Deseret evening news. [volume] (Great Salt Lake City [Utah]) 1867-1920, 1908-05-11
INLAY SHAREHOLDERS
Hold Their Annual Meeting and Elect
New Directors.

AT the annual meeting of sharehold-
| ers of the Inlay Mining company on
! Saturday George w. Morgan, O. w.
| Powers, Sidney NJ Bamberger and Jo-
! seph Lippman of salt Lake and F. NJ.
! Smith of Rockford, H.. were elected dl-
rectors.
| The financial statement showed that
| the treasury contains at the present
| time approximately $500
| Supt j. p Turner's report covers
| every otion of the mine working and it
shows that in every opening from the
top of the ground down to the lowest
level, good ore is exposed. The work
|, done on the 140-foot level has made IL
apparent to the management that the
ore there exosed is really the Gaping
of immense bodies of high grade below
1t Is therefore urged that the ore bodies
be thoroughly explored and opened on
the 25O-foot level and that arrange
mentS be made to open the mine still
deeper with as little delay as possible
After calling attention to this and a
number of other interesting features of
the superintendent report, President
Morgan 5 report has the following COM
ment on other matters of particular mo-
ment:
From the superintendents report ii
VIII be observed that there Is in the in
cline dump at least 1000 tons of milling
ore of the value of $4,000. and that
there are thousands OF tons blocked out
In the mine. II is therefore to be con-
coded that at some future time the
company viii find it profitable to erect a
mill and concentrate this ore so that II
can be shipped with profit The need of
n mn VIII become more imperative If
the directors conclude to develop some
of the various claims under the Nevada
system of leasing. For there is no
doubt but that leasers could readily OPP
en- large bodies of milling ore near the
surface, at several different tpoints and
there was a mill on the ground, that
ore could be treated with profit to the
leasers and to the company | do not
faVor burdening the stockholders with
the expense of a mill until after the
matter has been given the most careful
consideration from all view points, and
surely not until it can be demonstrated
that profit Will speedily flow from the
Investment. In the meantime however
the directors should be investigating
this matter and they should obtain all
the information possible
The large amount OF ground owned
by the company makes II impossible,
with our present command OF funds. TO
develop The various claims as they
should be, and | am of the opinion that
We can Wen afford to divide the claims
into three groups ana organize two new
companies selling to each OF these new
companies group of claims for 81 per
cent of the stock OF each, the remaining
~ per cent of the stock of each new
company TO be sold to obtain money for
development purposes. Thus the INLAY
company would retain control Of each
of the new companies and would share
In the profits of the new companies
II am also in favor Of giving leases
to miners upon the terms and conditions
prevalent In Nevada. And. In this con-
nectlon, endorse the recommendations
OF our superintendent with regard to
a townslte. and trust that these matters
VIII be taken up by the new directors
AT an early day"
II is expected that the stock of the
Inlay company win be- listed on the To-
cal mining exchange soon.