The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1907-06-02
.HONERINE Mine
is DISCUSSED
Minority Shareholders Meet
With Officials and Learn a
: Good Many Things.
ATMOSPHERE IS CLEARED
ND-GooD FEELING NOW EXISTS
ALL AROUND.
ATMOSPHERE is CLEARED

The minority shareholders of the Hone
iTine company have held their second
meeting They have listened TO the report
of their special committee and they have
also heard what officials of the company
had TO say concerning the levying of the
recent .nO-cent assessment and the proba-
ibilities that two more of equal size viii
follow. They have become convinced that
the assessment was necessary and about
the only thing that they have now TO wor-
~ over IS to determine IN their own
minds and ON their own personal account
whether or not they will pay up or allow
their stock 40 go at the present market
value of the shares.
At the met ting held in the company's
offices Fr1daiJ night George w. Ritter ex-
rplained to his associates that an investi-
lgauon or tne companys BOOKS ana ac-
counts had sh own the committee that the
affairs of the company, so far as they
were concerned, were admirably taken
care of by Secretary Charles Dupont. The
committee yvai shown every courtesy by
that official and all questions were
promptly and antelligently answered. The
contract with The smelter for the mines
output was also looked into and Mr.. Ri
ter, who is Thoroughly conversant with
that phase OF the mining business, de-
clared that the, company was being treat
ed well.
The commit tee," said Mr.. Ritter. has
not had time 10 make an inspection of
the companys mines, but as SupeRinten-
dent w. X. Murdoch is present. 1 pre-
sumo that ne win be glad to give the
meeting any inf ,rmation concerning ply
steal conditions ut the mine that may be
asked for From what 1 have been able
10 learn during the week there is no ques-
ton but what thee company has pressing
obligations amour ting to close to $500 900
which must be met The only thing
therefore. for us 10 decide for ourselves
is whether we con slider the property val
liable enough and its prospects bright
enough to justify Ihs in meeting the as
sessments that have been and will be
levied
Production and Ore Reserves.
1t was shown at the meeting that the
mine had produced something like $4,000
tons of ore during the past ten months
and that the net earnings during that
time were approximately s6S,OOO, the Ope-
rations of the PAST three months being
particularly remuTerative and gratifying
Asked as to the amount of ore now in
sight, Superintendent Mordoch stated
that there was approximately as much
as has been mined during the last ten
months; that develo pment would have to
be relied upon to Increase that amount.
1t was explained that all of the ore shoots
encountered upon ann above the tunnel
level were strongest in the bottom ana
that there was little or no doubt that
they would prove much larger and better
below the tunnel than they had above
Mr.. MOTdOch. Director c.. H Scheu and
the company@s attorney 7. Ellis Brown
went over the development of the mine
its present showing and its possibilities
As well dealing with ali business and
legal matters that those present cared to
inquire about Il was shown what it had
cost to build the big mill. drive the tun-
mel handle water and generally carry
out the big undertaking and there is no
question but that the minority got a bet
Ter idea of the proposition than it had
ever had since the organization of the
company.
Property Exceedingly Valuable.
Among other things Mr.. Scheu. who is
one of the men who got together the
properties of the company and who has
been Identified with il from the begin
ming, showed that not one-fOurth of the
vast estate had been prospected; that
there were three other lodges paraIleIing
the HoEerine vein that might be relied up
. on to produce heavily. when the ground
could be opened. Superintendent Nor
doch explained that the Catherine vein
was now being prospeoed and that the
first shoot of ore in that ledge should be
tapped within a few weeks.
1.-THE properties of this company" said
Mr.. Scheu. ARE very valuable. They
would be valuable IL there was not a
pound of ore opened up. The drain tun-
key to all of the mines of this district
Some day all of the ores of the camp
viii go out through this tunnel and the
company will derive a handsome revenue
from royalties alone"
Explanations of this and many other
features of the business were made dur
ing the evening and when the meeting, at
a late hour. broke up, the best of feeling
prevailed all around.