The Salt Lake tribune. [volume] (Salt Lake City, Utah) 1890-current, 1911-07-19
DOES NOT LIKE
OPEX SECRECY
E. w. Hammer Writes Letter
to Company As Protest
Over Policy.
WANTS TO LEARN
ABOUT PROPERTY
Rights of the Minority Splen-
didly Given in the
Statement.

e. w. hammer OF Cdll I-dhN nos AN'
wardcd to the Opex Consolidated Mines
company an eloquent protest against the
policy of secrecy which has characterized
the operations OF the company during the
past wear or two. Mr.. Hammer sets
forth that at times he has been the own
er of from 90 900 TO 10000 shares OF the
stock and that he is the owner at TINS
time of more than 10000 shares. and that
from the time Of the old company he
has been a stockhoder. yet during that
whole period he has never received one
authorized statement relative TO now the
company is spending the money paid In on
assessments.
The statement is a model from the
viewpoint OF setting forth the rights oil
1t would seem TO he self-evdent that
all OF those who furnish the money Tor
prospecting. not simply those In con.
irol. are entitled TO know how that
by It's expenditure, All stockholders.
am sure. prefer TO believe and do believe
that the mine IS being conducted as hon
est men are supposed 10 conduct any
business. There. therefore, seems 10 be
no valid reason for policy OF secrecy ana
concealment, which always gives rise TO
suspicious.
The opex company is certainly not try
Ing to take illegal advantage Of adlolu-
ing properties, therefore what can there
be TO conceal2 Why not deal openly and
above board with those who have right
TO know the facts relative to conditions
OF the property? Surely concealment can
late the market price OF the stock. The
present elght-cent quotation Is the mar
Set's answer TO such a. policy, The stock
holders In the COMPANY are not mo. c4iIe nhc
shock OF being told the actual condition
OF affairs al all times.
Assessment Is Called.
Confronted with an assessment equal
to 20 per cent OF the market price OF the
stock. and being in total darkness rela-
tive 10 what the assessment Is TO be
expended for or what is expected TO re-
suit from It's expenditure, the writer feels
IL 10 be his right AS stockholder To
request answers TO the following ques-
tions
What is the total expenditure to date
upon the OpeX property?
How much OF this amount can he
charged directly to the cost of prospect
ing for ore?
What is the mine equipment In the way
of machinery and Its value?
How many feet OF main shaft has been
sunk? Size?
How many feet of winze2 Size? Loca-
ton?
How many feet of upraise? Size? Lo-
cation2
How many feet of tunnel? Size? Loca-
ton?
Are the cross sections OF these cxcava
tlons those usually produced by econom-
ical prospecting. or do they approximate
In size those OF permanent development
work.
What are the general geological con-
dtions and their known relations to the
presence OF ore. as disclosed by the pros
pectlng done2
What were the principal past errors
that were made in interpreting the geo.
logical conditions OF the property and
which have resulted In such enormous eX-
penditures OF money without securing
ore?
Reports Are Reviewed
semi-offcal rumors have for years
been circulated To the effect that the
ore could not be more than twenty-five
feet, fifty feet or 100 feet away. that this
or that contact must quickly lead TO an
ore body: that the present naturalization
unerringly indicated the immediate .prox-
ing fine" that conditions could not be
better" and so on. All without securing
the slightest real results. Upon what
were these rumors based or were they
based upon anything moro tangible than
mere guess work? One is forced TO the
conclusion that they were the product
of inability TO properly understand the
geological situation or 10 he a deliberate
Intention to deceive the stockholders
for the purpose OF keeping up their cour-
age,
with such futile rumors arc there now any
different or better reasons than the al
legged ones of the past for spending addi-
tional money In 'he vain burrow!ng for
the ore that Is never found?
Are there any good reasons why the
stockholders cannot be furnished with in
expensive zinc etehlngs of plats and
workings which they have been paying
for. with some accompanying eXplana-
ton as 10 why the different drifts. up
raises. etc, were run, what was expected
OF them. why they were discontinued and
what was really disclosed by them.
Wants Monthly Reports.
Is there any good commercial reason
or excuse for not furnishing the stock
holders monthly with report showing
the expenditures of the past month, the
amount OF the different classes OF work
done. the geology OF the ground pros
pected and the theory upon which work Is
TO be continued, together with the com
pany's prospective finac!al requirement?
After four or five years of expensive
and utterly futile prospecting Is IL not
now the part OF good. sane business pol
| Icy TO have the entire property thorough
| ly gone over and reported upon by two
OF more thoroughly competent, inde
pendent mining engineers, whose duty IL
! the work done, the deductions To he made
from the geology of the property as dis
OF proceeding further with the prospect
ing work, and suggesting the most prob
| able location of the ore, a result OF
all facts disclosed by their examination
| 1t is suggested that two such engineers
! be selected and in order to inspire conf
dence in everyone let three OF the prom
| inent salt Lake mining brokers made the
selections. These engineers TO make an
exhaustive report upon the entire prop
crty and its working and to make such
recommendations relative to further pros
| pecting or discontlnuance Of work as their
best Judgment dictates
IL seems 10 me that the time has come
| to recast what TO the stockholders, has
been q blind. cropping and resultless meth
ods Of conducting the prospecting OF this
property, and from recent conversations
I am led TO believe that this opinion Is
shared by many other stockholders
Protest Against Secrecy.
| therefore hereby respectfully protest
| against continuation of the policy OF
| secrecy and concealment In the conduct
OF the Opex property,
! I request that stockholders be at once
furnished with complete maps anu data
relative to the mine workings and its
| geology,
| I request that monthly statements DC
| hereafter furnished the stockholders
showing all receipts and expenditures and
showing the amount of the different kinds
OF work done during the month. together
with the geological conditions met with
during the past month. The intended da-
| velopment during the current month. the
location Of the work being done and The