Show i Of El LV Y CENTRAL IS ISI 1 I TO BORROW MONEY t I t Unable to give adequate t e to toI toI I I tim tangled affairs of ur the thc Ely Ily Central Centa Copper co pan cop because o of a 1 financial I stringency Receiver Ed Milliard was authorized nuI au nu- bl bv by Judge Mitchell Saturday aft aft- af- af 1 I to to procure procuro a temporary loan of or orI I to meet necessary e In pro pro- serving serving- the tie assets of the defunct corpo corpo- ration raton The Ile receiver wits was us also gwen Riven the privilege by hy the district court of or Issuing certificates of indebtedness which will wil ba be bea b bt a lien len on I the property says sas tho the Expos Expos- The initial attempt to bring OJ order CI Out nit of chaos will wi undoubtedly produce beneficial bene bene- l results The llie 10 mo most t pressing rea reason on wh why the receiver applied to the court fo assistance is duo due to tho the fact that there thero will wi fall faB due rue 1650 on New ew Years Year's da day as interest on worth of outstanding bonds Although the mort mortgaged aged estate at a low valuation is worth the tho um Im-um- C against the property would woul be bo foreclosed If It the tile interest were not paid plc under uller tim tho terms of the deed Iced securing lh the bond Not wishing to have ha c a default occur tho th receiver r was compelled led to ask for relief No 10 part Vart of the tle assets of or tho thi gl 11 Ely Central Cen Cen- I tm consist of money mone When h 1 Mr took tool possession pra practically t t 1 all 1 the thc tang langi- blo bin personal property of that corpora corporation lon was as In the custody or of the sheriff under sundry writs of attachment Before the the formal order ordel granting tho the receiver permission per per- mission to borrow mone money he actually had only 20 O in his possession belonging to toI the Ely Central There re was S no assurance assur I ance aiice that additional reso resources s would come Into his hands at an early date to pay payoff payoff off pressing debts I Prevents Threatened Disaster Disaster Under existing cond conditions i 1 Mr 11 Millard re z asserted that he would have haye no mone money with il which to protect the equity at foreclosure foreclosure foreclosure fore fore- closure sale and nd that the most desirable portion porton of the estate state would be lost to the stockholders holdErs and creditors holding subsequent subsequent sub sub- sequent claims against tho the company compa aggregating aggregating ag ag- The Tho signing of the order by Judge Mitchell prevented the threatened calamity The Thc receiver recited in his Ins petition petton that the crO crosscuts In the Eureka shaft haf both bothof both of ot which were below the tle wa water tel level level would cave in If i the water were ele allowed to raise in the shaft shaf and flood the work- work Ings Ings Mr states that that irreparable injury or the probable destruction of the shaft shaf would c eventually result if arrangements arrangements arrange arrange- ments were vere not made to have pumps op Op- op- op The estimated costs cots of l keening I the pumps in iti working order is 7 O a a I month More fore than was expended in the sinking of the a shaft shaf It I was shown to 10 the court that the receiver te ret re- had leased portions of 1 he property to various arlous tenants for rentals 11 lug ing 2 O. O but that no none nono no of this money in vo would 1 February 11 be available for use until some time V The rh buildings an and surface machinery i of the Ely Central Centra Centra which cost at t l least ast 2000 have hae n never WO been insured The rhe I rece receiver er remarked that ordinary prude prudence ce would require the placing of some insurance insurance I ance atice on these assets He figured that the cost of obtaining a policy would amount to To ascertain the boundaries of the pos possessions of the defendant company Judge Mitchell ordered that a a. survey be bc made The amount expended In this work but there were WEre no funds I at hand to meet tho the indebtedness The Tho Ely Central would have hao b been en in involved involved in in- in further difficulties if it the ro- ro 10 had not come to the rescue To save the property from m being auctioned off of at the block blok for taxes delinquent taxes Mr i Mil Millard lard advanced the thE sum of 1 50 representing representing rep rep- resenting the first installment nt of taxes and has not been reimbursed The purchase of a carload of coal coat to 10 keen the pumps running at t th th Eureka Ereka shaft shaf n necessitated d the expense of 30 but the receiver would uld not have closed a deal of or this sort without being bein por assured assure that th money was wa forthcoming from sonic some source Another indebtedness that was confronting confronting con con- fronting the receiver was the performance perform perform- ance atice of ot the th assessment work on th Fraction claim caim Th The ground would have havA b been en lost to the El Ely C Central stockholders if it the annual labor were ee neglected The rhe value of the claim caim is said aid to h he be 1000 Th cost coM of necessary irs repa-irs compensation corn com for tor tho the receiver an and his attorney attorney I ney Y clerk hire and nd other othet expenses incidental inc inc- inci mci- dental to th caring laring of the property en entailed entailed en- en tailed an additional of ot 1000 Mr Millard informed inform the court that he jad 1 reasonable assurance that that he can can sell seU the rec receivers receiver's ers certificates at their face value provided that th they wre made a aHen alien lien Hen on the holdin holdings s that would take priority L over everything else except the trust I rl deed mortgage 0 I |