The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1908-03-22
CACTUS AFFAIRS
ARE EXPLAINED
Local Shareholders Highly
Pleased at Statements Made
by the Management.

At the invitation of President Samuel
Newhouse. presented through the COM
hllttee o. local stockholders in the New
mouse Mines & SHELTERS corporation, as
many OF the local interested men as cared
to met al the NeWhouss offices Yesterday
ana discussed the affairs of the company.
win MI Newhouse was General Man
aS@r Lafayette HanChett. prepared 10 give
all and any information concerning the
companys affairs that the shareholders
asked for. In the language of ex-United
states Senator Joseph l.. RaWlins who
participated in the gathering the confer
ence ended with the best of feeling all
around. and with everybody pleased al the
courteous manner in which the delegation
was received and with a conviction that
She Cactus was one of the greatest mines
In the country
Senator Rawlins stated that it had been
mutually agreed that Ex-Governor Heber
Me Wells should be named as a director
or the company at the annual meeting TO
be held in New York on the 9th and it
was also mutually understood that reports
OF the company should hereafter be
mailed to all shareholders of record in the
company
Both Mr.. Newhouse and General Man
ager Hanchett, said Senator Rawlins,
explained in the frankest manner pos
Slble everything concerning the financial
condition of the company and the physi-
cal condition of the mines They ex-
planned, also. matters that will be taken
up IN the future for the benefit of the
company, but which could not be dis
closed al the present time. Manager Han
chett went thoroughly into detail with re-
SpecJ to the physical condition of the
mines and when he got through we were
we'll satisfied that 1t was one of the great
est mines in the country"
According to statements made after the
meeting. it seems that last year when
copper vas selling at 25c a pound the
Metals Selling company had about 500 900
worth of Cactus copper. According to
the contract with the selling COMPANY
the latter was not compelled TO sell and
settle for the metal, only as il should
come about in the regular course of the
selling company's business, though the
NewhOuse company was at liberty to
check against this metal up to SO per cent
of its value. To pay the 100000 dividend
to meet operating expenses. bond interest
and other obligations of the company
this was done, not all at once, but as the
money was required. Then followed the
slump in the price of the metal before the
Cactus product had been sold by the SELL
ing company. AS q result. the most of it
had 10 go at a decline of 80 per cent and
instead of the Newhouse company having
a big balance to its credit with the sell
ing company. it found its copper gone and
the corporation owing the selling company
about $4,000 or such a matter Then
production was cut to a minimum and
the mines finally ceased production alto
gether. Later work was resumed and for
the past few months the company has
been running with about one-half its reg
ular force and, instead of producing 1.000.
Geo pounds of copper per month. it is now
turning out approximately $50 600 pounds
The present Indebtedness amounts to
something over $4,000, that being ALL aside
from its bonded obligation which. II is
understood, apprOXimates 100000. just as
soon as the copper market justifies it. the
production is to be increased to LOCO coo
and from that to 10000 pounds a month.
At the present rate of production the COM
pany is considerably more than making
its opera ting costs and the copper unsOld
and i'm transit is worth a great deal more
than what is now owing. while there are
supplies on hand and paid for that are
worth more than $4,000.
This is about the way the affairs of the
company stand today.