The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1898-02-22
NORTHERN LIGHT
Shareholders Hold Their Annua
Meeting and Elect Directors.


Meeting and Elect Directors.
The stockholders of the Northern
Light Mining company held their an
nual meeting yesterday afternoon in
the Office OF the company in the Nc
Cornick block.
The meeting was very largely at
tended by resident as well as nOn-reSi-
dent stockholders, 2S4,017 shares being
represented out of the capitalization of
400, 00O.
After the reading Of the minutes of
the previous meeting, which were. ap-
proved and adopted. Manager L. H.
Curtis read his annual report, in which
he enumerated the number of claims
embraced in the company's Lion hill
holdings, and allusion was made to the
water system from which the company
derived its supply for milling and other
purposes, and a description was also
given of the mill and the workings of
the plant in which the statement was
made that it would hardly be fair to the
property TO give the number of tons Of
ore treated during the past year, as the
plant had been run very largely on
waste and dump, SO that a fair eSti-
mate could not be made as TO the per-
centage of recovery and cost of treat
ment. as compared TO what results will
be when the mill is run on regular first
class milling ore from the mine. Mr..
Curtis stated, however, that at first
the saving had been % per cent of the
silver values and practically all Of the
gold. and that this recovery had been
since raised to 30 per cent Of the silver
values: and it was believed that
higher saving even than this would be
made in the future. Reference was also
made to the fact that at the first, where
the amount Of cyanide used had been
three pounds to the ton. that now but
one pound was used.
AS 10 the mine, the report was quite
encouraging, as now there is a large
amount Of ore in sight. ranging in value
from 80 10 so ounces silver and from
$40 to SD in gold to the ton, besides
which there were deposits uncovered in
the workings of the property (which
carried very high in silver and we'll in
gold. which, it was believed, could be
milled at greater profit than it could
be shipped
Allusion was also made to the pipe
line from which the water for the use
OF the mill was derived, the statement
being made that the mill had been
idle for some time, because of the fact
that the line had been frozen up; and
the policy outlined was that it would
be best TO wait for warmer weather
before another attempt should be made
to thaw Il out: that when the line was
open again there would be large re-
serves of good milling ore blocked out
in the mine, when q commercial run
could be made and a report of the
same made TO the stockholders, which,
as the first report OF operations on ore
fICm the mine, would give some idea
as 10 the success Of the enterprise, there
being scarcely any doubt but that this
re port Would be eminently satisfactory.
In regard to the finances of the COM
pany. the statement was made that
after the payment of $4,000. the COM
pany still had an Indebtedness of SOL |
600. and that upon applying the $26. 600
still 70 be obtained by assessment to /
the liquidation of the debt, there would /
still be an Indebtedness of SOS, 900, which
is in the form of notes given TO salt 1
Lake banks by the company, and en-
dcrsed individually by Z. II. Airs and I
DR.. +. d. Woodruff.
on motion, it was decided, and the |
company was instructed to publish the I
report as to the financial condition Of I
the company, and the condition of the 1
property in detail, in circular form. the [
same to be sent to each stockholder.
A committee OF three was also ap-
pointed, consisting of 7. Ellis Browne,
c Z. Hudson and w. II. Tibbals. who.
in conjunction with the secretary of |
the company, will audit the books of
the organization.
The election for a board of directors,