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Show PRESIDENT WHITE ON THE BINGHAM CON. President E. L. White of the Bingham Consolidated Mining and Smelting company com-pany is addressing a circular to stockholders stock-holders which states that the books of the company show the following expenditures expen-ditures for development of the properties: proper-ties: Dalton & Lark mines. ,?39SJ93 Commercial mines ... 80,310 Eagle and Blue Bell ' mines 1S9.S59 ? 677.362 Sales of oro have been: Dalton & Lark (copper) 734.396 Dalton & Lark (lead). 526.035 Commercial fcopper) . 607,399 1.SC8.631 Eagle & Blue Bell (copper) 191,045 Eagle & Blue Bell (lead) 20.211 214,256 , Total S2.0S2.S88 President White says the company Is at present heavily in debt and finds It no longer possible to borrow. In addition. addi-tion. $27,000 interest on the first-mortgage bonds was due April 1. Thero is also due $100,000 on account. of the sinking sink-ing fund. L'nless some reorganization takes place, the stockholders will lose their equity In the property. At pdesent the smelter and mines arc not operating by reason of a permanent injunction I brought by the farmers on account of I smelter fnmcH. Our copper ores are low grade, with occasional bodies of high-grade high-grade ore. The lead ores iu the Dalton & Lark carry much higher values than tho copper ore. Thero has already been expended in opening up the Eagle, and Blue Bell mine over $200,000. and when closed down It had the most Important and encouraging , I showing at any lime since it came into our possession. I boliove a few thousand thou-sand dollars expended there will open up a profitable mine. Your company has done some custom business which, on the whole, has been unprofitable. I am confident that our properties are valuable, and I believe It is for tho best interest of the present shareholders to avail themselves of the offer of the Bingham Mines company. By confining operations to mining and having the smelting done by other concerns, net earnings should be In the neighborhood of $200,000 a year. Added to these will bo those from the Eagle and Blue Bell. I shall deposit my stock under the reorganization plan and 1 recommend thnt all shareholders do the same. Stockholders, representing large holdings hold-ings in the company, have signified their intention of taking their proportion of .stock iu the new corporation which has secured for its president James P. Graves, treasurer of the Victoria. Copper Mining I company. Boston News Bureau. 1 i |