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Show THOMAS f. COLE Informal Remarks Made by Weil-Known Capitalist at Recent Meeting. GIVES SOME PLANS ABOUT THE PROPERTY Company to Spend Fortune in Placing the Mine in Condition. There was a surpriee In store for tho , stockholders of tho GIroux Consolidated Copper Mines company who attended the company's annual meeting this week In the shape of an Informal talk by Thomas R Cole of Duluth, who has recently become be-come a big stockholder In the organisation, organ-isation, on the merits of their property, says tho Now York Mining Age. "I mado a personal examination of tho Ely mines of the GIroux company," said Mr. Cole, "and found the conditions most flattering. All the workings on the 1200-foot 1200-foot level are now In a carbonate ore showing 10 per cent copper and wo hone to striko tho sulphides when tho workings work-ings are sent to greater depth. We aro going to make another very thorough examination beforo wc undcrtako the Improvements Im-provements we have In mind In order to be satistlcd that wo are going ahead In the right direction "We reallzo that we have a number of problems In front of us, but we aro going to haudlo them and overcome them as wc encounter them. Wo aro going to keep at It day after day, week after week and month after month. "At Ulsboc. In Arizona, whero we aro working some of the mines at considerable consider-able depth, we are handling as much as 5000 gallons of water a minute, which Is pumped to Iho surface. At Ely we are going to strike lots of water, and when we do wo arc not going to run away from It. but tacklo It, handle It as well as control ' It." About thirty stockholders attended the meeting. A now set of bylaws was adopted adopt-ed to conform to the regulations of the state of Delaware, where tho company's charter was secured. It developed at the meeting that the new policy was to be one "t retrojichinent In every place where a. salng could be completed. The New York oflUe will be done away with. a.nd hereafter all tho corporate business of the company will be transacted either at Duluth or at Wilmington. The new bylaws provide that the annual an-nual meeting Is to be hold at Duluth. and this section of the laws gave rise to considerable discussion among the stockholders. Tho point was taken that few, If any, of the stockholders could attend a meeting at Duluth. It being located lo-cated pretty well out of the beaten path of travel, and as a compromise some one suggested Wilmington. This place would have proved acceptable until some stockholder stock-holder raised tho objection that there wero no accommodations In the town to care for tho stockholders If they all decided de-cided to attend the meeting. Chicago was next agreed on as a more central point, but when it was demonstrated, that to hold such a meeting would require re-quire the company opening an office for the entire year the matter was left to Lorrcn Hart and Joseph Cotton, representing repre-senting Mr. Cole. The latter suggested that, as the management would be left to tho Cole poople, It would unnecessarily unnecessar-ily handicap them In the work they had in view. It was also released at the meeting that tho company would shortly make efforts to list the stock on tho Boston stock exchange In order to give the stock a loanable value, which Is granted to all mining stocks listed on that market. An effort is also to be made to have all the present outstanding bonds retired and converted into stock, which will save tho company something like 590,000 in Interest charges this year If all tho bonds aro retired. Another Interesting fact brought out at the meeting was that tho total sum to be expended to place tho GIroux company com-pany In shape to make lis copper cheaply would' amount to 51.000,000. Tho llnanclal report submitted showed receipts from ore sales of 5442.000; receipts re-ceipts from first mortgage bonds, 51.-500.000. 51.-500.000. Duo from the sale of these bondf. 5572.000; cash in bank, 5131.771. Tho now board of directors was elected elect-ed in three classes Messrs. Maney. Se-bunlua Se-bunlua and Lunton for one year; E. L. GIroux, John t-'nedekcr and George F. Piper for two years, and J. L. GIroux. Thomas Cole and Joseph Cotton for three years. The. directors of tho GIroux Consolidated Con-solidated Mines company organized by electing Josoph L. GIroux president. John U. Sebenlus, first vice president; Joseph B. Cotton, second vice, president; Edward J. Manney, treasurer. Frederick R. Kennedy, Ken-nedy, secretary; G. E. GIroux, assistant secretary, and Lorren M. Hart, general solicitor. At the meeting the stockholders authorized au-thorized an issuo of 51.000,000 6 per cent ten-year bonds, to bo secured by a second sec-ond mortgage on the Nevada property of the company. The proceeds of theso b6nd8, together with the funds In the treasurv. will give tho company a working work-ing capital of about 52.000,000. All tho men who wero recently laid off at the property at Ely will probahly be taken on again. The programme for the property under tho new management calls for the nhaplng of the mine for lurge production. Development has been done to such an extent that delay for any material length of llmo In blocking out tho mine and putting it at production produc-tion cannot be permitted without loss. Besides the underground work, thero Is occasion for tho doing of much work on the surfaco In the way of Installing sufficient suf-ficient hoisting facilities, trackage, etc. There Is also the probability that before long a large four-compartment shaft, or possiblv a five-compartment. will be started In tho near vicinity of tho Alpha to replace the latter. |