Deseret evening news. [volume] (Great Salt Lake City [Utah]) 1867-1920, 1909-09-15


Work win not begin at the wabash
/ property at Park city for the next 90
days az least BY that time it is boz
ncved that IL will be financed Boz the
cast M the meantime another as-
scssmcnt OF five cents has been levied
for the purpose of keeping up the cN-
pensos of the company stockholders
of the company arc receiving the fol-
lowing letter which explains the situa-
| tion
on Aril I. 1903 we issued = troasurers
| report showing the financial condition
| ~ The company. also general mana
gers report OF work performed and
/ ts cost also the future prospects OF
tho mine. We also stated 40 that time
/ that arrangements were being made
/ with the ontario Silver Mining company
\ 60 extend their 60O-foot drain level 500
! feet southcastcrly which would drain
the water permanently from the Wa
/ bash mine
on April 10. 1909 the Flow OF water
/ was 50 heavy that our pumping ca
pacity equal 90 700 gallons of water per
minute. could not free the mine from
water, hence the mine was closed down
! on that date, and we decided not TO go
I
| mcnts that had been partially entered
/ into with the Ontario Silver Mining
company. Tor the extension of the 500
/ foot tunnel belonging 20 that company,
until we saw whether assessment No.
81 WAS going 10 be paid up by all the
stockholders or not
on June 8, 1909, sale day N assesf-
meni No. 3D. there were bought In
by the company and turned into the
/ treasury 73,l2S shares. leaving ont
standing 50. 4O7 shares, on which assess
ment No 81 was paid
on Aug. 10. 1909. sale day of assess
ment No. 81. there were $50 shares
bought in by the company. leaving
outstanding assessable stock az the
present time, 6SS5l shares.
with this small amount Of stock
outstanding the directors decided Il
! best 20 keep che property closed down.
as II would be too great a burden for
our present stockholders 10 pay the
large assessment which would he
necessary 60 carry on the work they
had planned to do.
PRESENT EXPENSES.
our expenses at the present time
are ABOUT as follows. We are now
paying out on options as per contract,
| $500 per month, 70 maintain the oitlcc.
Waterman at the mine 10 guard the
4 COMPANY y IANA'NA W tAAA@ ~ NftfA tf-s
with our insurance contract. about $500
per month. Insurance and taxes have
| to be paid We are patentlng about
| 100 acres OF ground which viii cost $500
to the government. For land. publlca-
ton Of patents etc, all cost money.
| So that TO maintain the organisation
/ and protect the property. II viii be
| necessary 10 assess the property az the
| present time further sum Of cents
per share.
The management and directors feel
| confident that they have mine in
| tho Wabash. and that they were on
the eve OF demonstrating Il when they
were driven out Of the works by a
great fiow OF water
.eThe carload OF ore which we shipped
al the closing down which carried he
tween 20 and so counes IN silver. also
carrying some lead. copper and gold
came from the new vein system that
we were developing over mile away
from our main shaft when the big
rush 81 water came, bringing out pieces
OF rich ore.
'eThe president Of this company, Mr..
| Nicholas Trewcek has just returned
from the east. where he has been for
about three months. and he u c1nhdeut
that he can finance the company among
his eastern friends within the next
90 DAYS for FUNDS necessary 10 dcmon-
strate whether we have mine on not.
hv the sale OF a portion 81 the COM
| panvs treasury stock.
"'rhe cooperation OF tho stockholders
m this matter win be necessary to the
extent of pooling their stock Tor per-
| iod of 10 10 rs months.
stock IN tho treasury stands az fol-
lows.
Shares.
Tn treasury ass, ssable ..........isl. tl2