Deseret evening news. [volume] (Great Salt Lake City [Utah]) 1867-1920, 1909-07-31
MINING, BUSINESS AND STOCKS.
S|LVERISH|ELDI HAS
PLANS FOR new WORK.
Stockholders Are Receiving Reports
And Plan of Action for Building
Mil and DEVELOPMENT.

. ( 3 ~
Stockholders or the silver Shield
Mining and Milling company are re-
ceiving statement issued by Mana
i ger Harry S. JOSEPH, proposing some
extensive work on the property which
should soon put 1t in the dividend
class. The plan proposed provides for
the building OF n 60-ton mill, some
extensive development work and the
acquiring of more claims; Accompany
ing the statement is Auditor r.. S..
CHOPPERS report on the financial con-
dttion of the company, the engineers
| report on mine conditions. amount
Of development, ore in sight and pro-
ma bic ore. a statement from the gem
eral engineering company as to tests
made in milling the ore. nlaps of the
claims of the company, profile of
the workings, a diagram of the pro-
posed mil. as well as a number of
photographs taken at the property.
The report is Issued SO that the
stockholders may have the first chance
at furnishing the funds for the financ-s
ing of the affair. Tho report In part
declares that the directors of the
Silver Shield COMPANY, concluded to
suggest the following plan of finance
ing the affairs Of the company, which.
the necessity. of any further
assessments. The entire assets OF the
company, tnot including ore that Is
probable or may be opened up by the
extensive development proposed,l
amount to s360,000 This includes all
the claims OF the company, equipment
and ore in sight. 1t is proposed to
erect amill the foundations for which
have been already begun, without
which none of the ore now exposed
can be made a commercially valuable
source of revenue. There is yet adj
ditional territory to acquire. some of
which is now under option to the
company. It is purposed to push de.
Velopments and retrack the tunnel
with 20 pound steel.
AMOUNT NECESSARY.
For the purposes mentioned 1t is 4
declared that the following amount
should be available; retraclling, re-
3timbering and Strengthening tunnel
$4,000; mill. 100000: additional
claims, $4,000; development $4,000
liabilities, $4,000 making a total of
$50, 900.
In order to raise this amount It
is proposed to increase the capital
stock by 100000 shares of a par
value of 81, making the total SOC, 900
shares. Exchange 10000 shares for
the ground Of the United Bingham
company consisting Of four claims,
If mutually agreeable to both COM
.panies. or one share of new stock
for each four of United Bingham; i
100000 shares to be used for CONVEX
sion at SO cents per share Cat the
option OF bondholders) of "a pro-
posed 5-year 7per cent bond issue OF
$4,000; the. balance of the 80, 000
shares to be used as bonus o.
Il,>,.t rtxyn, MI
100000 worth of bonds. toWit:. one
share with each dollar subscribed for
lbonds.;iIf 4tnis1 plan Bis, successful, fu-
5ture assessments will be aVereted and
the burden lifted. II 1t is proposed
that the stockholders be given the
first right to subscribe to the bonds
The payment for the bonds Will be in
four equal monthly payments. the
interest to begin when final payment
Is made.
his report declares that the develop.
1nent amounts to over $500 feet or
drifts, tunnels, crosscuts and raises.
An incline he says has developed me
vein for 700 feet on its dip. In various
parts Of the mine 1920 tons Of ore
have been blocked out and In anoth-
err part Of the mine actual and pro-
bable ore Is estimated at 1000 tons.
In the lowest workings where the
high grade ore was taken OUT tnat
netted the company as high as S5o a
ton. it is estimated there Is 10000
tons OF ore:
TEST OF THE o RES
Tests have been made on the ores
and it has been demonstrated that
with Cotton mill running for 800 |
DAYS that approximately $4,000 can
be realized 1t is figured that II
$4,000 was used for developm iell
work the additional reserves that
would he opened nun would place the