Show STATEMENT FROM MAMMOTH the mammoth mining company of salt lake operating at mammoth district utah has issued the following statement the levying of an assessment on the shares of the mammoth company being the first act of the kind during its more than twenty nine years corporate existence the indulgence of stockholders for the seeming neglect of the management in sending out any word of explanation is respectfully asked this company has now paid in dividends a sum that considerably more than equals the par value of its shares of stock and no fear is felt but what the company will be able to pay many additional dividends in the future but a combination comi nation of circumstances has made it imperative that the pending 10 cent assessment be collected that this first call will be the last the company has every reason to believe that another may never be necessary is the fervent hope of the management it is a matter of general knowledge that a long and expensive lawsuit with the grand central company was finally decided against the mammoth and a judgment of had to be paid the last installment of that judgment was paid in january this year to better protect itself against the encroachment croach ment of neighboring companies and in order to add to its possessions considerable ground that was either known or believed to be extremely valuable the company has been expending approximately while it has been inaugurating and is now carrying on a campaign of development in this added territory which will eventually prove it is believed that the best interests of the shareholders have been conserved while there is no disposition to withhold any information from the shareholders of the company it is not considered wise to explain in great detail everything that has been done in this respect the accidental wrecking of the large hoisting engine and the great damage done to the shaft timbering through the falling of the loaded cage to the bottom a distance of 2100 feet which happened late in june has greatly retarded operations and entailed an additional expense for repairs of not far from these things coupled the fact that most of the ore bodies producing a marketable product have deteriorated to an extent that since the accident only a meager tonnage of shipping ore has been mined accounts for the depleted condition con diton of the companas comp anys treasury at this time As to the future outlook it may be said that among the new purchases of ground was included a half interest in the don pedro claim which cuts into the companas comp anys possessions on the southeast and in which the golden chain consolidated which owns the other half has been mining ore for some time past that is worth in the neighborhood of 2500 per carload aside from the several thousand dollars per month which will be the mammoth companas comp anys due from the operations of the golden chain in this ground your company is now drifting out on the 1300 foot level to intercept this same fissure the the estimated distance to run in order to make connections is something like 1400 feet and as there is 1000 feet more to cover it will be some time before the objective point is rea sched another purchase made by your company is that of the last show claim in the eastern portion of the companas comp anys possessions in this claim a great ore bearing fissure has been mined by the mammoth company and sensationally high grade ore has been shipped from it this fissure which is showing little but low grade ore at the present time is being followed into the welding claim with the hope and expectation that commercial shoots of ore will soon again be opened the small amount ot of commercial ore that does make in this fissure is being taken out and shipped the operations of neighbors along the northwestern boundary lines of our property have convinced us that the great cen tennial eureka lode runs into mammoth territory A drift from the 2100 foot level is now being sent out to prospect that ground and there is reason to believe that the work will prove highly remunerative to your company while the expenditure for development work will be necessarily large during the next several months it is believed that when repairs to the shaft and machinery have been completed and we are again in shape shap to prosecute the campaign with greater vigor we can get along very nicely without having to levy any more assessments |