The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1907-05-12
ONE MORE BIG
BREAD WINNER
Lower Mammoth Enters DiWi.
dend Column by Posting
5 Cents a Share.

Inc Initial dividend OF the Lower Mann
moth Mining company was posted by the
directors yesterday. 1t is for cents a
share. or $500 Books close against the
transfer of stock on the 2sth and pay
ment will follow on the 31st OF the pres
ent month. The day of payment was set
farther off than it would otherwise have
been in order that holders of bonds might
have ample time in which TO convert them
into stock and register for the first distri-
button.
Dividend action was taken at the regu-
lar monthly meeting of the directors and
the amount was fixed only after consid-
cradle discussion. 1t was shown that the
company might Just as well declare a
larger amount, while some of those pres
ent were of the opinion that it would be
just as well 10 defer payment for few
months and build up a large surplus. II
was finally decided however. that it
would be all right to start off on the con-
sentative basis mentioned and later, when
the treasury had been built up TO the sat
isfaction of those wanting a large re-
serve. TO increase the rate per month.
An Earning Stock.
At cents share per month the stock
of the company at once becomes the best
earning stock in the camp. owing to the
low capitalization of the corporation. To
illustrate: Friday the Colorado company
posted cents a share and to meet it $40,-
8 cents a share the Lower Mammoth COM
pany, with its 100, 900 shares of stock, has
TO produce and sell only a trifle more
than one-fifth as much ore, in value as
the Colorado. With the amount of money
necessary to pay cents a share on Colo
RADIO the Lower Mammoth company could
pay 20 cents a share and have money left.
And, at the way the mine is developing,
there is reason to expect that it will not
be a great while till the Lower Mammoth
is selling as many dollars worth Of ore
per month as is the Colorado and some of
the other high grade mines of the Tintic
camp.
Right now the property is opened up
and has fine bodies of ore exposed from
the 100 to the /. 700 level and, just above
the last named level a strike has been
made within the past few days that may
altogether change the complexion of the
mine and take il out of the ordinary into
the high-grade class.
Three sets above the LOO level where
mining was being carried on against what
was thought to be the regular wall of the
big ledge, Superintendent William Ball de-
cided to put in q round of holes and see
what the wall rock country looked like,
particularly as there was "drummy''
sound that side. His suspicious were
confirmed. for he was no time into break
ing into body of rich carbOnates and
galena that runs over 80 per cent lead
and around 100 ounces in silver per ton.
Are Looking Fine.
Other parts of the mine are also looking
fine and there is reason to believe that
the mine is now in a position to give a
first-class account of itself for many
years to come When the $4,000 worth of
convertible bonds were issued last fan
nearly all the purchasers felt that the
bonds would not long remain higher in
value than the stock and no mistake was
made in that respect The money made
il possible for the company to meet its
obligations without assessing, and at the
same time permitted the installation of
heavy machinery and the sinking of the
working shaft to the LOO level from the
LOO. The stock began TO move, and with
in short time it had shot over par mark
of 81 at which price the bonds were made
convertible. The stock is now close TO
$3.50 a share and seems destined to go
much higher.