The Seattle post-intelligencer. [volume] (Seattle, Wash. Terr. [Wash.]) 1888-1914, 1897-06-09

been adverse 10 talking about the affairs
OF the company they unhssitatingly pro-
noanced il a canard
'Fx- Nanag r Joseph y. Warner. who
resigned n few days ago, started FOR
Chicago yesterday I'd raise funds. and
with his going tho story OF the COM
pany's trouble leaked out From what
seems thoroughly reliable source lt
was learned thar the company's debt
amounts to about s1ana and ia nearly
All IN one place. THIS debt Is secured
and is rot against personal stock bat
against the entire property of the COM
pany The debt has besn running for
some months and the feeling over the
matter has been intensified by the fact
tAat the mine was wEorking the stamps
were failing regularly. the reports Of
rich ore were constant. and vet neither
has the company declared dividend nor
has the debt been reduced For months
the promise has been made that next
month a disiienetf would be declared and
yet the dividend never came
The recent action bf the directors In
demanding the resignation OF Joseph
l.. Warner wa. due not only TO dissat~
tsfaciion with the young mans man
agerleut Of affairs. bEt also to the fact
that the company's creditors Insisted the
debt should be paid CT some effort
should he made 20 put the affairs OF
The company in comHeteut hands. The
dehI is payable on demand and should
II be desired the c4mpany's property
could he sold out "a satisfy this claim.
1T is said young Warmers tr3, TO chi
cage - 10 attempt TO raise money either
by the sale or treasury stock or by
other means. sufficient time having been
allowed him 10 make this effort ne
fore action 10 collect the debt il made
II IL also said several other pa rtIsa
among the directors are endeayoring 20
arrange 10 raise the debt
Naturally. until some decisive action
Is taken one way or the other no mare
money viii be spent In the mls4e. though
IN" mill will be started up Monday on
custom work 10 earn a. much as possible
The debt Is not at all large for q
mine Of sttch promise as the q K said
a vell-informef gentleman Yesterday
The company has had svergti chances
10 sell the property az fair price hut
the management has preferred 70 con
tinte on rather than unload and clear
OF all obligations. Ii Is possible ar
rsnSrrtcnts VIII be made 10 carry the
debt until a sale Is effected. IL II Is found
that sufficient treasury stock cannot
he sold ~ clear Il of IL not thsr, the
property w,ii be sacrificed and Will go IA
10 new hands"
The RosslaAd Miner in announcing The
change or 1874 Eefnefat SAYS
Manager Warner appears 20 have sue
cssefssd IN arouatng very general dtstrust
lie promised Dividends when no alvi-
bends were in sight, aud he tod a vnpr,,-
sentative % this paper last fan that The
mine had enough ore rvSeFyvs to knep a
tee-sta1c mill running one year He
alsa tots as on one e4cssiea that he haa
ever Ssi@.efR worth 81 OF. IN sight and
on another occasion that there VAS sea- e.
40 IN sight in tire nine, Be male @snis~
lar represent ttesss TO the stockholders
'~fha new mann zeni4gt proposes 70 MIN
use mal 80 a customs mil until the mine
has been p0t ia shape q furnish the tnln
~Ith ore which according TO TIE he~t
advice. y IS '-of ROW " position 20 DO
proving fhat Nr " irner's statements
as 70 the snsoUnt ~ cric ~ %iSht ~ere Tire
lsfosseest cxaeEeraUc0k Nr G8o3hua
believes bcweNsr- "a common with the
ether large s'ot khcl@slts, that tha npa
g. = good enc and orly requires careful;
ana Intelligent managHe sn-rt 70 make IL
pss-
'fSsnge January Is tfie o.n hiss reduced
SO tons NJ ere an3 3 tons oF cs,ncen-
tratew have been shrpta The rail- Is now
Running or s.s tons ~ f%T. aBi is ex~
fs~,ttd 20 make a prc9f of sorty toas .
Say un customs Awstu4Ss"
lie Hst May kn#ex ruorssn.
s'onfre3 &c the Paornssn 50 Raas3a-a has