The White Pine news. [volume] (Ely, Nev.) 1906-1910, 1908-02-13
THE G|ROuX BOND
PLAN--DETA|LS
Of MEETING
Stockholders Bury Differ.
Interesting An
nual Reports Given

The Boston Commercial prints the
following account of the recent meet
ing of Giroux stock holders:
Contrary to general expectations
the stockholders of the Giroux Con-
solidated Mines company, at their an
nual meeting, decided TO bury the
Ratchet. patch up their grievances
and unite in placing the organization
on good footing financially. Be-
fore the meeting 1t had been rumored
that some drastic results might bel
expected, but the SO stock holders
present we're content to ask questions
about the prospects of the enterprise. :,
and what causes had hindered prog
ress in the past
To provide for additional working
capital. pay, off outstanding debts
and install electric power. the stock
holders voted to authorize the issue
of s1,500,000 per cent 10 year.
bonds redeemable in five years att
los. or convertible into stock atfS5
share within 10 years or sooner]
as development might justify. The.
stockholders are to be given the right
to take up s1,000,000 worth of thel
bonds on basis of 500 worth of
bonds for every 100 shares of stockt
at $95. The balance not taken has3
been underwritten. Some of thel
stock holders present seemed to be of
the opinion that owing to the diff
Guilty of marketing bonds, they should
be put out below 95. a 4
The financial report submitted for
the period ended January 81, 1908,
shows the money expended for de-
velopment at both the Ely. and Mexi-f
can properties to have totaled ST.
442,150, of which $465,762 was put
into Mexico, and $997.7S7 at Ely.
The proceeds of ore sales which
were entirely from the Mexican prop
erty. netted s416.706. of which an
experimental shipment of Ely ores
yielded $4,401, being high grade ore.
The current expenses during the
year show $S5,396 for general ex-
penses. $64.915 for salaries and $780,
76S cash in the treasury. The cost
of relief operations to rescue the
men entombed in the Alpha shaft was
$4,000 LOREN Hart, the COM
pany's counsel, speaking of these OPP
erations, said that 1t would take
three months repairing to place the
shaft in good shape again.
There were voted So 900 shares
at the meeting, and there was no con-
test. Mr.. Hart also dwelt on the
fact that during the recent panic sew
eral stockholders advanced the COM
pany 100000. which helped to tide
it over In addition he limited at the
fact that the controlling interests of
the company had been approached
several times during the year to place
figure on their stock at which they
would be willing to surrender con-
troll. Mr.. Hart also intimated that
the financial difficulties were largely
behind the poor showing the COM
pany has made in the past.
The directors reelected include Jo-
seph L. Giroux. Eugene l.. Giroux,
J. C. Kennedy. C. e. Giroux, LOREN
M. Hart, James Angus Snedaker.
Denver; Ralph c. Lupton. Whining
ton; C. c. McClarty, Louisville; Hoff-
man Richardson, Los Angeles Isl
dore Hernsheim, New York. and
George Piper. Minneapolis.
f. w Walter. the companys gen.
eral manager at Ely. in his report
submitted at the meeting, states that
the company has block oil Y per
cent concentrating copper ore in
sight, that will measure up 1000,
900 tons, and a block of 350,OO0
tons of smelling ore that will yield
per cent copper, and contains pro-
portions of silica iron and sulphur.
In addition they possess vast terri
tory of undeveloped property.
Joseph L. Giroux. president, in his
report said that while the Alpha shaft
was down | 600 feet it was still 200
feet from the sulphide ore, which he
expected to tap below The high val
ues run through in the Alpha thus
far were the oxide ores running about
Is per cent copper. The company,
he said, must secure about 100000
gallons of water to operate the mill,
but he anticipated no difficulty In
obtaining this supply and provision