The Salt Lake tribune. [volume] (Salt Lake City, Utah) 1890-current, 1910-11-08
BRING ORDER To
THE MAYFLOWER ER
Reorganization of This Bull
frog Company May Clean
UP Difficulties.
REPORT IS MADE
TO SHAREHOLDERS
Mill Is in Condition to Handle
Ores in Very Efficient
Manner.

In a statement signed by q. A Peck
ham. vice president OF the Mayflower
Bulfrog Consolidated Mining company
and OF the MaynoWer Leasing company
and Charles f. RYAN, secretary Of these
two organiza tions. detailed account or
tho present financial condition Is given
which viii prove OF interest to western
stockholders This statement follows;
ON the fifth day OF February, 1910, the
anagclnent OF the mining company
passed 10 board Of directors composed
of Charles T. Dunbar. Vancouver Is. e.
IL. :. Drury Of Rhyolitc. New. Henry
I.aub of Los Angeles, Cal,; +, n: Stick
pey of Rhyolite. New, Charles +. Ryan
OF Rhyolite. New: julius Lemle OF Beatty,
New, and l.. p Kimbal OF Beatty New.
Charles Il. Dunbar was elected presi-
dent md Charles y. Ryan, secretary:
The company was heavily In debt and
part of the companys property badly IN
need of repairs. To secure the funds
necessary to begin operations, the May
flower Leasing company was organized,
with = capital OF 100000. Stockholders
in the mining company were given the
exclusive right, for thirty days. 10 sub
scribe for shares of the leasing company
In the following proportions: twenty
shares OF the leasing company for every
one thousand shares of the mining COM
pany.
Expecting to begin work without delay.
the then superintendent signed power
pay minimum OF $3.50 per month and
contracted bills FOR tho repair of the
property. This plan was announced and
these steps taken on the theory that
4 e. Eisen. the former president OF the
company and one of Its largest cred
itnrs, would accept twenty per cent OF
his claims I'm cash and the balance out
OF the earnings Of the companies. This
he refused aud before operations wero
begun. without the knowledge OF the
other directors. on February S. 1910. 4. c.
EiSen obtained Judgment against the
mining company for S5l,Ilo'9. with IN
from that date.
knowledge oC This condition OF affairs
was quickly communicated TO the stoc X
holders and officers and i'm MANY IN
stances subscriptions for stock Of the
leasing company lapsed and there was
no money paid In 30 meet expenses. Mr.
Dunbar advanced whatever FUNDS we're
necessary 10 meet the actual expenses,
and the power company contract. and
employed attorneys 10 set aside the y.
G, Eiseu Judgment. After trouble and
negotiations a settlement was reached
Charles Mcmillan. through the efforts of
Mr.. Dunbdr's attorneys. purchased said
judgment for the sum of $4,000 aud The
payment of the mining company prom
issory notes amounting TO S2I25.9s and
interest, indorsed by 4. c. Eisen. In
this manner the claim for over S5l,7la.59
was settled for little more than s7I25.oi,
Mr. Dunbar advanced this money and en-
abIed Mr.. Mcmillan TO purchase and hold
the said Judgment pending his further
instructions This transaction was closed
but recently,
The delay in its consummation prevent
cd any work being done in the mine.
Certain fixed monthly expenses had 10 be
paid, Subscriptions were insufficient 10
meet these. To keep them at mini
mum the mill WAS leased TO the Pioneer
Milling company by lease terniinaoic on
sixty days notice, At a rental equal 10
fifty cents per ton milled. but the mini
s4oo. This lease terminated. The bal
ancc due the leasing company on ad-
justment OF accounts was paid OH the
l4th day Of October. 1910. and amounted
be allowed the Pioneer Milling company
for repairs. The income from February
t.. 1910 10 October 81. 1910. was consid-
erably less than the eNpenscs. but tho
vanccj whatever funds were required.
No work has been done since Febru-
AIRY 8. 1910, owing 10 the difficulties the
Elsen judgment presented and the fail
ure Of the stockholders 10 subscribe for
the stock OF the leasing company, which
failure is probably attributable TO the
same cause. Directors Stlckney, Drury
Laub and Ryan resigned In Juno. 1910
and Messrs. a. j. welch. A. c. Hamp-
ton, T. S. Robinson and B. a. Feckham
we're elected in their places. While no
mining has been done. great deal has
been accomplished by the present man
agenlent. The mill has been placed In
good condition for immediate operations; !;
repairs have been made and the debts
reduced. Mr.. Dunbar has caused Mr..
MCMILLAN TO offer the Eiseu Judgment to
the leasing company for the total amount
expended in It's purchase, plus his cN
penses and interest thereon at per cent
per annum from the date OF the cX-
pepditure. Mr. Dunbar docs not ask
cash. nor does he wish TO profit To
single cent by this deal He will take
leasing company stock AT par In pay
ment. BY this generous offer the COM
Papy will save about $4,000.
If the present management is retained
it will begin operations without delay
and prosecute work which may be prose-
cuted proftably. To that end Thomas
*. Code has been gent to the mine and
is actively engaged in Investigating con-
ditione there. The present lease to the
leasing company Will be Cancelled and
new ono. made for four years from No
vember u, 1910. This cancellation Will
in no waY lessen tho subscriptions al
ready made. The new lease will be moro
advantageous 10 the stockholders OF both
companies. and the rights OF all will be
protected fully. In fairness 10 the lcas-
was prevented for almost a. year from
doing any work, The offices OF the min
ing and leasing companies will be moved
to San Francisco so that the directors
may meet regularly and keep in close
touch with the companies affairs. The
principal stockholders arc near San Fran
cisco. and better and more economical
administration could be bad II both Of
fees were here. Rhyolite is too far awav
tn expect the directors 10 meet there
frequently.
Ore and Bullion.
The ore and bullion report for Mon