| Show MAJESTIC GALLS CALLS FOR I Directors Ask Stockholders to Sub to ThIs Bg Loani Loan t J i COMPANY ANy TO 10 ISSUE l SU NOTES N j 1 va ve 1011 ol 01 Tiva of eC Sleek Block fur Air j r trIa The report rr of ot Col C William WilliUm A Farish general maria r of ot the 11 llac Majestic tlc Cop Copier ier lr Mining Milin and company reached the hand handt of local shareholders this thin The fhe document II n volum olum voluminous inous limos and loe Into ovary ovel detail concerning con eon the development nod and nd condition of the Beaver county which comprise tho the s territory The Tho report was Wil rear read at the annual meeting inciting of at the tho held In Denver D nver on the fth Enclosed J In n the tho same mo envelop which contained the he report of at Col Cob Farish a n circular of ot greeting from front the tite new MW board of ot directors director also a statement ment trOn from ram Chapman lucklow Bosson fiscal agents of at the company but no sheet Bluet showing the condition of 0 the com COinS compan pan finances s CALLS IrOn FOn A LOAN LAN LANIt It appears however that on the In st the tho directors held a I meeting at nt hartford Con Can and pasted passed a resolution as follows To borrow for tor the uses and purposes S of at the company for the tem term erm of at one ono year the sum of Three hundred unil Fifty FHy Thousand Dollars or ormy orm my any m part thereof In sums aumi of One Hun Hundred hundred dred Dollars or multiples thereof and ando to o give tor for any uny sum turn or Of gums so 10 o borrowed In the name nume of ot the Iho company to o be bo executed by Its president and Ind secretary sold said Iid notes to bear Interest at tho the rate ra of ot Six per cent per annum The opportunity It ity ty to loan said sum or sums sum to the company tl to be first frt offered to the tho t of 0 the company said ald loan loano lor lorto to o be b divided among them pro rata ac ae according cording to their respective lons to said loan In case a sum In ex cx cess ess ces of at said sll 0 Is offered by said uld stockholders stockholder on the terms provided by Ills this resolution then and In such event the he amount of at said loan shall be el ed d among the subscribing stockholders stockholder according to 10 their respective subscriptions to laid bid loan loanA A bonus of ot two shares thares of the tom corn anys stock is II authorized In addition additon to 10 0 the note noto for each 0 loaned to the company under this resolution Tho rectors directors themselves have havo agreed to furnish of ot the amount a ked for forand and nd the stock bonus Is II to be paid out of f the treasury which U it I Is stated con tame between O and Ind shores s larel The Tue notes It I Is II claimed will wl be dl charged from roin moneys acquired from the he the sate sale of treasury stock tock The a 1 gents agents say further that In case caso the tho loan loans loanis is III s over oer subscribed It I will wi be bo allotted In proportion to each e ch shareholder but no amount will wil b be received for lean leRI than nO June 15 1 Is I the date set for tor forthe forthe the closing of ot o subscription uble books PURPOSE OF OP LOAN WAN The money brought into the com treasury by means mean of ot the pro proposed Iro posed loan Is be to be b applied It Is stated to lo complete development dev to build rail mil mi railroads roads and to install a new concentrator at U the 0 O K 10 mine This Thill sum It I t Is claimed will be ample to carry the tho company on until it is II in 11 position to receive a regular monthly Income from the tho he smelter now nearing rearing completion One of ot the circular contains contain I the Information In Information formation that at one meeting of the dIrectors William WIlam H Ii Alexander of ot Chicago was wa tendered the position of oj Dullness business manager for the term of or three Years ears with wih ollice at Salt Sal Lake city Mr Alexander was wa given 60 days daYI In h to notify not the board Loard of his accept alice while It t was announced that Aut Aist Secy ecy Charles Merriam Is Ii to tak take charge ot of if the office here COL T The following are aro extracts taken take from tram the report of ot Col Co Farish Mine For the tho purpose e c or of developing this thiS property pr euy we have hare sun sunn sunk a n main working work ni shaft hat ahat to the depth d o of feet and Ind have cut a n very try large sta staton lion ton at that point from which we ex expect expect Pct to drive tufts to open up the or ore are bodies bodied at that depth U It I II Is my purpose as lS soon ns as I the tho station has hns been heen finished finish to continue the shaft to a further depth or to n a I point where It I will wi be b be below below below low the oxidized PI zone zon zonTe The Te sinking of at the above aboe shaft was wai done ilono by b hand windlass and nOi n a horse hors horle whim We hAVo Just JUt finish d ii 1 the thin ton of ot n tt 1 31 H U 1 P gasolIne hoist am ama and anda a I gallows tragic frame 45 feet In height heIght WIth Wit this power we will wi be able to develop th tb property properly for tor over 1000 O lest feet I t In depth We hid did the a work upon our oui claims for tor the year 1902 nn Ril and have havo built buit the necessary wagon wion roads Hickory Mine This grout group of 0 claims Is credited Irele with having pro J from two t tn to three million dollars dollar dolors In the early erly days davs following its Ill discovery discover over when lend lead I e II and end silver lver commanded a amich much mich higher price thin than they do now The work done upon them consists of or orthe the assessment work upon the tented claims and anti the cleaning out of or orthe the old shafts and levels amounting to fet fet aol th new shafts and run running nine ning of oC new drifts to the amount nf of 1702 feet The lull full tul development of ot this property will wi take tako a great rat many years Mr but when hen lOne done It I will wi undoubtedly re result re sult still In obtaining one of or the great reat mines of or th country as 8 the th bottom of ot all al fh lb Ihl workings so far AS I am nm able to Judge Jud and from Information which I r liste 11 obtained averages arf fully rul as al goo rod rodal good gooda ay a nearer raf the surface al O 0 K 1 In this mine 1207 feet tet of or work has hRs been be performed since e Cot Col Col Parish lock tok t k charge Including shafts Inz and Ind drifts dris Of this property th tb mn er y It J Is I very difficult to estimate the Quantity er of ot oro ore that will 1 be b extracted In the der developed lop M portion of ot the tho main ore body bo for or the resort ren that Its 11 It full ful width has hu not cot yet been ben determined determine Judell however from tram the known Arts ft tt en cn I IN be estimated nt at from fromi i r minimum minimum to 10 upwards of ot 1000 S ton tons Old th the veIn rein 1 system JIle the report vt The T known kno n laws lw governing J conner CIDer de do dolln deposItIon posItIon In veins vein of ot this character r In depth derth are arc ar to so 10 welt well el ried that the Future of o these thle veins vens Is practically ak lak laken inken akin en in out of ot the realm of 0 speculation therefore I confidently expert Jt to tl lint Ot ore w chutes ehll upon u n the th several veins nf at tr this thi property fully fulli 2060 feet t In length when fully Cui developed pt to t a depth It th ot of f CM 0 or TOO io feet fet wilt will yield upward of at 2000 0 VA tons of ot profitable ore per day for tor torl torY l Y smelting work Every Jv ry energy should bould therefore be bo exercised with a view to Jt Us full Cull tul development In that direction In conclusion Cot Col Col Farish says aI It 1 Is la only a mutter matter of a short hort time until the tho new smelter will be com coin completed The present magnitude wi t f this the Ihl developed portions of ot your combined with Its Il great Ica prospective values which I 1 havo have endeavored to point out fully tuly justify you In pushing the development and equipment of at the different nt properties with ith all al speed with a I view of at obtaining the tho greatest results at n it 1 minimum coat COt of ot operation The Tho grade of cf the ore com corn compares pares most favorably y with the best bent paying copper mines mine J In the country at atthe atthe the tho same Ime stage of or and Ind I 1 know suit sullIn knol sull of ot none that promises greater geater re xv In addition to pushing the develop mont inert already being be n made tirade upon tho UIO mines themselves I would recommend the Immediate erection of t a I concentratIng Ing In plant to 10 bo ho placed upon the Iho 0 O It F K mini mh with a capacity of or not less lees I es than tons tone of oro ore per days which the tho mine inin Is l In a n position petition to furnish aa an 11 coon eoon as o levels let two and nd three thre have been ron con connected with wih tip tte t p main shaft The Tho cost cot of ot concentrating this thin ore ort will wl range from 35 3 to SO 60 cents pr tier lr ton by b which process from six to 10 16 tons t ts of ot crude crullo ore make one tn to f concentrates gl glin 1 In one Ole ton t smelt Instead In tad of 0 the tile larg larger Int er fr amount of ot crude ore Therefore In II mining ns as n wo we have hue to tn break all ni ma In down In order to 10 gH git the th higher Grade ore or It would enable j us to con eon concentrate copper roppe ore carrying as n lW as RS 1 per pr cent with wih great crent cret and in II Io of ot the time above facts I 1 therefore consider i It an n absolute necessity and prerequisite to erect this concentrating plant bo be bo botar before fore for smelter tar attempting to extract ore Ire for tho the The question of th the transportation of at tho the ore Ol should mould also alHo engage your our Immo Imm rII attention and In view vie of per character of ot your properties I 1 suggest that you build your own rail rend connecting tho smelter Ia the different mines nl ns |
