Salt Lake Tribune | 1910-11-23 | Page 8 | Halt Called in Its Dividends

HALT GALLED III II ITSJIENOS I Round Mountain Company Is to I Gather in Surplus toy- I; NO MORE PROFITS I LIKELY FOR YEAR I Resolutions of Directors Are Sent to Shareholders of ij That there will be no further dividends IS from tho treasury of the Round Mountain f Mining company for at loust a year to conic, Is forecasted by President J. .R. tt Davis of Goldflckl, New. who has Issued li a statement to stockholders of the date of ff November '.'0. Mr. Davis Incloses a reso-lutlon reso-lutlon passed by the board of directors at It ;t meeting in Goldfield on November IS, If which reads as follows: S "Resolved.- That whereas in tho case of Davidson against this company in the district court of Nye county, Nevada, il tho verdict, of tho jury lias been rendered hold In? Ibis coinapny liable for over ' 5S-,000 wofth of ore: that said verdict has been doubled by the court and a Judg- l inciH entered against this company for ' over 3163.000; and.,, "jj heraus. this company propones to t appeal from said judgment to the su- A jremo court of the stalo of Nevada, and I in order to do so it will be necessary to $ give bond to swum such judgment, and 1 Hhl certain Individuals to go upon said bond: and. j "Whereas. It is the desire of this corn- 'J ponv to protect Said bondsmen to rhc t fullest CNtent possible.; therefore, bo It ? '"Resolved, That until said appeal litis J been finally determined by the- supreme j court of Nevada, and. as long as any Ua- hl,lty on the part of sa'ld bondsmen re- J mains, that this company shall not nay any moro dividend?, but shall accumulate all proceeds from ore in its treasury, less J ordinary mining expenses, and hold tho f same subject to the payment of said S judgment and the protection of said J bondsmen." J The Round Mountain company is one J of the successes born during the rcsur- h rrction period tif Nevada mining, and it has "made srood to the tune of $323,271 in dividends distributed during the past two i or three years. The Davidson litigation I arisca from apex considerations, and tho R iunr now decided Hgalust the company Rill be carried to the supreme court of f Nevada. The company's mill and prop- ! rty both are in fine shape for tilling up I a cash surplus with which to wipe out I This judgment In cane the Una I result .is j sdverse. and a liberal chunk of dividend I money for shareholders should the coni- j pany ultimately win in tho present suit.