OCR Text |
Show I Lower MammoHi I ' Annual Meeting Although Company Is in Debt Its Prospects Are Said to Bo Promising. Hj The stockholders of the Lower Mam n. moth Mining company, whoso property HH Is located at Tintlc, held their annual meeting yesterday afternoon. Practically all the stock was represented at the meet-Mj meet-Mj Ing, which was a most harmonious one, and the stockholders a'l expressed them-selves them-selves as well pleased with the present ondltlon of the property and confident Hl in regard to the future. Kl The old board 01 directors was rf-lectcd HH with the exception of Mi Park, who was replaced hy Sydney Bamberger, who Is also manager of the property Th U board, which consists of Henry G M - ' Mlllan. John D.-rn. Adrian C. Bills, W Hj S McCornlck. Kilos H. Smith, Simon Hl Pomberjrer and Sydney Bamberger, his HH not as yet elected officers; but will OM t- HY1 lor that puri'ise within the next few l iys The report of the treasurer showed th.it Hl the company Is at the present time in Wmi debt In the sum of 9,00$. This Includes HM thp settlement of the stiii broucht :uviii.-i the Lower Mammoth by the Black Jack H company, and won by the latter. How H ever, the assessment which la now com Hl Ing In has not as yet been touched at all, and when thi :mm accruing from tbls assessment is paid out the company will 9 be much less th.in $19,000 In debt Bl The report of the manager showed that H the property Is in better condition at tho Hl present time than It has been for yean, Hl An entirely new plan of development was H In Id out by Newton Dunyon. who has acted as consulting engineer tor the e.nn-Hl e.nn-Hl pony, and has yielded the most satlsfac- tory results. There has been some ore Hj shipped during the year which has yielded Bj the company a nice profit, although it HM was not what could be called hli?h-grade Hj ore. The management, however, has sub- ordlnated sloping operations to develop-H develop-H ment work, and the ore which hits been shipped has been broken during, develop- meni work. Th fact that the ore bodies on the lower levels of the Lower Mammoth have fhown much higher values than the same nr. bodies did above. Is taken to be a most encouraging sign for the future of the company, and the management feels Hf that the continuance of development work will, without doubt, put the company in n position to ship regularly, and. with tine The annual written report to be Ismed HB to the shareholders was n id, but the BBS directors decided (o m ike seme slight nl- BBJ teratlOnS before It Is made public. it HHJ will be ready within the next few days. |