| Show iron blossom blosso in offic officers e r S are out with report 0 the following letter signed by secretary R E alien allen has last just beeb bee mailed to the shareholders of the iron blossom mining company this office Is besieged with betteis from stockholders enclosing letters from certain brokers purporting to give the condit condition iop of iron blossom and advising the sale of its shares although we have made it a point never to make any public statements regarding the company that might be construed as stock selling kropa ganda the reports have been so mis leading and exaggerated that we feel in justice to the stockholders that some report should be made so that you will understand the present con of the company the management of our mine was changed during the month of sep 1921 at that time the corn com pany s reserves amounted to ap proximately 00 today are practically the same after hav hay ing paid two dividends of ot 25 00 each As you were advised la in our last annual report the mine Is being on operated rated under the leasing system this method Is being followed by the largest producing mines in the tin tic district for the reason that it has been demonstrated that with the in creased freight rates smelter charges and cost of labor during the past few years ores which by the former method of mining could not be pro deuced at a profit can be mined by the leasing system and shipped at a profit not only to the lessees but to the company also our leases are no more favorable to the lessees than are those of the other leading properties in the district additional leases have been lot let since the change in management and considerable new ore developed in a number of places in the mine the work of the lessees in taking out low grade ores has developed higher grade bodies which can be sold to the smelters the greater part of the tonnage being mined is feces harily of a low grade but can be handled by and is shipped to the tintic gintic milling company at silver city yielding a small profit to both the lessee and the company tn ton T n thousand nine hundred three tons of ore have been shipped during the first six months of the present year while the total tonnage tor for the same period in 1921 was 8 some statements have been made regarding the sale of hoisting equip ment and pumps and in explaining this will state that the big hoist at our no 1 shaft which has not been used tor for some time was disposed of and the funds used in purchasing other equipment tor for more economical operation of the property there seems to be considerable variance in the market quotations of the stock tor for instance on june the shares were quoted in tho the market letters of certain brokers at 1 17 whereas on the salt lake stock mining exchange they were quoted at 28 c with sales madei made at these figures we are giving this information only in the interest of the shareholders feeling that per haps they have been or might be un duly influenced in selling their shares at less than actual market value conditions at the mine are very encouraging at the present time and i it they continue we should be able to pay the present dividend of ac 2 berj quarter for some time to come with I 1 out materially affecting our reserve I 1 the directors are expected to declare the next dividend on july 1 A A i |
