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Show NEWKOUSE TELLS j OF PROBLEMS FACED iii lii'Her to .Stockholders Explains Ex-plains Conditions That Have Caused Stuck Declines. MILL CLOSED DOWN TO READJUST EQUIPMENT Mining Magnate Confident That Pending Difficulties Will Be Overcome. Special. to The Tribune. NIvW VOKK. April 2:1. Samuel New-house, New-house, in replying lo tho query of a nuinher of stockholders in tho Xcwhouse Mines and Smelters company for an explanation ex-planation of the disquieting" action of the slock 111 the market the recent past, writes as follows: 'Since our last auuual report, was puhlished we have experienced higher copper costs, due lo two reasons, the lirst. that as the slopes advauce a lesser amount, of high-grade smelting oro was encountored than during the former years; and. second, unexpected difliculti'es aroso with the ore in the mill, due to changes in its character, causing the percentage of saving to drop Irom a normal of 70 per cent lo as low as 50 per cent. Wo uow think we are certain of solvinir the problem. 1 'There will be an additional capital expenditure, hut not large, and we have dotorminood ihat it was wiser to close the mill temporarily and make those changes during the depressed copper metal market. Expert Settles Engaged. "We have engaged A. .1. Hc'.Uos to design tho changes, and it is his intention inten-tion lo introduce a heller c.lassificatiou system, which will be along lines similar to those he lias introduced in the Garfield Gar-field mill of the lioston Consolidated mine, where excellent; results are being obtained, "Wo shall also add sixteen "Wiltley tables, ten Johnson concentrating tables and two jigs to the equipment. We shall abandon the use of wet elevators and will double the slime settling system sys-tem of the mills; also provide for mechanical me-chanical means of loading concentrates on railway ears. " Personally, X am confident that when these changes are made we will increase our havings to such an extent as to enable us to meet the market conditions con-ditions of copper, oven though they remain re-main bad for sonic I i 1110. "II has been a mailer of keen regret on my part that tho slock has shown such a decline. I have personally gone to great lengths in protecting the in-, tercsts of this properly, as well as trying try-ing to care for the stock market end. As far as I have been able to use my funds, beyond Urn demands upon me for completing building enterprises which I had begun in Salt Lake City before tho panic set in. 1 have supported the market on ('actus shares, but the general gen-eral dissatisfaction of the public with :t 113' copper shares that are not dividend-paying dividend-paying seems lo have run lo an alarming alarm-ing extent, and there has been a tremendous tre-mendous streak of selling. 1 am deeply deep-ly interested iu the success of the mine, and have been much concerned and vexed .over the problems we have had to meet during the last 3'ear. and particularly par-ticularly over iho low price of t lie metal." |