The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1909-06-19
SEVEN TROUGHS
ANNUAL HELD
John Dern Joins Official House.
hOId-COmpany Out of Debt
and FIouriShing.

Under conditions that we're most graz
flying to General Manager L. A. Fried
man. and to President r. ]. Evans, as
well, the annual meeting of the Sever
IrOughs Mining company was pulled of
in Provo, the headquarters of the com.
pany, yesterday morning.
Following the submission and adoption
Of reports the election of directors was
proceeded with and, had been init
mated for several days, John Dern, pres
ident of the Consolidated Mercur and
several other big Utah corporations, was
elected as a member Of the board. Mr.
Dern has recently become heavily inter
ested in the proposition and some of his
friends predicted that he would be named
to head the company. The directors
elected without opposition were as fol
lows: John Dern, l.. A. Friedman, r. j
Evans, +. L. Gunnen and w. NJ, O'Dell
The new board met at S o'clock last
evening and organized by naming these
officers: R. J. Evans, president; l.. A
Friedman, vice president; f. 1. Gunnel
secretary and treasurer.
Since the organization of the company
and during the constructive and develop
ment period between two and three years
and in the face of hammering by prac-
tically everybody such as is rarely seer
in the handling of a new mining PROPOSE
ton. Manager Friedman has done a ire
mendous amount of work, and has final
ly not only freed the company OF debi
and given il a good working surplus, but
he has so handled the stock interests OF
the company that the shareholders viii
not be in such imminent danger OF see
ing their security reduced, as II has beer
in the past. every time it appeared to be
gaining a standing such as the merits oil
the mine deserved The business has
been so well handled that nearly 400
feet of development work has been per
formed, exclusive of the 1850 feet OF
water pipe line, without GisSipatlng the
treasury stock at a few cents snare
as some would evidently have liked, anc
without levying an assessment 10 DC
this. Mr. Friedman has, more than once
had to go down into his private purse
and supply big sums OF money. But Il
has been done all the time firm in the
knowledge that the mines worth fully
justified it. and with a determination tC
lrotect even the shareholders who seemed
so anxious to see him fan.
Three months ago, to test the temper
and show up the smallness of the ele
ment in the company thaI appeared 3
all-wise and which was continually de,
caring that the company was cursed
with too much Friedman the genera
manager and heaviest shareholder In tins
organization rendered his resignation II
writing and asked that an early meeting
be held for the selection of successor
! He promised to support any good MAJ
for the position whom the disgruntlee
! shareholders might select. His detractori
failed to come out in the open and de
clare themselves and the reports sub
mitted yesterday indicate that they WOul'
| have made a sorry spectacle of them
selves had they done so.
Properties All Patented.
The company owns eleven full an5
I fractional claims, all Of which have gon'
so far in the process Of patenting tina
| there is no question that the lS5 or NOR
acres involved will soon be awarded gov
eminent title. The expense Of survey
| ing. land office fees and practically al
costs of this work have been discharged
and everything counted as company prop
erty, including the surface Improvement
and equipment. has been paid for. Witt
/ the cash in bank, ore In transit TO mil
and to the smelter, the company IS now
/ instead of being $4,000 or more in debt
/ as II was a few months ago, about tina
amount to the good, while there Is high
| grade ready to ship, and 2,O0O-ton dunn
| of S25 ore ready to move to the mill WheI
/ the present consignment is worked up
| Manager Friedman states that some o
/ this ore is going to be sold to the Gus
/ tom mill and some of it IS going to b.
/ treated at the kindergarten plant, t
| learn which is best for the company
/ Following is the financial statemen
| submitted at the meeting yesterday b!
Secretary-TreasuTer F. 1. GunneH;
1