Show LOWER LOYER MAMMOTH tAM POSTS NO DIVIDEND I i. i Tells l' l Company's President p. p Why hy Distribution Is I Deferred t IMPROVEMENT COST HEAVY t This With Unstable Metal 1 Market Led to Decision f Made Fj Influenced b by unstable con conditions of oC it the metal market marJet an and the fact tact that ji mine developments de un and improvements I. I have recently drawn heavily il upon the treasury directors ll o of the Lower Loner lam Mam- moth Mining company compan at their the dl- dl l- l In ing yesterday decided echle to pass pas entirely for fOl October The rho com com- pany any for fol several months has been pa ia ing InS 7 1 2 1 cents centS' a share Following the meeting Col A. A C. C Ellis president of the company compan gave ga out for publication tion th the following statement reciting rc- rc citing the reasons for passing the i di dond and und telling of oC some sonic fa favorable vora developments In ill prospect or OL the we r rTH n regular meeting board boar of oC directors directors' of oC the Lower LO Mammoth Main Mam moth Mining company com pan held at Its of- of lice Saturday the matter of oC the declaration dec ec- ec of oC the usual dividend for or th the thc i. i month l oC if October was discussed l cussed fully 1 h b by the boar board Tile The o othe of I. I the Uie company A. A II H Brown was pres pres- cut at the meeting and gave gaye the board boar full information as to matters at the thc mine It was deemed best by br tho the unanimous board In view of ot the fact fac that lint the thc market for rot metals produced pro lI by the thc mine Is Js so o unstable not to the declare dividend i at this time This was also largely influenced b by the fact tact that thit for Cor fort forty days preceding the month of October the company was V unable to produce an and send to the market any ore at all aU The Ihie old hoist which proved PIo so unfortunate had bind to tobe toc c be removed ed an and a new one substituted which tool took time and anti mone money and for Cor eight or oz nine clas cla's before tho the removal remo S of oC the hoist the company was unable to secure cars for the shipment of Its WC These e ad adverse e. e conditions were S l severely felt fell fell and the production non of or ore ole drew heavily II upon the surplus whIch had been accumulated Mine In III Good Condition The physical condition of the mine was Avas reported to be line fIne and an ore is being rapidly h extracted and sent ent to the market The company any now has hasin I in ii transit fifteen carloads carloa s of ore am and andis andis is shipping at the rate of ot a a. carload and mure per Iler day S The winz from rom th thc a 7 DO to the tho foot 1800 TS I s Ins Ing at th rate ot b better than three feet a da day The foot 1800 level le will vIlt willbe be lie reached b by next Satur Saturday a as re reported reported re- re ported by b the superintendent A 1 crosscut will then be Immediately stai stalled fed for COl the ore ole vein and the di directors directors di- di l rectors have ha no doubt as ns to the thc quantity quan quan- tit tit- and antI value of the ores which will then be disclosed for the reason that the tile vein eln I is vcr very strong and the tho Hoar floor o of the foot 1700 level le shows the oro ore oroto oroto to be he of the be best t quality in the mine At t ono Ohio point the slope from the 1700 foot level towards towar s the 1600 Is within six feet of the foot Coot level lc which will Avill be bo broken into within a few days aSIt S a It Is morally certain that thil this level leel will afford large quantities of good ore as shown b by the tile drift rin along tile tho level lc an and the crosscut therein mn made c over a a. year car ago no but which have not been een accessible heretofore The board that it Is to the lJ best st Interests of o the stockholders to walt wait until tile the next rC regular ular meeting of or ti tire the board boale before before be be- fore forc declaring the tile dividend en and it Il is hollered believed that upon that date dale ale the thc usual dividend l o of if 7 1 2 1 cents per share will vili willbe be lie c declared |