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Show elected in three classes Messrs. Alvney, Sebenlcs and Lupton for one ';ear; E. L. Giroux, John Snedeker and i George F. Piper for two years, and .1. L Giroux, Thomas Cole and Joseph Cotton for three years. The directors direc-tors of the Giroux Consolidated Mines company organized by electing Joseph 1., Giroux, president; John U. So-beniu8, So-beniu8, first vice-president; Joseph H. Cotton, second vice-president; Edward Ed-ward J. Manney, treasurer; Frederick ', K Kennedy, secretary; G. E. Giroux, J acsistant secretary, and Lorren M. Hart, general solicitor. At the meeting the stockholders authorized au-thorized an issue of $1,000,000. G per cent ten-year bonds, to bo secured by ;t second mortgage on the Nevada property of the company The proceeds pro-ceeds of these bonds, together with the funds in the treasury, will give ihe company a working capital ot ?bout J2.000.000. All the men who were recently laid off at the property at Ely will probably prob-ably be taken on again. The program pro-gram for the property under the new management calls for the shaping ot the mine for large production. Development De-velopment has been done to such an extent that delay for any material length of time in blocking out the mine and putting it at production cannot can-not be permitted without loss. Besides Be-sides the underground work, there Is occasion for the doing of much work on the surface In the way of installing instal-ling sufficient hoisting facilities, trackage, track-age, etc. There is also the probability that before long a large four-compart-l.ic-nt shaft, or possibly a five-compartment, will be started in the near vicinity vi-cinity of the Alpha to replace the latter. lat-ter. . THOMAS F. COLE TALKS OF GIROUX Informal Remarks Made by Well-Known Well-Known Capitalist at Recent Meeting. There was a surprise In store for the stockholders of the Giroux Consolidated Con-solidated Copper Mines company who a: tended the company's annual meeting meet-ing this week in the shape of an In-lormal In-lormal talk by Thomas F. Cole or Duluth, who has recently become a big stockholder in the organization, rn the merits of their property, says the New York Mining Age. "I made a personal examination of the Ely mines of the Giroux company," com-pany," said Mr. Cole, "and found the conditions most nattering. All the workings on the 1200-foot level are aow In a carbonate ore showing 10 per cent copper and we hope to strike tho sulphides when the workings are fent to greater depth. Wo are going to make another very thorough ex- luilnatlou before we undertake the I Improvements we have In mini In order or-der to be satisfied that we are going j ahead in the riht direction. "We realise that we have a num-' num-' be r of problems In front of us, but , we are going to handle them and overcome over-come them as we encounter them. We i me going to kep at It day after day, week after week and month after month. "At Blsbe?, In Arizona, where we aie working some of the mines at considerable depth, we are handling as much a3 5,000 gallons of water a J minute, which is pumped to the sur-j sur-j lace. At Ely we are going to strike lots of water, and when we do we are not going to run away trom it, but bdndle It as well as control it." About thirty stockholders attended the meeting. A new set of by-laws f s adopted to conform to the regulations regu-lations of the srate of Delaware, where the company's charter was secured. se-cured. It developed at the meeting that the new policy was to be one of retrenchment in every place where a saving could be completed The New York office will be done away with and hereafter all the corporate business busi-ness of the company will be transacted trans-acted either at Duluth or at Wilmington. Wilming-ton. The new by-laws provide that the or.nual meeting Is to be held at Duluth. Du-luth. and this section of the lawH gave -.lee to considerable discussion among tne stockholders. The point was taken that few. if any, of the stockholders stock-holders could attend a meeting at Duluth. Du-luth. it being located pretty well nut of the beaten path of travel, and as a compromise some one suggested Wilmington. This place would have proved acceptable until some stockholder stock-holder raised the objection that thero were no accommodations In the town to care for the stockholders if they all decided to attend the meeting Ciilcago was agreed on as a more central cen-tral point, but when It was demonstrated demon-strated that to hold such a meeting would require the company opening jn office for the entire year the matter mat-ter was left to Lorren Hart and Joseph Jo-seph Cotton, representing Mr. Cole. Tne latter suggested that, as the management would be left to the Cole people, It would unnecessarily handicap handi-cap them in the work they had In M-jw. It was also realized at the meeting that the company would shortly' make efforts to list the stock on tho I3os-trn I3os-trn stock exchange in order to give tho 6tock a loanable value, which is granted to all mining stocks listed on that market. An effort Is also to be made to have all tho present outstanding outstand-ing bonds retired and converted Into stock, which will save tbe company j jmethlng like $90,000 In interest charges this year if all the bonds are retired. Another interesting fact brought out at the meeting was that the total sum to be expended to place thp Giroux company In shape to make Its copper cheaply would amount to $1,000,000. The financial report submitted showed receipts from ore sales of $112,000; receipts from first mortgage bonds, $1,500,000. Due from the sale of these bonds. $572,000; cash In bank. $131,771. The new board of directors wero |
