The Ogden standard. [volume] (Ogden City, Utah) 1902-1910, 1909-02-16
THOMAS F. COLE
TALKS OF GIR0UX
Informal Remarks Made by Well
Known Capitalist at Recent
Meeting.

There was a surprise In store for
The stockholders of the GlrouX Con-
solidated Copper Mines company who
attended the company's annual meet
ing this week in the shape of an In
formal talk by Thomas F, Cole OF
Duluth. who has recently become
big stockhoider in the organization,
IN the merits of their property, says
the New York Mining Age.
Il made a personal examination OF
the Ely mines of the GirouX COM
pany." said Mr. Cole. and found the
conditions most fattering. All the
workings on the 1200-foot level are
DOW In a carbonate ore showing 10
per cent copper and we hope to strike
the sulphides when the workings are
sent to greater depth. We are going
20 make another very thorough eX-
animation before we undertake the
improvements we have in mind in or
ilcr TO be satisfied that we are going
ahead in the right direction
I'VE realize that we have a num-
bCr OF problems in front of us. but
we are going to handle them and over
come them as we encounter them We
are going to keep at 1t day after day,
week after week and month after
month.
AT Bisbea, in Arizona, where we
me working some of the mines at
considerable depth, we are handling
as much as 5000 gallons of water a
minute, which is pumped to the sur
lace. At Ely we are going to strike
lots of water. and when we do we are
not going TO run away from IT, but
handle It as well as control it.
About thirty stockholders attended
the meeting new set of bylaws
was adopted TO conform 10 the regu-
,ations OF the state of Delaware,
where the company's charter was se-
cured It developed at the meeting
that the new policy was to be one OF
retrenchmept in every place where
saving could be completed The New
York office will be done away with
and hereafter all the corporate busi-
ness OF the company will be trans
acted either at Duluth or at Whining
ton,
The new bylaws provide that the
annual meeting is to be held at Du"
luth. and this section OF the laws gave
rise to considerable discussion among
me stockholders. The point was
taken that few, if any, of the stock
holders could attend a meeting at Du-
luth 1t being located pretty we'll
our of the beaten path of travel, and
as compromise some one suggested
Wilmington. This place would have
proved acceptable until some stock
holder raised the objection that there
we're no accommodations in the town
to care for the stockholders If they
all decided 10 attend the meeting
Chicago was agreed on as more cen
trail point, but when 1t was demon
strated that TO hold such a meeting
would require the company opening
an office for the entire year the mat
ter was left to Lorren Hart and Jo-
geph Cotton, representing Mr.. Cole.
The latter suggested that. as the
MANAGEMENT would be left to the Cole
people, 1t would unnecessarily handi-
cap them in the work they had In
View.
IL was also realized at the meeting
that the company would shortly make
efforts to list the stock on the Bos-
ton stock exchange i'll order TO give
the stock loanable value. which is
granted to all mining stocks listed on
that market. An effort is also to be
made to have all the present outstand,
ing bonds retired and converted into
stock, which viii save the company
something like 100000 in interest
charges this year If all the bonds are
retired
Another interesting fact brought on;
at the meeting was that the total sum
10 be expended to place the GiToux
company in shape TO make its copper
chcaply would amount 10 Sl.000,000.
The financial report submitted i
showed receipts from ore sales OF
Sdi2 900: receipts from first mortgage
bonds, $1,50O.000 Due from the sale
OF these bonds. $4,000; cash in
bank, sa31,771.
The new board of directors were