Dow Jones Description
Registrant was incorporated under the laws of the State of California on
July 12, 1922, under the name of California Copper Corporation, as a
holding company for the shares of its operating company Engels Copper
Mining Company which was incorporated under the laws of the State of
California on June 19, 1901. Engels Copper Mining Company was merged into
California Copper Corporation on March 3, 1936, and the name of the merged
company was changed to California-Engels Mining Company. Exploration and
development commenced at the Engels Mine, Lights Creek Mining District,
Plumas County, California, upon organization of Engels Copper Mining
Company; but it was not until 1914 that milling facilities were available
and actual production of copper started. From 1914 until operations were
suspended due to the low price of copper in July, 1930, approximately
4,700,000 tons of ore were mined from the Engels and Superior mines and
milled producing 160,170,000 pounds of copper and substantial values in
gold and silver. Out of profits of this operation, the Registrant retired
a bond issue of $500,000 and paid out more than $1,285,000 in dividends.
During the 1930's the mining and milling plant, Engelmine townsite and the
Indian Valley Railroad subsidiary were dismantled and sold.
