The Wallace miner. [volume] (Wallace, Idaho) 1907-current, 1915-11-04
DIRECTORS OF SUCCESS MINING COMPANY
HOLD MEETING AND INSPECT THE NINE
REDUCE DIVIDEND ACCOUNT OF DIFFICULTIES ENCOUNTER
ED LAST MoNTH-coMPANY EXPECTS TO BE RUNNING
AT NORMAL CAPACITY BY NOVEMBER 1o

The directors of the Success Min
ing company held a meeting in this
city last Saturday evening, at which
all members were present. While no
formal statement covering the physi-
cal and financial condition of the mine
and company was issued, information
was given out authoritatively from
which it appears that the grave ap-
prehensions which seem to have pos
sessed many stockholders of late are
not warranted. The reduction of the
dividend to be paid this month to 8
cents should not be taken to mean
that the earning capacity of the prop
erty has been curtailed to that extent
AS matter of fact, The Miner can
state on authority that with the mine
in position to make it's normal output
and with continuance of the present
price of spelter it is possible to main
tain the earnings at cents per share.
The cut in the dividend was caused
by lost time last month due to break
ing the cable and the difficulties in
handling the water with the present
pumping facilities and at the same
time provide power for the other op-
erations in the mine. These difficult
ties are now largely overcome and will
be entirely so about the 10th, when II
is expected the new pump will be in
operation, using electric power and
relieving the compressors of the task
of pumping.
The Price of SpeIter.
The average price of spelter last
week and which formed the basis for
settlement for Success ore was 1870 |
and the average for the past two
months was in the neghborhood of
$12. Prior to that the price had been |
as low as SO. With this condition of
the market maintained and the diff |
ficulties that have recently reduced |
the output overcome, it may reason
ably be expected that the dividends |
after this month will show substan- !
tial increase, though it is hardly to be |
expected that 6 cents will be reached. |
The Miner is reliably informed that
when the directors met the cash on
hand was in round figures $177,000,
which with the ore loading and in
transit easily made the current cash
assets 100000 At the same time
report of the companys engineer
placed the ore in sight sufficient to
keep the property operating at ca
pacity for year.
Extensive Development Planned.
In spite of reports to the contrary,
The Miner was informed yesterday
that practically nothing had been done
toward exploring the vein on the 1900.
1t is the purpose of the management,
as soon as the new pump is in work
ing order, to extend the drift on this
level with every expectation of dupli-
eating the showing Of ore on the 100,
with a probability of considerably /
more lead. At the same time the shaft |,
will be extended as rapidly as possi-
BILE to the 1400. 1t is also learned that /
other extensive development work
will be undertaken upon the advice of
engineers and geologists, and which it
is believed will greatly enlarge the ore
reserves of the mine.
The directors of the Success are P
J. Gearon and James F. Howarth, Of
Wallace, Harry H. Parsons of Mis-
soula and J. A. Reubens and c. M
Carroll of Spokane. The day follow
ing the meeting all of them made an
inspection of the mine.