The Calumet news. [volume] (Calumet, Mich.) 1907-1938, 1912-01-22
|. A. MINNEAR
& COMPANY


completed
The organization controlled by the General De-
velopment company Lewisohn interests II has
not been announced whether the public win given tho
opportunity of subscribing the organizs-
ton but it is understood that there will
SO issued The property very well south
side Of Portage Lake will probably TO carry
the extension Of the quincy system veins Practically
no development work Of has
various properties the deal An exploratory
shaft little than 100 feet depth SUNK
did not disclose anything Of great value The company
will start with a large development fund and viii
probably do considerable diamond drill UNDER
taking active mining operations.
eoLDFIELD.
The annual Goldhed Consolidated will be de-
layed until the latter of the
companys made TO conform with the Fed
era Corporation laws The report win for year
ending October 30 1911
1t is understood that the financial
earnings Of approximately excess Of dividend
requirements While report will show this gratifying
condition to exist, it is expected give some
Indication Of depletion the like
hood of the quarterly dividend from fifty
cents to probably thirty the next divi-
dend may be fixed at fifty cents look for the
come before the close Of The year
ieve 1t will have much effect the selling price
stock this has been a great degree discounted
Goldhed stock selling 1925 a share and IL tho
dividend is placed thirty quarter on
this basis would be waantng higher rather
than lower prices.
NEW BALTIC
New Baltic has reached second its known odes
and found IT fairly charged with copper although T.
apparent that greater depth necessary
will reach condition The first of the Sec
ond veins opened the 500 very good com
mercial rock There is question but that this is an
extension of the Baltic lode the formation is almost
identical with that found south side of Portage
Lake
At the Baltic mine. the two lodes as the East
and West veins lie about apart and like condition
exists at the New Baltic 1t is that
drifting will be upon the two lodes and later
sinking will be level at which depth
the shaft is hottomed Baltic has about $4,000
i'm cash in its treasury.
TAMARAcK
The annual of the Tamarack Mining company will
be issued will be disappointing as it
will cover period history in companys affairs
1t will cover which carried all
Sides yet which be all past, indicates
very promising state Of affairs future For tho
first ten months in 1911 Tamarack operated at a heavy
loss Since then under the aggressive Calumet
& Heca complete change occurred for
the better.
Costs have been reduced The greatest saw
ing in the reduction of men on the
pay rolls Tamarack employed 1900 while
now there are hardly more than 1000 This
saving in fully per cent has been brought
about by practically in production The output
has been maintained though efficient management
higher copper rock mined and also
discontinuance of all dead" work.
In department there been reduction in force
during the past few months The machine. blacksmith
and shops contributed to lower costs by
the employment of fewer yet being maintained 10
high state of efficiency. Fewer employed on sur
lace as we'll underground with min
rg department the tonnage mined per man has
Increased wonderfully various items have all con-
ributed to make the savings and consequent
reduction in of material proportions
In December produced s64 600 pounds OF
copper while in December the production was prac-
cally the being $4,000 pounds 1t should be re-
nembered that the output the month was with
lbout 500 than in December 1910
NJ is quite safe 10 that Tamarack TODAY pro-
lucing and marketing refined in ex-
'ess of twelve cents pound If in selling
his product for 14 the prevailing price for copper to-
yether with the dividends from it's smelling stock
ramarack will show earnings of approximately Ss7o PEI
share In addition it has quick amounting to about
100000 together with valuable stamp sands which will
oon treated.
In view of the decidedly improved conditions surround
ng operations Tamarack the bettered price IL obtains
it's output may not have very LONE nov,
o walt before the company former place as
dividend payer.
INSPIRATION
II has that the issue Of worth
# bonds by the Inspiration Consolidated Copper companv
viii be underwritten by J. Morgan & CO. OF New York
This announcement followed considerable strength
both Live oak Inspiration which are 20 be take,
'ver by the Inspiration Consolidated company
fact that I l.