Show CACTUS AffAIRS ARE EXPLAINED Local Shareholders Highly Pleased at Statements Made by the Management At the invitation of President Samuel Newhouse presented through the com corn of ot local stockholders ers in the New house Mines Smelters corporation as many of tle the local interested men as cared to met at the tiie Newhouse offices yesterday esterday and discussed the affairs of ot the th company With ith Mr Newhouse was General Man ager Lafayette Hanchett prepared to give all and any Information concerning the affairs that the tile shareholders asked for In the language of States Slates Senator Joseph L Rawlins who participated In in the gathering the confer conference conference conference ence ended endell with the th best of feeling all aU allaround allaround around and with everybody pleased at the courteous manner in which the df dr legation was received and an II with wilh a conviction that the Cactus was one of the greatest mines in n the country Senator Rawlins stated that it had been mutually agreed that Heber M Wells should be named as a director of ot the company at the th annual meeting to be held in New York on the and It was also mutually understood that reports of the company should hereafter be mailed to all aU shareholders of record in the company Both Mr Newhouse 2 and General Man Manager Manager Manager ager Hanchett said Senator Rawlins explained in the frankest manner pos possible possible possible sible everything concerning the financial condition of the company and the physical physIcal cal condition of or the mines They ex explained explained also matters that will be taken up in the future for the benefit of Df the company but which could not be dis disclosed closed at the present time Manager Han Hanchett Hanchett Hanchett chett went thoroughly Into detail with re respect respect speet to the physical l condition of ot tile the mines and when he lle e got through we were i well satisfied that It was one of the great greatest i iest est mines in the country According to statements made after afler the tue meeting it seems that last year when copper vas selling at a pound the Metals Selling company compan had about worth of Cactus copper According to the contract the selling company the latter hatter was not compelled to sell and settle for the metal only as it should come about In the regular course of the selling business though the I Newhouse company was at liberty to check against this metal up to SO per cent ceni of ot Its Us value To pay the dividend to meet me t operating expenses bond interest and other obligations of the company this was vas done not all at once but as the money was required followed the slump In the price of the metal before the Cactus product had been sold by the sell selling selling selling ing company As a result the tIme most of it had to go at a decline of 01 50 per cent and Instead of ot the Newhouse company having havinga a big balance to its credit with the sell sellIng selling Ing company it found its copper gone and the corporation owing the selling company about or such a matter Then production was cut to a minimum and the mines finally ceased production alto altogether altogether altogether gether Later work was resumed and for forthe forthe the past vast few months the company has been running with about its reg regular regular regular ular force and instead of producing 1000 1009 00 pounds of copper per month it is now turning out approximately pounds The present indebtedness amounts to something over oer that being all aside from its bonded obligation n which it Is understood approximates Just as soon as copper justifies it the production is to be ha increased to and from that to pounds a I month At the present rate of or production the com corn company company pany is considerably more mor than making its operating costs and the copper unsold and in transit is worth a great deal deai more than what is now owing while there are supplies on hand and paid for that are worth more than This is about the way the tho affairs of the company today |