OCR Text |
Show STATEMENT IS ISSUED : BYLEHITINTICCO. The following statement has been Issued Is-sued to stockholders hy the directors of the lehl'Tlntlo company: "On the Srtth day of le.,emher. 1!0. your directors met and levied an assessment as-sessment of Ic per share, payable on or before January 31, 1HM. on the capita! cap-ita! stock of the company. "The levy of this aesreament was delnverl bv reason of frivolous suits brought hy tscorge N ('holes. I Those suite an far have been to ueentlon the ertN, not f the present directors, but nf the petard of directors at the time (leorge Nir boles was In control. Hi fur be or the people In the name of w hnm tbe suits have been brought, have not been successful. The r event suit, to quest Ion the valid it v of the stock being assessable, was dismissed by the court. "Tour directors regret very much tbat by reason of the acta of George Nicholes the stockholder are coin pelled to pev attornee' fees, but the lre'tors have exhausted verv effort , to meet snv reasonable desire Mx. Nlcholes might have. "Bince the annual mertlns when the new development work wae decided upon, your superintendent has energetically ener-getically pushed the development work; tbe power line baa been evtendd: the transformer station end the ompres-sor ompres-sor plant moved to the portal of the new working tunnel No. 4; new ho'st-Ins ho'st-Ins mschlnerv has been Installed, two carloads of shaft timber delivered at the mine, and ell supplies of coaL explosives, ex-plosives, etc.. laid In for the winter. The new shaft which Is heing sunk under un-der contract Is progressing In a moat economical and ef(i.-int manner. The shaft le now down ?20 feet, and Pro-areas Pro-areas Is being made at the rate of Tour feet a dav. J ltd in a; from the slope of the m safer vein, the shaft ahouM cut this ft sell re at n dept h from ?!tn to xne feet: sod while a contract has been let foe fi0 feet of shaft. Indications Indica-tions are that some ronimerrlil ore should be opened around the 260 -foot level. "The directors realise that assessments assess-ments begr heavy on the stockholders, but with th purchase of new eoulp-ments eoulp-ments and high cost of materials .It bee taken considerable money for development, de-velopment, but as .the peak of high c-ost la now passed, more work can bs accomplished for lees money. "The policy of your directors of keeping the stockholders fully Informed In-formed ss to developm-nt st the mine will he continued and we hope lo have more encouraging news In the ncgr future.' |