The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1907-10-23
HONER|NE'S
ASSESSMENT
Directors Call for S220,000 or
Forty-five Cents a Share
on Issued Stock.
TO PAY COMPANY'S DEBTS
BIG AMAL6AMATiON OF CAMP
MINES is PLANNED.
TO PAY COMPANY'S DEBTS

The new directors Of the Honerine Min
ing company held another long session
yesterday and at its termination it was
announced that an assessment OF 45 cents
a share on the outstanding stock had
been levied 1t will be delinquent Dec
z. and sale day was set for Jan. II.
Fully paid in, this assessment will give
the company approximately $4,000.
which. il was officially stated, would a
little more than wipe out the company J
indebtedness. In the meantime, there IS
very little doing at the mine outside OF
keeping up repairs and such otner WoIh
as the management deems essential 10 the
best interests of the property and the
company.
Speaking for the directors aBd officers
of the company, George w. hlter, vice
president stated that preliminary moves
looking to the final combination or the
Honerine with other mines an the district
were being made and he was at liberty 10
state that the Honerine company was not
the only one concerned i'm taking the ini-
tatory steps in the matter. II was 100
early. h said, to outline plans or say
Just what might be done, but he confl-
IDENTIFY expected that the movement would
result in the amalSamation or coalition of
"A number of properties in the camp that
are tributary to the great drain tunnel
driven by the Honerine company ana
which opens that mine at a depth of 1900
This tunnel" said Mr.. Ritter, has
drained some of the properties in the
camp and its extension through the great
porphyry dyke that cuts through the
country near the eastern limits of Homer
3ne ground, would practically drain the
district. Ii driving the great drain tun-
mel the Honerine company has received
some little assistance from neighbors, but
not much. 1t is hardly to be expected
that the company will undertake the fur
Their drainage of the district without an
understanding with those who would be
benefited. If our company discharges It's
Indebtedness. as it is planned to do with
the proceeds of the assessment just levied
we shall be in shape to talk business with
our neighbors and, If it results in COM
ibnation of interests, we shall have tbs
satisfaction of knowing that we have nc
debts to menace our position In the
game
1t is therefore apparent that the plan is
10 form a big company to handle all OF
the mines of the district, as many OF
them as can be made to realize the bene-
fits to be derived. Great bodies of lead
ore have been cut by the drain tunnel anC
there are still other veins to be opened
by il. The position of lead in this coun-
try Mr. Ritter considers to be much
stronger than appears on the surface and
his Investigations. quietly made, have con-
WINGED him that the time is ripe in Stock
ton to make a combination that will re-
dound to the great financial benefit of al
concerned That the matter has been left
largely in his hands to round into form
by President George A. Baird, represent
ing the largest holdings in the company
seems certain and that he is the man tC
do il viii be readily conceived by every
operator interested IN the camp.