OCR Text |
Show DIVIDEND POLICY OF THE PITTSBURG-IDAHO A. S. Rose, president of the Pittsburg-Idaho Pittsburg-Idaho company, has Issued tho following statement to tha shareholders In regard to the. cessation, of dividends and the reasons therefor: Owing, to condltlonn which have arisen in your property since tho declaration of tho April dividend, your directors at their meeting in July thought best not to consider the question of a dividend at this time. The conditions mentioned are. brlcllv: The occurrence of several slide In. the workings of your property, prop-erty, making it necessary lo do extensive ex-tensive and expensive Umbering; the striking of water in quantity on your 600-foot level, making It necessary to provide pumping facilities for keeping the mine dry: and through tho occurrence of these two embarrassing embar-rassing operating features, tho impossibility im-possibility of producing a normal output out-put during the last throe months. Your management is glad to report re-port that nil chance of loss to your property through the further occurrence occur-rence of slider, has in Us opinion passed and that the Installation of pumping facilities to take care of the water ha3 been undertaken and is being carried on as expeditiously as 'possible. Under these conditions It trusts that It will not be very much longer until active ahipplng operations opera-tions can be resumed. This circular Is Issued under the instructions of your board of directors direc-tors and for the reason that-after having continued tho payment of quarterly dividends for so long, the passing of the dividend period in .Tuly without declaration, of dividend has caused considerable Inquiry from the stockholders. |