The Wallace miner. [volume] (Wallace, Idaho) 1907-current, 1923-03-22
FAMOUS CALEDONIA
ANNUAL REPORT,I922
HAS A LARGE SURPLUS
After Remarkable Career,
Outlook Not Encouraging
for New Ore Body
HAS A LARGE SURPLUS

TIME CALEDONIA Mining com
pany will soon end its remark
able career unless the persist
ent efforts of the management
should be rewarded by finding a new
ore body, and of this there appear
to be no encouraging indications. Tit
Caledonia ore body was a real bonan.
"a, and it produced the richest ore
that ever left the Occur d'Alene dis.
trict. It's chief value was silver anc
specimens of rare beauty and value
were taken from its upper workings
There We're frequent lunches of crys-
tallized lead held together by wires
and bands of native silver, as well as
masses of deep red lead carbonates
through which ran threads of native
silver and giving it the appearance of
being covered with a frost of the
white metal. There was also much
lead sulphide ore, and another re-
markable feature was the presence of
copper. which formed an important
part of the value in the ore. While
copper is found to some extent in
practically all the lead mines of the
district, the Caledonia is the only one
in which copper figured in the smell
tor returns.
Caledonia Profits.
But the glory of Caledonia has de-
parted, and the story of its riches has
become one of the traditions of the
Occur d'Alene district While the
company still has on hand a substan-
tial surplus, as shown by the state
ment below, which will eventually be
disbursed among its stockholders the
last dividend was paid in 1921 The
low grade ore left in the slopes is be-
ing worked which will at least pay
the cost of continuing exploratory
work, but the management holds out
no encouragement for finding new
ore. The new process for the treat
ment of the low grade ore, which will
soon be in operation at the Bunker
Hill, may provide a means for deriv-
ing profit from the old tailings dump,
and it is understood that tests will be
made when the new plant is in COM
mission, which will probably be with
in the next 60 days. Caledonia has a
record of paying s4,SS2,S6S in divi-
dends. The first dividend was paid in
1914 and for that year disbursements
amounted to S1SO25O In 1915 the
company paid s755 45O and in 1916 the
record was S911,750. The peak was
reached in 1917, when the company
paid 1887 500 while in 1918 it distrb-
uted $685. 700. From that year the de-
cline was rapid down to 1921, when the
last dividend was paid as stated
above. The annual report for 1922 has
just been issued by Stanly A. Easton
president and manager of the Gale
donia company, in which he reviews /
the condition at the mine and oper-
atoms, accompanied by production and +
operating statement and also financial /
statement. Mr.. Eastons report fol- !
lows:
Caledonia Report, 1922.
Below is given statement of pro- /
duction and operating costs of your /
company for the calendar year 1922, (
and financial statement as of Deem
Der 81, 1922.
"a diminished production was made
during the year from filling of the old
Slopes and the yield from which was
sufficient to pay all costs, both of ex-
traction and development work, which
have been maintained with negative
results, leaving a small profit in addi-
ton. There is no standing ore left in
the mine, but there yet remains a
small amount of old stope filings and
dump material which can be removed
and sold at a profit depending upon
the market prices of lead and silver,
which still remain good. It is be-
leved that during the current year
enough can be made by such means to
pay for the continuance of develop
ment work, which will be carried on
as long as there remains even a re-
mote chance of finding new ore. No
encouragement can be ex-
tended In expecting that new ore will
be found, as your property is now very
cut up by mine workings, I
which have proved the extent of the
ore body and it's failure of extension
with further depth.
During the year additional sub
stantial payments were made on ac-
count of federal income and excess I
profits taxes and it is believed that |
adjustment of them has now
been made for years prior to 1919. and
heavy payments have been made on
account of subsequent years. 1t is
to say when complete tax
settlement will be made. and when it
will be possible to disburse the re-
assets of the company in a
final dividend"
Production and Operating Costs.
Total production. 2993012 tons.