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Show ANNUAL REPORT OF LAKE COFFER MINE SHOWS CONDITIONS Tha' fourth annual report of tha Lak. Copper company la Issued. Receipts and expenditures for year ended April M follow; fol-low; . Receipts - ' Cash on hand May I. 1110 $1I5.U- Receipts from sale or U.ioo shares of stock at 134 per share leas uaderwrttlntf expenaaa I.ft.413 ' Interest on deposiu....f . 7 ;s 8 Ulsoellaneoua recvlpta ..... 1.174 Total ..." ,$3C,1: Kjt. penrfl t u res FTxpendltures at mine 15,221 blaIe, legal sxjieasca, etc. 14,011 Total ."7o7m Cash an hand April 30, 1U.. i.Mfc Copper on hand. Xlft.ftftO pounds at IS cents per pound 58,1 ItuppUes on hand 1 1,43 Cash, copper, and supplies on hand April 10. 111 S7S.7S1 Less aoounts payable 18.7S2 Balance of asseu 33&7.M8 The balance sheet as of date April t. 1911, ihowt accounts pmynbra of II. 7K President William A. Paine says: i 'The rote of the stockholders at tha arntial neotlng of W wsa taken to In-dlcata In-dlcata to the newly elected board that a somewhat different policy was desired In the management and operation of the property. On July II. 1910, . Charlea K. Hitchcock, Jr., was appointed manager or tha mine. It was decided to devote every ennry to opening up the mine and to discontinue hlpmenta to the Franklin mill whl' h at thla lime were avoraglng about seventy-five tone per day. From the time- shtpmenta were commenced until un-til they wore suspended in July. 1110. re-. re-. suits were as follows1: Tons rock V temped 14.45 , Pounds nne copper produced ..111. 040 Itotinds fine copper per ton rock stamped - tt.O&T "Theas results, while favorable as to Juallty of rock which the mine had pro-uced. pro-uced. were not profitable from c Derating standpoint on account of the small dally ' output and limited facilities of tha mine for handling the rock. j "The new directors found that contracts con-tracts had been made for the early delivery de-livery of a hiah-duty compressor, large hohit, steel rorkhotine. and everything necessary ne-cessary to equip the mine for reaular pro. du'-thin on a Urge scale, which was to betrln as scon as the Installation could he completed. The mine opening, hiwever, were not deemed of auMclsnt extent to warrant rroductlon so soon, and arrange-irents arrange-irents were maie- for ths Immediate In stallstlcn of ths compreasor and the post-r post-r nenenr of the rock house and bolst for another year. "To provide funds necesaarv for the next two years work, tha 13.600 shares , rf stock remaining; In the treasury were soli to an underwriting syndlrate and offered of-fered to the stockholders at fM per share. This netted us 44,r,4U. and should be sufficient to brim the mine to a basis of regular production, fully equipped, except with a stampmlll. Ht ampins; facilities, sufficient to meet mrr prohabla requirements require-ments for some time, however., are obtainable ob-tainable at reasonable rates." |