The copper era., 1906-08-23

The annual meeting of the New
England and Clifton Copper COM
pany was held at Portland, Maine,
on the 18th instant, and with one ex-
ception an entire new board of of
fcers were elected, which will be
well received by local stockholders
thoroughly familiar with conditions
existing In the ranks OF the old out
fit.
If there ever was a company that
needed new officers and the instilling
of new life into its veins, it is surely
the New England. For the past three
years it has been practically a dead
one so far as the eastern manage
in this section, has ever been able to
ascertain the amount of capital stock
issued, the amount of the company's
liabilities, or its cash assets, If it has
any. 1t has been practically under
the management of 1O,0OO-a-year
consulting engineer, who has been
assisted in his arduerous labor of do
ing nothing by experts who haye
been paid fat sums for reports that
amounted to nothing. In addition to
this the company has been paying the
expense of its officials and their law
yers from the east to the mines and
return to affirm the reports of the
experts. The money that has been
thrown away in this careless manner
would have gone long way towards
the development of the property had
it been turned over to the local
management and left to his judg-
ment in expanding. The New Eng
land is noted for the large number of
prominent eastern people who are
connected with it, but from results
they appear to have been merely
figureheads, and allowed their names
to be used for the purpose of I'M
this were not the case they certainly
owe the public an explanation for
the Indifference of their manage
ment. The New England company
owns some of the most valuable min
ing property in this district. There
is no question as to its present value
or future possibility, and yet there
has been practically nothing done for
the past three years in the way of
development on the mines, while at
the same time the cost of manage
ment alone amounted to several
thousand dollars per month-how
much the stockholders do not know,
and probably never will find out.
The company purchased some very
valuable property in the Metcalf
country more than a year and half
ago, but up to the present time alb
solutely nothing has been done to-
ward the development of the claims,
which should have been producing
ore at profit long ago. The King
mine of the old New England COM
pany has been producing ore at a
profit since the first of the year, but
the local management has been so
hampered for funds that the tram
way which is being erected to re-
duce the cost of transportation is not
yet completed, but probably will be
within a few weeks.
The ERA is informed by Dell M.
Potter, who represented the local
stockholders at the meeting, that
the new board is composed of reliable
and responsible men and that there
is every reason to believe that the
company will be cleaned up and put
on its feet again. Before announcing
their intentions the new officers will
make personal examination of the
mines and conditions. A complete
list of the officers will be given in
the columns of this paper in the
next issue.
A complete statement of the condi-
tion and standing of the company
will be mailed to all stockholders as
soon as it can possibly be gotten out.