The Salt Lake tribune. [volume] (Salt Lake City, Utah) 1890-current, 1913-09-20
zAD|C GIVES NORTH
STAR NET PROFITS
Interesting Reply Is Received
to Eastern Critics of the
Organization.

Shareholders OF the North Star com
pany OF Tonopah have received state
mcnt OF conditions at the property, and
an explanation OF the management In
regard TO the controversy that has
arisen between the western management
and the eastern interests who seek the
control of the organization. signed BY
President Hermann Zadig. This state
ment shows that. whereas the principal
complaint in the east is that the North
Star officials are brokers. or persons con-
nected with the brokerage business, those
who seek to wrest away the control are
themselves engaged more or less In the
same pursuit
The statement OF Mr.. Zadig follows III
full:
On account OF the many false re-
ports thai have been circulated about
The North Star by d number OF ire
sponsible New York mining brokers.
l thought IL would please every stock
holder to hear something Of what /
have TO say regarding the property
Before, however, going into detail as
TO the prospects of the mine. let me
assure you once and for all, that as
long as | am president Of the North
Star, there will be no consolidao oon
With any other property in Tonopah
Let me also set your mind at ease by
stating that there is no possibility
the Montana ToDopah and North
Star, Take my advice and pay no at
tention to any reports you may hear
10 the effect that | am working the
mine for the purpose OF manipulate
Ing the market
When / had the fight on with Ba-
ruch e. Co., at the last annual meet
ing, l then declared that / was not
a manipulation OF the market, but that
I was trying to develop properties un-
der my control into dividend paying
mines, and that the North Star would
be the first one to become a dvi-
of North Star should not listen to a lot
Of brokers who are doing everything
they can to knock the stock through
their misstatements. Trust the man
1T was absolutely worthless and saved
it from falling into the hands Of an
other Other conn COMPANY, suspend Judgment
els, and II / do not open two big
levels there, then you can have the
choice OF electing another president
and superintendent. With al the
am willing TO compare 1t with any
other one In Topopah From an as
sessment proposition, we have placed
the property on more than self-sus-
tanning basis, and there is no doubt
but that dividend Will be declared
before the end Of the year. The mine
Is being worked In the most econom-
ical manner, and l challenge any
through the property and come out
and say that We are not doing good
mining.
/ must confess that made a mis-
Miner that the July income would be
about s21,000 The superintendent
stated TO me that the net returns
would be about $1,000, and thought
thai he referred to the net income
and In my statement TO the newspa-
per ], through misapprehenslon gave
them To understand that the mine
would earn that amount during the
month As it turned out. the net re-
turns from the ore amounted to
$4,000, and operating expense about
$4,000. leaving "A net income for the
month or $4,000, This mistake of
mine did not cause the decline; it
was the misstatemcnts issued by sew
eral New York brokers thai caused
the break From now on a statement
OF the net profits will be sent to
every stockholder as soon as we re-
ceive the account from our superIn-
tendent, which is about the 18th OF
each month. Now, as to the mine
all ! can say is this; That we have
me body Of ore opened UP on the
1850 level, and that all mining men
who have visited the property are of
the opinion that the ore body will eX-
tend 10 the 1250-foot level. 1t would
De freak OF nature If this long ore
chute on the 1850 level should moi
extend down to the 125O-f foot level,
we are now cutting out a station on
inc 1850 to sink winze 100 feet:
when down 100 feet We Will start a
crosscut on the 1850 10 get under fhe
point where an upraise should con-
meet With the winze. This once ac-
complished will give us chance to
oevelop two levels AT one time.
NOW that we have our new COM
pressor running, work will be rushed
at all points. and II nothing unforc
seen happens between now and No
Semoer. we will be able to declare A
able In December
Inc net profits for the month of
August were So. .0S7. 50