Deseret evening news. [volume] (Great Salt Lake City [Utah]) 1867-1920, 1899-12-01

TO find any confirmation Of the rumor.
but for many reasons we trust that II
Is true. The Dexter company. II Is un-
derstood, last July was In debt to the
amount Of about $4,000, which had
been spent IN equipping the mine with
a mill, cyanide plant and electric
power At no time has the mine failed
TO be able to pay rs running expenses,
with good margin. But here is where
the shoe pinches. This debt OF $40, 900
Is secured by mortgage on the stock,
and Is held by one or two OF the largest
owners OF the stock, who loaned the
money at the rate OF per cent per
month, and have been drawing that in.
terost for over a year. To them II
amounts to a dividend every month,
while the stockholders get nothing but
gauzy promises OF dividends which this
load Of interest makes more difficult OF
fuldllment. To illustrate, since last
July the mine has paid OF about $4,000
OF It's indebtedness whereas II the debt
had been raised at that time II should
have paid that amount 70 the stock
holders. 1t looks very much Ike
freeze-out game. and the manager has
four aces. Not only this, but there has
been, and Is now reign Of bad man
agement and useless expenditure. For
proof Of this the stockholders have but
10 look az that monumental piece Of
folly known as Miners wind jam
mer' This air compressor and the ma
chinery that goes with 1t. we are in
formed cost the stockholders nearly
$4,000 and has never been anything
but an expense TO the company
I'VE are reliably Informed that the
money was loaned principally by 5. j.
Miner who Is also manager OF the
company, and 10 whom the stock is
hypothetical as security With the
mine clear OF debt, X can be readily
seen that he and his partners In the
loan would be deprived Of a source Of
revenue. and the balance Of the stock
holders receive the benefit. and Tor that
reason Is standing solidly against the
leyyng OF an assessment, while the
others are as strongly In favor OF re-
lieving the company Of this burden OF
usurlous interest our informant, who
Is thoroughly familiar with the condi-
ton OF the mine, stated that he would
gladly undertake 10 secure the same
amount Of money on the property at
49, N'AA ~ NAAhNAAf gnu NNAtAA heNN
secured It at that rate even before the
ore was encountered In the new shaft"
When approached today in reference
TO the above article Col Miner stated
that at the time Messrs Dern, Airs,
Laken and himself bought into the
Dexter, in August, 1895 there was debt
Of over 100000 due on the property to
one Of the banks, This loan had been
running at ] per cent and as II was
then due the parties above referred to.
took UP the debt at the banks rate Of
interest The colonel stated that he
had put up only one-quarter Of the
needed amount, and that as far as he
was concerned # would please him
very much to receive the balance due
him, the imcs-Review statements to
the contrary Notwithstanding. AS a
matter Of fact, said Mr.. Miner about
$4,000 Of the debt has been paid off in
the past six months and II any one Is
willing 10 shoulder my share OF the
claim against the company they can
have II at whatever rate Of interest
under per cent they choose to name"