Elmore bulletin. [volume] (Rocky Bar, Idaho) 1889-1906, 1891-03-21
ruE EI.MoRE coI.D COMPANY,
LIMITED.
The Shareholders Hold Meeting
Hearty Feeling OF Confidence
in the Mine aud Its
N4nuAHemruf


I'm the Mine aud Its
Management.
Thomas kitto has favored us with
a copy Of the London Mining World
which contains lengthy aud inter
esting account Of the proceedings of
meeting of the stockholders of the
Gilmore Company, held in London
on February ii.
Calling the meeting to order, J.
r. Armitage, President Of the Com
pany, said in substance as follows:
Ladies and gentlemen: | must,
on behalf of the board, in the first
instance, express my regret that we
have found il necessary to call YOU
together at this particular juncture
in the affairs of the Gilmore Com
pany, hut whilst doing that | must
explicitly declare that We do not
come before you feeling that we have
failed in the undertaking we put in
hand less than two years ago. We
are in an incomplete condition. The
delays are consequent on bad
weather and other matters ID be
touched upon presently, that caused
an increase Of expense, partly in
consequence of those delays and
partly in consequence of the extra
work that has been thrown upon us,
so that the money with which you
intrusted us has been practically
expended before the work has been
completed. repeat, il is incom-
plete, but il is so near completion
that we cannot help feeling great
regret that it should be necessary
to call upon you at all. During the
past year, out Of about f15,000
dealt with, between E13,000 and
fl4,000 has been RENTED to the
mines. We are in a position TO 60
on another month. We have stores
equal to about $4,000 at the mine.
We have a debt owing us by a
neighboring company (Vishnu) of
fl 800, which will come back into
our Golfers in reduction Of expenses,
but would have been necessarily in
CURED independently of this neigh
boring company contributing or not.
We have large, new, good shaft
sunk to depth of $50 feet where it
has been stopped. The works are
Of the best aud most complete char
acter. We are getting very close
indeed upon the Alturas lode, which
our late manager declared when he
left the old works was worth $40
or S12 a ton, with big vein also.
We are going in at considerable
depth with powerful pumps, and il
we reach the lode shall be able to
give a good account of it. That, |
think, is q very good reason why we
should spend little more to reach
the goal and know what we really
possess. Chees. We have asked
you to agree to scheme of recon
struction, making the shares IS.
each, with 3s. Sd. credited as paid,
and leaving a liability of l.. Cd.
believe that Cd per share, or less,
will enable us to do all that we have
before US. You may then ask, why
make it Is. 6d.7 Well contingen.
cies may arise, and it is possible
that more capital may be required,
so we have thought it far better to
arrange for it while we are about il
than to come to you with another
slow and expensive process of re-
construction.
Discussion ensued upon the grant
ing of the chairman's request for
Is. Sd. per share, and finally an
amendment was offered reducing
the sum TO Is. per share, and the
amendment was unanimously car
ried-which action gives the com
| pany an additional working capita
of over 10000
During the discussion il developed
that the former superintendent (Mr
Watson) pledged his reputation as
a mining engineer that, with the
new shaft and new appliances, he
would make the mine pay with ore
of the value of "a a ton. The ex.
penses were put at not more than
80. Watson had had a good deal
of experience at the Homestake
mine, where IS ore had been profit
ably treated and yielded good divi,
dends.
Superintendent George A. Nc.
Cornick deservedly received great
praise from the President for his
able and economic manner in con,
Quoting the affairs of the Gilmore
Company at the mine and mill.
Work is being vigorously pushed
in the cross-cnt at the 550-ft. level
OF course no accurate statement car
be made as TO the distance yet te
be run, as it depends altogether
upon the pitch of the lode at tina,
depth.
Suffice it to say, however, thai
L