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Show HiW ONE COMPANY l WEATIjEHEDSTOflM j Manager Hancliclt of Boston . ' Con. Toils How American Directors Acted. ' ! RISKED THEIR OWN I ! , - PRIVATE FORTUNES I V . , ! European Owners of Stock An- j plaud Action of Daring Anicr- ! ican Financiers. Locat stockholders arc in receipt of j an account of tho recent stockholders' ! meeting: of the Jiostou Consolidated company, Jield in England, at which j CSencral Manager Lafayette Jlauchctt 1 Rave an extended account, of the com- h ; pnny's mines, mill and affairs generally, i After explaining some of the prclimi- juiry history of T.he camp and property in question, Er. Hancbctt said: "With the close of 1904, tho Utah Copper company, which bad been conducting con-ducting a series of milliner experiments for the better part of that year, announced an-nounced that thoy had reduced thq concentration con-centration of tho'Bingham porpln'ries to j a successful commercial basis, and hnd ! brought the first mill of the Utah Cop- ' DeV company to a profit-paying point, r i Inasmuch us the property of the Bos- ton Consolidated joined that of the Utah Copper compnuyund covered almost an i equal r.creaco of porphyry ores, Air. Kowhouso determined to institute a j campaign of development upon the por- 1 phyrv, and at once gave instructions "which resulted in the running of some ' eighteen to twenty tunnels, with vari- , - ons crosscuts and raises from tho same, ' and in our continuing during the year HOOo, and parr, of 1900, a very considor- j able extension of this development for j the purpose of determining the extent j ;md the value .of one of the largest 1 bodies of ore. included in any mining , I property in the world.'" r ' After detailing the troubles incident !' l io securing cquipmeui. to the railroad i . anadcqnacics and tho copper slump dur- ' ' ing which. period there was no sale for ', tho sulphide ores of the property. Mr. , ' Hanclrett explains how the directors of );: the compaiy-- came, to its financial relief j as follows: j "When the panic swept, over our country, at a . time when most at tho : i contracts for our material wore nmtur- l ' ing, and knowing at the sarrie time that j-j our copper was not selling, I realized that we needed strong and daring men to take our enterprise through these "irying times without embarrassment to -,) the company. Events have proved that ' j we had that; class of men in charge of .: this great enterprise. "When this com- i pany was pressed for funds, two of your American directors, "Mr. Frank A. Sbir-;n Sbir-;n mer and ALr. Samuel .Newhouse, placed . ', .T 'thtftf "personal indorsement upon the , j company's paper; " and by putting at. t risk, to the extent of a ver3' largo sum. t'H their personal fortunes for the benefit of the Boston Consolidated ' cornpanv practically furnished the amount I 1 needed." 5 This statement by Sir. Hanchctt, was 3 received with much applause. |