Show I I JUDGES BOND BO ISSUE S v E Management Now Has at Its Disposal I I SHAREHOLDERS SHAREHOLDER NOTIFIED 1 V NEW 1 NE CAMPAIGN I t TO BE t D P rEBa J l The directors x Of f the Mm Un Ing company Biet yesterday afternoon and formally ratified the bond bonding bonding ing lug proposition as previously outlined in these theBe column Sometime between the first of the coming mont montt the t mill will be closed clos d down and i nd on QU th t first of February the plan plano planol of exploration exploration tion Uon and development work ork decided d t upon by Manager Daly Dab will be Inan inaugurated As the regular annual meal maaL mealIng Ing df of the company comp next month the directors decided yesterday that de dc detailed tailed statements showing the compa compan nys flys n s financial condition and what ahat hat has had t been b n accomplished at the property dur thir during dUrIng ing the year would not be submitted until that time The action taken yesterday will be ba explained to the shareholders in a let letter letter ter tr to be mailed Monday Monda the text of which is i and as re released rel released leased l to the press pre is Isa ay a follows To the shareholders of the he Daly Judge J dge Mining company At a meet of the board of ot directors dir tors held this day it was formally decided of 53 worth warth of percent 7 bonds bond cov rIng Grins the period pt commencing Jan 1 1904 and ending DOe Dec D c 31 n 1906 The pro proc I Ic c eds ds or as 8 much thereof as may be necessary necessary will be applied in wiping out the present indebtedness and prosecuting ing lug development work In the property It has been generally understood among the shareholders that such ac action actton action tion was contemplated and among a majority known to be absolutely necessary necessary necessary sary in order that the mine might be brought to such stage of development pt ptas as to make it a ft Be Before Before fore sanctioning the issue a 8 number of the heaviest shareholders and men of ample means were asked and they readily take up as many of these bonds honda as 8 necessary even to the extent of the entire issue without calling upon the smaller stockholders stockholder While the issue is thus guaranteed by bya a few it te Is not the purpose or desire of the directors to debar any stock holder in Inthe the company y from subscribing subs to them if he cares to In fact the management will be pleased to have them all contribute according to their holdings but the guarantee of the heavier Interests Is such euch that participation part pation on the part of the is I entirely optional Interest on the bonds will be paid quarterly and under the stipulations Ui therein rein contained thy they th y nay may be called in for redemption at tt the expiration of oC any period They will be b issued in denominations of 1000 and may be Fn ed fOI ad issued i ed at atay ay time so long as th lr alois found necessary It is the purpose of the company to ta Issue these bonds as funds are needed neede and it Is not thought th that it will ever ba bt b n rw am authorized iF If I d a comparatively 11 n pr 1 t the e total will be found round ample an for tot all re rc requirements The management ur at tire exploration and development of that portion of the holdings In which we are convinced that the best befit and richest ore bodies will be found The length of time and mon f sary to carry ar out these thes h plus plans cannot cannet be stated w any degree eo of certainty c but substantial results are aze looked for by or before the close clos of the th present t tear year ear a matt o und business policy polle t e tJ mill willbe practically closed down donn at af once There Is exposed in III the mine values in silver sliver lead and zinc that If they the could be separated and saved with its present output would the property a good dividend earning proposition but as a certain percentage of ot loss 1058 occurs in iii the tail tailings tailings ings which ich we ar are convinced oD can cn c n be and As a another r loss Occurs th gh the al e lead that thai now go o into the die zinc it seems seeing seems too much like dissipating the resources s to t allow it to con continue continue j Mill MIU Superintendent Shearman who has bas made great Improvements since assuming ReSuming charge of ot the th mill mm and who is still doing ork far tor or the on paI YS is now p will continue o 9 e to tom make ke tests tes J to tod t determine t est mS oRs of correcting these e leakages Ie a ka g es and so SQ far tar advanced a are re th se expert experiments me ments tt that It ft e earl can e Mated d 3 almost a certainty t t proBlem m hi will be The closing down of the mill therefore should sho be e c viewed by b lic st stockholders as a matter atter J of economy entirely and not lit In the light of a 8 eon con confession on on the part hart of the management nH lt that t b at tIe the plant 13 nt cannot an no t be b em ade to pay p for fo such is not the case caser Gauged by be bythe bethe the work done at similar plants on Bihar lar lU first lt rate ff as It is earning a small sum monthly but it Is 19 being d dane ne at the sacrifice eori ce ot t what amounts a to a 8 very vey sum BUm in the course coui cou of o ofa a month and year Y and ft 18 to correct l this drainage and ana waste aste end and convert It frito money forthe t for the shareholders that Chat the decision has been reached to tok keep p the ore in tie the t e emine mine temporarily or until such time as ae the highest percentage of ot its ita value alue ca 1 be recovered It should not take many months to settle this t is problem and th then n the mill will again be operated ed sd at capacity The losses los s now being made will WUl misty many times over oyer pay the interest t on n the fronds to be Is U d so soth soth th the shareholders shareholder will reap the benefit b of or the policy p bellig bel g pursued |