The Wallace miner. [volume] (Wallace, Idaho) 1907-current, 1914-08-13
THE CALEDONIA MINING COMPANY
WILL soon Be DIVIDEND PAYER
WILL DISTRIBUTE DIVIDENDS AS SOON AS OPERATING FUNDS
ARE PRoVIDED-sTATEMENT
By SECRETARY.

TIE Caledonia Mining company held
the regular annual meeting of the,
stockholders the company in Wal
lace recently, and the old board Of di-
rectors was reelected for the ensuing
year. They are. Stanly A. Easton,
president; c. Fred Kratzer, vice presi-
dent: and Charles McKinnis, secre-
tary, treasurer and manager. There
were 2.1S4,161 shares of stock repre-
sented at the meeting either by proxy,
or in person In a circular letter mail
ed to the stockholders, the secretary
of the company says:
I'm settling the litigation with the
Bunker Hill & Sullivan Mining COM
pany last fall, arrangements were
made whereby the Caledonia ore was
to be worked through the lower trn-
mel belonging to the Bunker Hill &
Sullivan company, and mlled in
mill furnished by them. In order to
connect with the Caledonia it was ne
cessary to drive a drift off to one side
of the Bunker Hill tunnel, and connect
this drift with the Caledonia workings
by means of two double impairment
raises, with stations at top and bot
tom. This work was begun last Octo-
ber. was completed in July, and is now
in full operation.
"Tha mi i'll fnrOi she'd nv tho RIM
ker Hill company was completely over
hauled and equipped by them with
modern concentrating machinery 1t
has a daily capacity Of 300 to $50 tons
of mill feed daily; can be operated at
a low cost, and will make as high ex-
traction as any mill in the district
"In November Of last year we ship
ped 112 tons of crude ore, and in May
Of this year 113 tons. This ore had
previously been extracted doing devel-
opment work. During the month of
June the mill was started and run
few days; $50 tons Of concentrates and
crude ore were shipped. In July the
production amounted to over 700 tons,
about half of which were concentrates.
This tonnage was produced with an
average of 23 men employed in the
mine.
"The crude ore gives net smelter re-
turns of $50 to $50 per ton; the con-
centrates run from $50 to $40 per ton.
We have large body of good ore de-
veloped in the mine and will be able
30 ,l,o lou ,,,iy, inc for q long
time
your directors do not consider 'it
necessary for the Caledonia company
to build up large treasury fund. but
have decided 10. disburse the month
ly profits in dividends as sobn as we
have reasonable operating fund in
the treasury.
"The present unsettled condition OF
the metal market makes it impossible
for us to say definitely when we will be
able to commence the payment Of div
idends. However, we assure you this
will be done as soon as business con-
ditions will permit We intended to
increase the mine force this month and
build up the production, but this will
now depend upon metal market con-
ditions."
The financial statements accom-
panying the letter are as follows:
"Cash statement, August 1--Ore
shipped during development period,
$4,511.34: ore returns received to Aug
ust /, s3S.33929: ore returns received
August /, s5.SS6.506 expenses were So
1888: July ore in transit (estimated)
$1,000, accounts payable. s19,499.7l,
leaving a balance of $50. 472.19. Bal
ance sheet. closing old set of books
May 81: Liabilities: Capital stock, 81
605,O0O; surplus account, $11.S25.72.
Assets-Property account, s2,572,092.-
GA; building, plant and equipment,
$500. First National Bank Kellogg,
s5,54Os7; Weber Bank, wardner.
AZ; State Bank of Commerce,
Wallace, s4202.o4; First National
Bank, Wallace. $6,144.4O; bills receiv-
able, $3.50: accounts receivable s1v,-
@e9.71 inventory, s299.59; total ST.
616,S25.72.
assets held for stockholders prior
to December Is, 1913-First National
Bank Kellogg, s554OS7; Weber Rank.
Kellogg, s29647; State Bank of Com
merce, Wallace. $4.2O2.O4: FiSst Ma
tonal Bank. Wallace, s6,144.4O: bills
receivable, $3.50: accounts receivable,
$19,499.71. Total, $36,933.49."