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Show SOME TROUBLES OE II DEVELOPING MINE Mascot Copper Company Has Hire to Fight From the Inside. In developing a mining proposition there Is no limit to thA ad'.-erse Condition! that can and do materialize to embarrass embar-rass operations, OUtglde Influences usu-ally usu-ally being enougb to dlJicurage uny In-(erferpnee In-(erferpnee from Inside circles. T. N. McCauley, general mnn;ig,r of ihe Mm?-oot Mm?-oot Copper company, ha.s Issued .i report re-port to tho shareholders, and the follciw-Ing follciw-Ing excerpt Illustrates the unexpected Ills to which a developing propoaltion frequently fre-quently Is subjected: Unfortunately some of the shareholder sharehold-er who have Invested their money In small amounts are beeomlnpr Impatient and some of the agents who formerlv represented the fiscal agency of the company, handled the truth carelessly and having been dlscliurged from the service are now circulating unreliable reports. These conditions make It qiilli. difficult for ihe management to complete the sale of ill- stock In order to raise the bal-ai bal-ai of the money Qfteeasary to place 11 , OJ arty on a profitable basis h;ive about one hundred thousand dollars dol-lars caj-h on hand end a considerable amount represented by notefl Kten In payment for shares of Stock, and all current debts paid to date. Adverse Actions, But we will not have sufficient re-j re-j sources with which to complete the development de-velopment and equipment of the mine until the remaining treasury shares arc sold, it Is especially unfortunate that many of the Individuals. who heretofore, hereto-fore, hy their cash Investments have .xr,-e-lsted materially In the development and Equipment of the property thus far. are now and have ben saying and doing things which would, were the manage-In1, manage-In1, en t less active and aKCrcsslve, render ! their shores of stock almost valueless. These persons Instead of continuing to assist and support the corporation, !eem to be working in a very unwise and Injudicious manner, directly detrimental to their OWn personal Investment and the future Interests of the corporation. 1 know of nothing that can be done by the management that has not already been done to keep the shareholders thoroughly thor-oughly Informed In regard to the facts concerning the development and equipment equip-ment of their property, and I fall to see how It is possible for the director.': or myself to prevent shareholders from maklnR SUCll disposition of their stock as pleases theru after It has been pnr-chused pnr-chused snd paid for How Insiders Stick. The condition referred to herein sng-ges'd sng-ges'd to my mind tbe advisability of MiHklnK a rigid I n-. est iga t ion of the conditions con-ditions existing during the development : t-.igf adth other eoppsr companies nn ! 'heir shareholders throughout f'lp COUI - try, Tha Information thus obtained show that an average of nlout 73 per oont "f the original purchasers of the shares In the large copper companies do n"t retain re-tain th-Mr stock until the first dividend is paid They become restless, listen to all sort of pessimistic predictions and stories derogatory to the undertaking god Its mhnaceim-n!. creating In their hnag-Insilon hnag-Insilon visions of total losses, and fir.illv sell their stock at a sacrifice before the company bring Its enterprise to producing pro-ducing stage Only about 25 per CSjai of the original purrhaers of the nhares in c-ir companies make anv mi I hv such Investments because the Other shareholders sell their sto,-U hof.ire the rompanv pays the first dividend The aboe OOOdftlOna, n described, f believe f due to the fact that it re qilres such a long time and a vmv lrge amount of monev to fully and properly develop and equip a large eoppar property, prop-erty, and mske .if it producer on s scji of sufficient magnitude t enable 1 the rompan to mine the ores n a hi- ls to successfully compete with OthSf j grt propertle-s In ie;ie M t.i the actual icosi per pound of producing and market-line market-line the red nieral. |
