Show i i it ls p pi P Pi j EMMA MMA COPPER COPPERt COPPERI t I I STATEMENT OUT OUTI 4 I i f l P Figures Given Show Purchasers r i ers of Treasury Stock Car Carried Cari i il r j x ried reed the Whole Whale Business The circular letter and statement to shareholders of or the Emma Copper com corn company t Van pany In hh which a special meeting of oC the i a i shareholders la Is called for the were Went being Ing printed yesterday and nd will probably t all be In the malls mails before tonight too hL In Included Ini review i It 1 eluded will be a general of oC the J history from organization a al ar l r description of o the claims owned and expert ex expert ext t pert report by Newton A Dunyon a ai i financial statement and the naming of o tr I l propositions that will be considered at the ther r f with a view of ot adopting one or orthe the other ot her as a a means of ot putting putting he the com corn company pany taR on its feet again The troubles of ot oft t k the company are recounted as follows lt ii When the company was organised organized there J were shares of oC stock placed In the Ii treasury and O shares have been die dis disposed ti t i posed of 0 leaving laving now in the treasury aUl O shares k I l d The mine was operated from November pa to November 4 1907 when the eown J r panic came on Oil and it was closed down for ter want of oC funds Ore had been found i 4 ji F but not trot in commercial quantities Being unable to dispose of treasury stock and ii having spent In development and taking up HP the bonds such money mone as the company had secured from the sale ale of f treasury i stock and there being a balance of I 1 1 ii still due on the Montezuma bond and other ether Mh r obligations pressing the directors 0 tt concluded to close down operations for Cor the them m l I I time being A party who had bad on February ary a 31 1907 1007 taken en an option to purchase j Ill f c t OO shares of treasury stock at 25 cents 11 t per r share during the summer of oC 1907 Im only II il took JO OO shares sharel and his hie failure to take a i the other SOW SO OO shares also disarranged jf i f the financial plans of oC the company I n Ji 4 The following Is a statement of receipts 1 and expenditures from November 39 20 O 1996 E i t to November 4 I 1997 1107 as certified to tp by K II William J Bateman public accountant tJ J all money mone having been paid by check heck and f r the vouchers biting being Ing on OR file tile in the office I of 01 the company il Receipts 1 q Sale of ol shares heres stock S I an en payroll refunded 1375 1 g f fi 0 Overcharge on survey T refunded 1400 i p t f v h t Total T a I un 19 n nJ J f f Overdraft November 4 J y Total Disbursements 1 i j I Purchase of or claims claim titles and andi i ground round Jl Labor Laa In hi mine mme 1 t Mine supplies machinery etc Legal expenses I Salary account secretary etc 1618 f Office expense e stationery etc ete 1304 14 I Traveling Tra expenses i j Insurance and taxes 41 i i i t Total When the company closed down on No November NoI I 4 J vember 4 1907 It owed a balance of 2000 SOO on the Montezuma bond boad It owed bills 1 F p I for f or supplies He S machinery labor surveying k I expert examination salaries office ex expenses exi i i pen es overdraft etc and In 1948 1908 the I 1 t assessment work wort on seven I t claims claim and the incorporation tax for 1907 1007 t and 1986 1900 1 had bad to be met Several parties i who had bad bills bill against the company for I labor and supplies reduced them to Judg Judgments I f t meats ments and one of o the directors paid off oft ti r these tb e Judgments judgment Three of ot th the directors f paid off the balance of o due on the if Montezuma bond and also paid for tor the i annual assessment ment work for or 1908 also the Incorporation tax and other Incidental ex j j i What Company Owns Now When l the adjourned annual meeting for t I was wu called to order April 13 11 1908 1 i t The total Indebtedness was shown I to 10 be J 9 4 Of this thill amount mort mortgages mortgages t gages were given to the parties partle who had ad advanced adano adt f t ano d the 1008 bond bondi l i money y paid off the judgments Judgment advanced the tM money mone for tor r work W o 0 r k incorporation taxes etc for or the sum 1 1 of ot J There was due for mine f supplies power etc OiS tt For surveying office rent renti i salaries labor over overdraft overt I t draft etc ete AJO tS l of Since Ince April 13 the Utah Mining Ma Ia chinery company whose claim is included in ill the secured Judgment for mine i for and sold the property proper under execution sale July 7 for that amount II moun t this sale being subject to the r mortgages for and also allO subject to bring being redeemed from rom in six months June 9 5 1909 Edward Simon obtained a 14 judgment for or which Is one of 01 the Ule Items Item In the amount of ot indebted indebtedness I i ness Hasa but no execution has been issued on this judgment Since the l Ith th of April 1941 the Interest t on mortgages the costs on the said two taro t G judgments Judgment and the legal and incidental I f expenses expense have probably increased the In about so IO that the estl esti estimated mated Indebtedness at this date is about BOO So that the company compan now has deeds l I to all the above aboe described d property as assessment J 1 work has hils been done taxes have 1 been fen paid and the company com pan finds Itself i with an indebtedness of Ii and 1 1 shares of ft stock in the treasury f J t Questions to Be Considered f The Th questions which now present them themselves f 1 selves to the stockholders stockholder are How shall I f I this Indebtedness be met what steps stepa shall i i 1 be taken to patent the claims which have havet t t t bean beM surveyed for patent how shall the 1 J payments for the annual assessment a work I 1 the taxes and future development work F 1 be met I C Three methods methode have been suggested r First To sell ell to the shareholders pro prorate rats rate according a to their recent holdings 1 shares of stock at al 7 1 cents per share which would yield Second To make a voluntary assess assessment al assessment eM eMment ment on the shares of outstanding stock of 0 say 1 cents per share which would yield 1116 Third To call a special meeting of the stockholders to amend the articles of In Incorporation Incorporation incorporation corporation so as to make the stock which Is now assessable accord accordIng accordIng according Ing to law |