Show LOWER MAMMOTH IS AGAIN IN LIMELIGHT LI Gets Into Ore Body on 1800 and Will Wil Issue Bonds Bond GIVES STOCK A BOOST Management Contemplates Sending Main Shaft Shaf to 2000 Level At the time that tho the directors of or the Lower fower Mammoth Mining company were In session yester yesterday ay afternoon for lor the purpose of oC considering the means that should be he employed for tot raising rising money for carr carrying on further development whether It Il should be he by levying an assessment as as- upon the stoc or h by Issuing bonds convertible con Into the stock the stock was in such demand on rio 0 curb that thai an arm advance ance of or Cul fully ten cen cena a share sharo was score scored It I was stron strong at nt the tho morning morn morn- ing ng InS session of the mining exchange selling at II H an and but during time the tie afternoon as hl high h as 65 cents cens was wa lila bia I The l el lively demand for tho the stock was occasioned b by news from the mine that Ile developments on the time 1800 level le el ha har has r reached a sta stage e where when there no longer was sas doubt doub that the time north drift hail had open opened ell the tho same hod body o of oxidized ore 00 flat on un the levels above has haa proven cn ouch uch a good source of ot revenue The Time i drift followed for about 20 O feet In th the vein eln a deposit of or ore carrying copper values some of ot It being o of vel very high grade rd but in lit the l last t few re feet t the thc lead values alues havo have In come and the ore is 19 opening pening out the same as is on the 1700 to level vol To Send Senti Main Shaft Down UIn This news nes was confirmed nied last evenIng evenIng evenIng even- even Ing Ing b by General Manager John Dern who also volunteered the Information that In the event that further develop develop- elop de on the SOO level Ic confirms pres- pres nt ld Idius ls of tim tho situation it Is planned to sink t e main shaft haf down to the time foot level Indications are that the time ore orp body hody rakes to the north t to the thc extent that the shaft shaf will wil cut It at the foot 1900 level and of oC course it U would be Ia I. I caught on the 1800 1800 level le el I by drifting This arrangement would Jo lo away with wih the tho necessity of or using the shaft from Crom the 1200 level levei lown Iowa and would result reaul In far more working working of the mine The directors decided In favor of or is issuIng issuing issuing is- is suing more bonds rather than Icv levying jn in tn assessment It I is proposed to Issue 60 In bonds convertible con into stock jf f the company at par nar or 01 1 a n share share stockholders in the jiving iving 1 preference of ot subscribing for the bonds bonds To ro provide for tor redeeming the bonds t is proposed to Increase the tho capital tock of or tl time the company from rom rein ilia res to OOOO shares A meeting n cUng of was culled caled for or February 1 I to vote ote upon the proposition to In- In r roase ase the time capitalization The directors viii vI bo IJO authorized to place all al of oC th the londs li Hie or such Rueh purl part aw nN may b bo be to 10 moot tho needs of oC develop develop- lone rJ rl The plan Is IH the same as ns that cm- cm by the tie company new nt unil work were required to pon tho 01 ore oro on th l SIO OO lev leVi l. l 1 At that Ime bonds w were vere le l si il and the was waR Increased cl from Crom iSO iSO- 00 oO shares hares to shares The he bonds yore rc quickly oversubscribed and tho those c cho vho ho echan exchanged ed them for stock hn had th the tho to make a handsome profit or or after the ore was opened th time the stock vent event ent to lo better heter than n a share From resent Indications development now way will wil make time the Lower 01 Mamroth Mam- Mam I roth a bigger er mine than it I has hns ever I I I before leforc ef In discussing the need of raising raining ioney Manager Dern said that tha t not only was vas as the compan without a I smelter contract since the United States Slates had har cased east receiving recel ore hut but that oven even If Ift t had a contract the wl wisdom of or ship ship- of or the metals Ing at present prices I be doubtful From Prom the 1700 ol e up he said the company has hns ore estres that would take care cre of d de- de were ere the company in Mon ion on t to ship hip but lut hit all al things things considered t It Is IB deemed the better bler policy to incur lie he h necessary indebtedness In the form of nr convertible bonds hond and ant await the better bolter bet bol ter tel market conditions which can not b bl far away |