OF
much larger sum, but the
officers assured them that 100000
will be ample. /
The loyalty Of the stockholders Of Z
the Butte -Ballaklava and their enthu- Z
siasm in spite Of the litigation. which ,
was begun by the Anaconda, was
gratifying TO the directors and officers
)f the company. They expressed entire {
'aith and satisfaction with the defense
tsrfs | :
port TO the end, be that what 1t may q
While the Anaconda company has s
rippled the company temporarily. by q
wing up one OF its principal veins by 4 q
ourt injunction. pending the outcome $
ii the suit. the property contains other {
good veins and the company is de- I
-oloping and shipping from one OF
hese ot the present time. With fur r
her development IL is declared by the /
,mcers that the mine viii give "A good r
recount Of itself in ground that is not /
challenged by the Anaconda people b
A report Of the Butte Ballallava q
mine by Or Walter Harvey Weed, OF a
New York, gcologist ana consulting
.ugineer for the company, was read.
ie says that tho company has moth
nr 10 fear in it's defense in the Ana n
.onda suit, from geological stand p
,oint Development work which has :
leen done to establish this defense "
g now completed. Tho attorneys for a
he company agree that the defense is
mprosnable and AN the authorities
Express confidence I'M the outcome.