Show to I 1 SIMON SILVER LEAD COMPANY IS S wo unraveling ITS FINANCIAL he according to a statement sent out by the sim silver lead mines inc accompanying the announced announce mc of an assessment no 2 of three cents a share the c he pany is in fair shape to work out of its financial antano ments and a again b ain become a b going prosperous concern witt wit a short time i ET 0 the company has recently given a second mort a on it its s property in the sum of as security for e kj ing ng indebtedness the notes bear interest at the rate gatej 7 per cent and one half the principal is payable in two aye yea and the balance in three years A first mortgage b e held bj the united states smelling smelting Sm elting 6 refining 6 mining company compan 1 originally b amounting to 1 has been reduced by 37 1 1 in connection with the operation of the mine th the statement says that the main shaft has been sunk from the to foot point and that for a distance of sixty fee the shaft is in highly mineralized material near the bottom of the shaft an 18 inch stringer z er of hi high h g grade rade lead zinc ore was exposed and the bott bottom oni of the the shaft is said to be in ore of this character at a point where there was attle expectation of finding ore the simon company s ton mill employing selective e flotation was closed down december 1 last when a shontae shor shortage tae s of water prevented operating at more than one half cal ca pacify it was decided to deepen the shaft in order to opeo open the ore bodies at greater depth and to develop additional addition water for milling the flow of water in the shaft is said to have increased considerably in the sinking and the shaft is to be continued contina ed to a depth of feet the water supply should it is thought be further augmented 6 when development work vork on new deep levels opens parallel fissures that form the water c channels under ti the ie terms of the a agreement by which ull insecure secure d creditors are given the second mortgage on the comply 4 assets it is provided that upon the resumption ot of the company and the holders of the mortgage divid divia equally all profits from aroi n the mining and milling operation st these payments to apply on the indebtedness by this arrangement it is pointed out thle the comply comp will be enabled to from apply all funds received to the development and operation of the mine the united un ted states smelting smelling Sm elting company which treats the concentrate concen i from the companas comp anys mill retains 25 per cent of net nee pro p ceede to apply on its first mortgage |