The Portland daily press. [volume] (Portland, Me.) 1862-1921, 1883-02-02
DEER ISLE MINING co.
The Report of President Bacon.

President D. II. Bacon, of the Deer Isle
Mining Company, presented the following re-
port at the meeting of the company, Wednes-
day, which was unanimously accepted:
To the Stockholders Of the Deer Isle Silyer Mn
ting Co:
Gentlemen,-T financial affairs OF your
company are in such condition, that your di-
rectors are powerless to relieve it or provide
means for the payment Of its outstanding
debts. or adequate for purposes Of further de-
velopment OF the mine. without your co-opera-
tion and assistance. And this meeting is
called for the purpose of giving you. in tangi-
BILE form, statement of the affairs of this
company, full repoIt regarding the mine,
and another bearing upon the conduct of past
business, with such criticisms as seem to them
proper; to the end, that, by united and har-
monious action, the property shall be secured
TO the present stockholders, and placed upon a
basis sufficient for its needs, in all depart
ments Under the condition OF things this is
easy task, and its success $50 far it relates
to the present stockhoders) will largely de-
pend upon the character they give the mine,
by their staying qualities and the manner in
which they stand by their holdings.
TREASURY.
You will learn by your treasuraris report
that the company is some $1,000 in debt,
neither funds, stock or credit in the treasury
department., and ike those unfortunates COM
ing under the vagrant act, "having no visible
means of support " This company was organ
ized iu August, 1879. From that date to the
present time a sum approximating S44, 600 has
been expended by this company and the cash
receipts, meanwhile, have been about $35, 900
" this amount some ten thousand dollars
($l0.O0O) bas been received from ore ship
ments,. insurance on ore lost at sea, forfeit Of
messrs. Jones q Davis, and the remainder,
some $4,000, derived from the sale OF treas
ury stock and like sources
Thus, from August, 1879, 10 the present day,
period of three years aud four months q sum
OF S44 600 in cash, and dett incurred, is the
amount which sands against the development
work at the Deer Isle Mine.
MINE.
Your superintendent's report informs YOU
that the main shaft is some PAT feet in depth
with levels wings, machinery and proper
ties. in details; that some 400 IONS of ore is
visible, and the mine looking favorable and
the ore body increasing. At no time could
the yield and supply promise better than now.
Indeed the important question next to that of
funds sufficient for intelligent work, is the
marketing of refractory ores rather than the
question of supply.
LEGAL STATUS.
During the past month suit brought by
this company against Albro Chase has been
defanlted and judgment in favor of that gen.
tleman and against this company has been
executed and satisfied. But SO far as your
directors know, with perhaps one exception
this and other metter will be held in the inter-
ests of the company and creditors and stock
holders work together for the common good.
Another matter is worthy OF notice A COM
pany styled the Deer Isle Consolidated Mining
Company adjoining your company's property
on its southern boundary claim that their proper
ty contain the ore body, which the Deer Isle
expect to uncover. Superficial disturbance at
comparatively early stage of development
threw the vein now worked by your company
out OF position and scattering it badly, general
ly toward the south, gave to the enthusiasm of
the men and times the capital upon which they
built. The name adopted is evidence of this
Had this disturbance continued, the property
would have been worth little to the company
or any other Since the expense in mining
and hunting low grade ore, when no system
or regularity could be adopted would be in ex-
cess of any probable yield possible with the
nominal working capital available. But this
is not the case, and at the lower level the vein
wields sturdily around with perfect walls and
marches straight off on true line and in per-
manent form.
The oourtesies of your mine have been, and
are, extended to the Deer Isle Consolidated
Mining accompany for your company has nothing
to fear and nothing to conceal in this direction.