Deseret evening news. [volume] (Great Salt Lake City [Utah]) 1867-1920, 1904-07-30
COPPER MOUNTAIN
STATEMENT ISSUED
Circular Sent Out to Stockholders
Explaining Financial Condition
And Reason for Assessment
THE INDEBTEDNESS is 1000.
Property of Corporation Was Sold
Under Execution, and it is Now
Proposed to Redeem 1t,

A short time ago the directors of the
Copper Mountain Mining & Milling
! company met and declared an Irish
! dividend OF a cent share for the pur-
pose OF clearing up the Indebtedness of
the corporation and to redeem its Bea-
yer county properties, which had been
sold under execution. The notices sent
out to shareholders brought forth q
speedy response from some who were
under the impression that the stock
was worcestershire In order to ex-
plain the situation fully, secy, Lloyd
has addressed the following to each
stockholder Of record.
For many reasons this company has
been thrown into legal entanglements,
and the directors, after many months
OF work and worry, trying to devise
some method to liquidate It's obligations
without resorting to an assessment, are
sorry to inform the stockholders that
on account of the general depressed
condition of the stock and financial
markets the last year and half the
company has been unable to meet its
debts from the sale Of treasury stock,
and having no other means OF getting
money, Is now compelled to assess the
stock
During the month of January, 1903,
arrangements were made on the best Of
faith TO equip and develop the COM
pany's mine. A goodly number Of per-
sons subscribed for equitable blocks Of
stock and a few paid while others
failed to pay. A block OF 10000 shares
was subscribed for to be paid at the
rate of 1 cent per share a month. This
alone would have given MS 5000 month
ly. and in connection with the amounts
we expected TO get from the stockhold-
ers, coupled with what we might reas-
onably have expected TO sell in various
other ways, we were justified In equip
ping the mine with all necessary build
ings, splendid gallows frame and a
l2-horsepower gasoline hoist. This, In
addition to newly tlmbering the mine,
after strengthening II to the 2OO-foot
level The mine was thus equipped.
and the shaft sunk and timbered to fine
262 foot level. There has been some
drifting on the vein, also. which has
revealed some Of the best ore found in
that section Of the state. All but a very
few persons failed to respond to this
with aid as we expected, and the syn
dlcate which had subscribed for the So
900 shares also failed us. Thus we were
thrown into debt
"The stockholders will remember that
our company gave a bond in December
1903 for Sl25 600, to w. j. Bowring, one
Of the conditions being that he should
pay the debts Of the company. We be-
lieved he would be able to comply with
that. requirement, but he failed hence
the bond was cancelled. Mr.. Bowrlng
did not fail to meet the conditions of
the bond because OF any dsappolnt-
ment In the property, or because It was
not, In fact, far better than represented
to him. He was simply unable TO carry
out the financial arrangements he had
planned so as 10 meet the conditions
entalled,and was sorely disappointed at
the great opportunity that was lost TO
him, We were thus put in a position
where our creditors insisted upon being
paid and our company could not settle
with them, hence suits were filed
against us and judgments had which
were followed by execution and sale OF
the mine and equipment The total
judgment and Indebtedness, with costs.
attorneys fees and interest, now
amounts to $1,000 in round numbers.
1T was thought for long time that
the stock In this company was nom
assessable, for the reason that under
the present laws Of this state all such
stock Is non -assessabe unless speci-
fcally made assessable by the articles
OF Incorporation. The articles OF lncor-
poratlon Of this company are silent on
this subject therefore we went on the
theory innocently, that the stock was
non-assessable. But In searching the
records. we find that the articles Of in
corporation of this company were filed
In December. 1898. several years before
statehood and the enactment OF the
present code, ana this stock Ia there
fore not affected By the code and is
assessable az under the territorial laws.
II Is possible that such a condition Is n
blessing In disguise for IN the present
condition OF the money market the
chances are that II would have beer
impossible for us TO have redeemed the
property, but as things now stand the
assessment Is perfectly legal and the
stockholders have n chance 10 protect
their interests and save the mine TO
themselves. Otherwise thev would
have been helpless and would have lost
all.
THE company's holdings in Beaver
Lake Mining district, Beaver county.
Utah, is unquestlonably one OF the best
pieces of mining property in that envl-
able section OF the state, and II Is so
recognized by every mining man who
has ever examined e. For the sake OF
presenting 10 you the momentousness
OF the occasion, let us assume that un-
der the circumstances the investment
you have already made Is lost (Which
Is not the case II you viii embrace the
opportunity now offered YOU you can
regain everything and put the mine
and your Interest In Il on n better foot
ing than ever before at the cost OF
cent a share II YOU do not nay this
assessment Of course the loss Of the
money you have already invested Is alb
s0lutey certain. When such n disaster
can be prevented by so small an
amount as cent a share, Il Is only the
part Of wisdom to respond Without de.
lay. With this request compiled with.
steps Will be taken In the near future
TO put the company on such a basis as
Will insure the continuation Of develop
ment work and the converting Of this
valuable property into dividend nav
er. For the information Of the stock
holders II may be explained that assess
ment No. was levied and collected a
number OF years before the present ofl-
GERS had anything to do with the com
pany"
Bingham Mining Notes.