Show lower mammoth closed at the meeting saturday afternoon of the directors of the lower mam iam moth mining company it was decided to close down the mine pending an improvement in general conditions this decini D was not reached hastily but it has been carefully weighed no other real logical step was left for the officials beveral several week ago the di rectors conceived the plan of increase ing the capitalization of the company from to shares of stock authorizing a bond issue of 60 the bonds being convertible at par or 1 per sharp share ane bonds were to draw interest at eight per cent the stockholders approved this plan and the bonds were offered for tion among eis of record but on account of financial condi t ons prevailing this new bond issue has not been met with the response anticipated A portion of the issue was spoken for but a greater portion did not attract purchasers johndean john dern stated saturday that the directors did not think it wise to allow some of the bonda bonds to be sold and fo 0 o levy an assess ment on the stock for sufficient funds to go ahead with the work worl of develop in ing the property for the bond issue was express 13 authorized to do away with the necessity of assessing the stock so the directors had to either assess the stock or close down the work in the mine and the latter course was cho chosen senas as the one working the leat hardship on all concerned it if the united states smelting corn pany gets permission to operate its smelter the lowr mammoth will have a market for its ore andia and if the mine ie is unable to ship to the united states smelter the management will probably close a contract with the new tintic gintic smelter which should be r aan ad to i deceive ecea e ore within six weeks |