New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1880-05-03

,rustees on the Sd inst beg leave 70 submit report
Of tue business operations OF the company up TO April
l. period OF less than eleven months since Ine propn
was turned over to the present company The accounts
for April not having been received from Leaavne, a
noI rk ia ben done except for development the
following figures VIII not he materially changed. The
aeUr b ct cv eondfon Of tho mines not having vel
come hand inteld to he II WIN thf' report WHEN
GeTfG AZ osee % M nhes. Given below Tu
arriving at the ASSAY value OF the ore Pfoauceu n
CUtimated tue price per ton for smelling 10 De SSo
which Is nbout the average cost Ihere are DO ueDtt
existing against the company.
Number Of tons produced from slay 1910 oos,e
Hnn,her OF tons sold ............. 2D,245
Numb.r OF tons mhand .....-..-. 3V3 On rag
As,,v value Of ore soa. So 4o7Sg SS 81
foPSaes OF 2g2 PAS tons Of orc. sl,5s12l3s 81
Cost Of smelling at $50 per ton S'44OOO ACT AKA al
Total disbursements Of dividends oooooo
Catsl, on hand April i.............. 55,4O3 80
paid for Union Mine and south co,.o,o
pS Si M ST Innehinciy etc.: 1871 @
Expenses and taxes....-- 5so'"o1 % z, .oo o, g,
In the item OF expenses and taxes tie OF the
NewYo-k office are included also many eXtraOrdnIary
expenses such for attorneys fees Sl6Ioo 80 snknE
Of shat and other permanent improvements when when
will render the expense less in the future The DOCKS
anI accounts show all the vouchers and items, when
are Open 10 examination at all times.
II will be observed that the mines nave produced our
ing few DAYS less than eleven months net pront OF
POI J7S A. Notwithstanding the high cost for smell
ING Ouer extraordinary eXLenBes httcnnaDt upOn
me- 70 refer to the facs so wei known and much re-
Qretted hat we compelled on the lsJ OF April 70
eusupud our regular payment OF monthly diYidCnds'
desire to say That the principal portion OF Inc money
received for the sale has been out OF space not
Xcppdlug square at TIC north cud OF the New
Discovery mine leaving more than nlno tcnths OF TUG
comCnny's mines practically undcyeloped ana uueA-
plnrcd. The immediate cruise for the susp naiOn OF
monthly dividends the unforeseen ana unexpected
decrease value OF the i'm several large DOCKS OF
300 feet square referred TO TIC assay
value Suddenly fang of from about SD per ron 70 less
than te cost Of mining wod also add mat the devel-
opuent work which carried on did not disclose any
large ore blGy from which TO draw Tor dYdcnuS FROM
the trend This body IN ie 800 feet square ana IN
HE adjoining mines, IL seemed reasonably etrln thhI
the north end OF the PtsDurg Claim as wei as south
westerly III the New Discovery CiGm. Recent develop
1nrnta render this hOpe almost II not quite ceralny'
az the following telegram VIII show 30 ooo
LEADvILLE, ApT1l 2S, 1850.
The Hon. J. Il. CuAFFEE, President:
Drift northwest frcm No (shafD Pittsburg fifteen
feet n ae carbOnatcs indlcHilOus ~ ore Dcdy coming
IN from Little Chef unInistakabl. Have 1--WE feet Oh
ore pitching south from No. (shal New Discovery,
one foot OF good mineral widening ana rrcndng spnth-
Epsl from same snait, view Of good IN neral IN No
West and I'm No incline New DiScOvery-he last four
ore bodies al pitcmng t0wnr Cllce. Saw mil running
flrst.cass-and more than paying my own way aud am
rylng every heading. JOHN T. llERRlCK.
General Manager
reference to the map viii chow thar these lao dis
cOypilCs are in The exact lOcu have referred 10, as
he combination OF great nOgy nom which we
have ~" adjoining compunles-the ChrysOhte and
Lite Chief.
/ venture TO suggest that "a the history of mining
have been abC TO maize - better
Glowing Tor their first years operations or have heller
prospects IOr The future j. Is. tHAFFEE, President