New-York tribune., 1910-10-05
SUSSNAN REPORT STANDS
Granby Consolidated WithhoIdS
Dividends for Development.
seoo.000 WAS AVAILABLE
C. NJ. Luther Succeeds Lange-
10th as President at Annual
Meeting.

A. tne annual meeting Of the Cranky
consolidated Mining. Smelling and Power
Co. held at the Offices OF the company. No
- Broadway. yesterday. tho report OF Dr.
OTTO Sussman. the mining engineer who was
ENGAGED hv the management 70 examine the
Tropertv. was read TO the stock holders It
s5ov-e5. as stated bv President Jacob
TanSelotb last March. that there were only
about SIX million tons Of ore in sight, and
7llat at tile present rate 81 production the
ore reserves at present available for stopping
would last somewhat less than four and
une-haIf wears
With regard 10 future exploration work
sn the Conarany's territory Dr. Sussnlan
SAYS in his report. which is dated March 81,
Igle. that in his opinion IL is unlikely this
VIII oren Up further extensive ore reserves,
and adds
You sre. n my opinicn. a. present con-
~ronted With situation where you hHVe an
slu-to-date Srnelte-. wiki q capacity Of aeoe
IONS day. and mine the life OF which
appears 10 nc limited 70 2 few years There
fore. further steps should be taken toward
securing a further Authorization "f your
Sulelter from other sources. Your mine
management has lately taken an option On
sCue ground north OF your own properties
and this is now being explored with drills.
should be PURSUED vigorously. and at the
same time part Of the smelling capacity
should he used for customs ores"
Comment on the Report
n- S,ls=man's report brought torth con-
siderable comment and criticism from The
stockholders present at the meeting. who
numbered about seventy-five- Some Of the
Etockholders wanted an explanation OF how
.he information contained in the Sussu1an
report had leaked" last March. before the
report itself had been printed and sub
-qitfed to the board 90 directors This
-qeak- caused break of - points in the
stock. which fsII from s. 20 30 on TIE Ros-
roa stock Exchange on March - and =,
following a rennrt. which was later con
rrTned by President BanEeloth. that an N
spection Or the property had shown only
ak million tons OF orc available
IN answer 70 the query of one ~ tho
Ftockhcldcrs If it were not possible for
she directors % declare a dividend in
view Of the fact that cash and copper on
hand amounted TO more than S@a.@3.
President Lsugeloth said that il would not.
IS 2 great deal II development work had
been MANNED ard the company would
require ample working capital lie added
that ho represented the largest interests
20 paving dividend at present.
= was voted 10 instruct the directors -
issue a report every SIX months as 20 the
general condition OF the property and the
affairs of the company.
T. r. T He-reshof. George ". Wooster.
William Han1Iir. z. r Nichols and North-
-r1p Fowler were elected directors 70 sue
~eed Jacob Lanee1oth. George Crawford
Clark George Crawford clark IT. IT. L
EflErtnEou and Pavne Whine, resigned.
57ard Elects Officers
The board subsequently organized by
elecring George Martin Luther formerly
president. president. 20 succeed NT-.
-sarEeloth. Edwin Tho-ne and " H Rob
g1Ecu. vice Presidents }. T. Graves. ~ice-
president and general manager. North
-uo Fowler sscretarE. and George y.
Wooster. treasurer. The last three we're
rejected Nr Thorne succeeded Mr..
Luther and 1Er. Robinson succeeded George
X Clark. 5r- vho resigned as vice pres
cent &c vel as director
II the annual report Of the company
made public after the meeting yesterday
President IangeIorh said that the fnau-
Cts1 coudfuon CT the company vas salts
1acr0-y.
TIE report showed that the company
-as rrse from debt end had more than
rsn1 '1o ir cash and copper IN transit. Tho
profits *-r -1e rear we're SH6+P46. from
which should be deducted s27o.1so pei5 t7
dividends. Tre rotai cost Of copper, al
expenses usi5. and after dedUctinS the
values or gold and silver. vas 16.24 cents
2 pound. 7e against - cents for the pre-
cedi1E -ear. The average price realized
4-- copper vas qI cents "a pound, and
11- silver =2o7 cents an ounce against
1872 cents and 5---5 cents. respectively,
last wear.
TIE company produced copper gold and
silver fu Tho year 20 -he amount of
= e' 'z5, against whie1 there ~ere pro-
du0ius eosts including foreign orc pu--
chased. - -ssa-S. t5a ret surplus after
charges. depreciation and dividends being
s-s5sg-1