Weekly Arizona journal-miner., 1904-04-13
Climax Gold Company.

There was a meeting of the stock holders of the Climax Gold company in the office of E. M. Sanford, in this city today at which time a new board of directors was elected as follows: NJ. E. Spaulding, Prescott, Arizona; ". H. Bradrick, W. s. Curling, Dr. D. c. Bacon, E. D. Otis, of Chicago; R. A. Talbot, T. L. Harris, E. S. Wright, Nj. Agard, Prescott, Arizona.
 A meeting of the directors was held after the stockholders meeting had adjourned, and it was decided to post pone the election of a president until a future date. Nj. E. SpauldiDg, of Prescott, was elected vice president, W. Ii. Bradrick, of Chicago, secretary and treasurer. The selection of general manager was also postponed.
 The following report was submitted to the stockholders and directors and unanimously adopted:
 "To the stockholders Climax Gold
 Company:
 "The board of directors is fully aware that the long silence has been disturbing to the contracts and stock holders of the company. The action of the board has, however, been for the best interests of all concerned, and contracts and stockholders should not be uneasy with regard to this iD- vestment.
 Unavoidable delay has occurred in the renewal of certain options, that the board has insisted shall be at a largely reduced rate. Should there be failure to obtain these at satis- fatcory rates, it is believed that others can be had.
 ''The company owns in it's own right nine mining claims, several of which are promising properties.
 "The company has but a small debt and that is not pressing, or likely to give future trouble.
 "Since the last report the lower, No. tunnel has been, and is, being worked, with exceedingly gratifying results as to water, there being now nearly four thousand gallons of water coming out daily, and it continues to increase as the tunnel progresses. It is an unfailing supply and it justi- fies the board in stating that there will soon be water enough to run ten stamps twelve hours daily, and that by the time the ledge is struck, 1t is believed that ten stamps can be kept continuously at work, by reusing the water.
 "It is estimated to be only one hundred and sixty feet to the ledge, and with prompt payments this can soon be completed.
 ''It was the want of water that pre- vented substantial returns in the past.
 ''The board has full confidence in the eventual success of the company, and it especially desires that all who udNb luNtSltu DO OChChbNCo " their investment. With this in view it offers to all an opportunity to re- vive their cont racts, by extending the time tc each one, so that every con- tract holder shall have the full num- Der of months within which to com plete their final payments and by 90 doing save their present investment.
 "The annual election has just been held resulting in some changes. Tbe present board will, however, try to work for the benefit of the company, fully as much as did your last board ; and to that end we ask the assistance of each and every one connected with the company, as upon your prompt payments depends our ability to push the developments on the property.
 ''In good faith and for the benefit of all, we urge each one to renew their monthly payments under the offer above made"