The Wallace miner. [volume] (Wallace, Idaho) 1907-current, 1918-06-20
LUCKY SWEDE COMPANY
HOLDS ANNUAL MEETING
A LETTER TO STOckHOlDERS
TELLS OF WORK ACCOM-
PLlSHED.

At the annual meeting of the Lucky
Swede Gold & Copper Mining COM
pany in this city last Monday evening
the following directors were elected.
Rudolph Johnson and Emil johnson, OF
st. Paul: DR.. l.. T.. Hanson, Otto A.
O,sson and Morris Pearson, all of Wal
lace. All of these were members of
the old board excepting Rudolph john
son, who was elected to fill the posi-
ton formerly held by Harry Pearson.
who Is now In France, his regiment be-
ing included in the famous Sunset
division. Mr.. johnson Is the represen
tative of the Pullman company In ST.
Paul, having offices in the union depot
He was present at the meeting of
the stockholders taking advantage of
his annual vacation to visit the Lucky
Swede and obtain information regard
ling the property first hand In the in
terest OF himself and numerous other
stockholders who reside in ST. Paul.
He returned to his home Tuesday
morning, well pleased with the result
of his Investigations The directors
reelected Morris Pearson president and
manager, DR.. l.. r. Hanson vice presi-
dent and Otto A. Olsson secretary and
treasurer The property of the com
pany has been almost wholly develop
ed through the sale of treasury stock,
but as this Is now exhausted 1t was
unanimously decided that rather thar
increase the capital stock 1t would be
to the interest of all concerned to levy
one and possibly two assessments.
which will provide for extending the
crosscut to the second vein and which
Is believed will disclose an amount Of
ore that will make the property self
sustaining. The action of the meeting
is outlined in the following circular
letter:
TO the Stockholders.
During the last three years we have
been fortunate in developing the com
pany's property through the sale of
treasury stock Thus we raised $780,
29796, which has been expended in
buildings, mine machinery, equipment,
supplies, roads, bridges and besides in
driving the main working tunnel 1856
feet.
Under any ordinary condition this
amount of money would have been
ample to prove the property by reach
Ing and opening up the vein for which
we are driving. and which according
To survey should be encountered about
1900 feet from the mouth of the tunnel.
However. the high cost of labor,
equipment and supplies, especially ex-
plosives, the extremely hard rock en-
countered in the tunnel, floods, shor-
tage Of labor and numerous other I'M
favorable conditions beyond our con-
trol have all contributed to overthrow
ing our calculations and making the
expense OF operations almost double
our original estimates,
AT meeting of the board of direc-
tors of our company held yesterday
the future financing of our company
was discussed at length. 1t was esti-
mated that even under the most ad-
verse conditions the remaining 400 to
500 feet Of tunnel should not cost over
$4,000 per foot, overhead expense in
cluded, which would necessitate the
raising of from $4,000 to $4,000 Hav-
completely exhausted the treasury In
both cash and stock, there appeared
no other possible means of raising
such sums but through the levying of
assessments, which are not very de-
sirable at any time and particularly
not at this time when our country
calls on us for all the financial sup.
port we can possibly give. However,
5-mill assessment will bring the
company $4,000 and two. or at most,
three such small assessments should
be enough to explore the vein, and UNI
less every indication fails. we should
then be in a position to supply our
country with additional mineral of
which 1t is in great need.
1T was therefore decided that an
assessment of mills per share be
levied, notice of which you will find
attached hereto. and we earnestly
hope and believe that one more such
assessment will be sufficient to put the
property on a self sustaining basis
I'VE wish to take this opportunity
to most heartily thank our Minnesota
stockholders for their loyal support in
financing our enterprise during the
last three years. ON numerous occa-
sions representatives of these stock
holders have visited our Office and
property for the purpose of investga-
ton and 1t has been very gratifying
to the management that each time
when leaving they have always ex-
pressed their entire satisfaction. The,
books and the property of the COM
rany are open for INSPECTION by any
stakeholder at any time"