The Wallace miner. [volume] (Wallace, Idaho) 1907-current, 1916-01-20
STEWART ORE BODY;
OFFICIAL STATEMENT
PRESIDENT TELLS sTockHoLD-
ERs OF CONDITION or
THE NINE.

The Stewart Mining company paid
a dividends of cents per share the
first of the year, and accompanying the
dividend check was the following let
ter from President Todd:
in the year 1915, the production OF
the mine was over 10000 tons, and
the aggregate net earnings were ap-
proximately $670,000 During such q
period of large earnings, 1t has SEEM
ed proper to your directors to divide a
substantial part of the company's cash
surplus among the stockholders, by
the way of extra dividends Following
this policy. dividends, including the
present one, aggregating 20 per cent
have been declared and paid In the
year 1915
1.-THE officers of the company have
received many inquiries as to the ore
reserves at the mine and the reason
for reducing the quarterly dividend
from 10 per cent to per cent Some
of the letters from stockholders have
not been answered, as 1t was planned
to let this letter to all stockholders
give the desired information.
THE ore bodies In the Stewart mine
which have produced so satisfactorily
for several years, are of course being
reduced and must finally be worked
out New development work Is con-
stantly In progress to open up new
ground Our manager advises us that
he has sufficient ore blocked out to
keep our mine organization busy dur
ing the winter, and that in the course
of the exploratory and development
work now being done. In the Legal
Tender and Grown Point claims of the
Occur d'Alene property, several small
ore bodies have been uncovered and
promising indications of soon striking
larger and more persistent veins have
been found.
Because of the uncertainty as to the
supply of ore to be found In the claims
now owned or controlled by your com
pany our engineers have been exam
ming other mines and mining pros
pects which have been brought to our
attention, with the object of acquir-
Ing new property to insure the con-
tinuous paying operations of your
company for many years to come.
In our last letter to the stockhold-
ers, dated August IL, 1916, British
Columbia copper property, upon which
your company had an option, was
mentioned. As the eminent engineers
employed by us to examine this prop
erty reported 1t to be a very low grade
proposition, which would require con-
siderable time, and large amount of
money to develop, we have permitted
the option to lapse.
THE exploration and examination of
new mining properties require the ex-
penditure of considerable sums OF
money, and the development of a new
mine would require even larger
amounts, so 1t has been deemed best
by your board of directors to reduce
the rate of dividends in order to con-
serve the cash on hand and thus b.
prepared to acquire and equip a new
mine, should one sufficiently pormising
be found.
Your officers are often importuned
by persons specializing, or desiring to
speculate in the stock of this company,
Tor information concerning conditions
Vt the mine and other details of the
sompany's business. 1t is the policy
II the management to refuse such re-
quests and to confine it's statements to
etters to the stockholders generally
10 that all entitled to such information
nay have 1t as near the same time as
possible"