The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1898-02-03

pany. who were assembled for the pur-
pose of electing a board of directors
for the ensuing year, and it is seldom
indeed, that the members of any COM
pany are privileged TO hear of so many
good things relating TO an enterprise in
which they are interested, and the his
tory Of the Mercur, taken all in all,
is surely phenomenal, and not to be
met with every day in the year.
At the annual meeting of the Mercur
company, held yesterday, there was a
large attendance, and after its adjourn
Z ment the stockholders departed in a
most happy frame of mind, handshak-
ing and the Offering of congratulations
being the order of the hour, and there
is no discounting the assertion that by
rights Mercur stock should still con-
tinue to appreciate in value in the fu-
ture as it has in the past, as the show
Ing made, according to the report OF
Manager Dern, is truly remarkable, and
Indicates that the life of the mine as
a producer and dividend-payer is good
for many years to come and with the
handsome sum of $17S,972 in the treas
ury to draw from in the way OF divi-
dends, and with mountains of ore ex-
posed in the mine with which to build
up and add to this account, holders of
few hundred or a few thousands of
SHARES of the comDanys stock may
rest ass lred of a regular and steady in
come for many years to come.
MR.. DERN's REPORT.
In Mr.. Dern's report it was shown
that the receipts for the year 1897, in
Guiding cash on hand at the close of
1897, and the purchase price paid by
Captain ]. r. De Lamar for the Reso-
lutte fraction, was S766, 704.30 while the
disbursements for the same period, in
Guiding the payment of S311,000 in divi-
dends amounted to S5S7, 32.20. leaving a
balance in the treasury at the close of
the year of S17S,972.10
In the report it was shown that dur
ing the year 1918 tons of dry ore had
been mined and milled, at a recovery of
s6-47 2 ton, and at a cost as follows:
Cost of Mining, per ton ..........S1 3612
Cost of milling, per ton Sc
Cost of transportation, per ton. 50
Total cost OF mining and milling,
per ton ..-..-.. .-.--.-.S2 5f12
The statement was also made that
during the past year a decrease of $1.50
per ton IL the recovery had been re-
corded, but Mr. Dern explained this
seeming loss, when he said that during
the period named more than three
fourths Of the ore extracted had been
taken from the upper vein, discovered
during the past year, and that al
though mammoth bodies Of mineral
- had beer disclosed in this portion of
the mine. it was of lower grade than
the body of ore in which the original
workings Of the mine had been run. 1t
had been thought best, however, to eX-
tract ore from the upper workings. in
order TO preserve the life Of the mine,
as II would be a poor policy to work
out the ore on the main level, thus
running the risk of a caving in from
a Of fbic char
acter would entail heavy expense and a
serious loss of time. 10 was for this
reason, therefore, that the saving had
been lessened as above stated, not
withstanding the capacity of the mill
at Manning had been increased to a ca
pacity of 300 tons daily; but. in Dur-
suing this course, developments had
been Continued on the main or lower
workings in which mammoth bodies of
a higher grade of mineral had been
blocked out during the year and left
intact, which could be taken out and
.milled al a greater profit and to better
advantage when the upper workings
were exhausted.
MERCUR'S THIRD VEIN.
In abiding to the developments in
the mine during the past y months Mr.
Dern called attention to the third vein
disclosed in the property, which had
the Ruby tunnel level.
This find. Mr.. Dern -aid, was a most
IMPORTANT one. as the Wine had been
sunk through several feet of excellent
milling ore, the indications being that
with continued development work
magnificent zone of good, paying ore
would be blocked out in this locality,
which would add much to the value and
life Of the property
In fact, in Mr.. Dern's estimation. this
discovery furnishes the key to the
treasure vaults in nearly all of the I'M
developed ground embraced in the COM
pany's holdings. and he is of the opin-
ion that this third belt of mineral IN
derlays all OF the claims owned by the
company, which, if the theory is cor
rect, would guarantee ore for ext7ac-
ton and milling for generations TO
come As il IS il is the intention of the
company TO put n a hoist at this point
and continue prospecting and develop
ments most vigorously from now on.
THE LULU TUNNEL.
Another cause for congratulation. as
set forth IN the report, was the show
ing in the Lula tunnel. the mouth of
which is 600 feet above the Matte ore
bins.
This tunnel has been driven in virgin
ground for distance Of 400 feet, much
of the way in a large body of good
milling ore, and, according TO reports
just received from Superintendent Ed
wards, the face of the tunnel is now
in a full breast OF mineral. the aver
age value of which is from So to SIS in
gold to the ton, which is exceedingly
high grade for milling ore, the cost of
reduction by the cyanide process con-
sidered. and the indications are that as
the works are pushed into the hill these
splendid values viii be materially in
creased.
This is indeed a remarkable showing. |
the Importance Of (Which viii be more
appreciated when it is understood that
il is made in virgin territory, which is
but little explored as, yet. the conclu-
sions being, from careful observation. |
that in this locality there are so acres
of ground which are underlaid by this /
magnificent body of mineral. To say
nothing of the almost absolute certain |
ty of encounteTing several more belts of 4
pay mineral with increased depth.
At least this is the fseling of the
management on the subject, and in or |
der to facilitate operation and develop /
ment at this point d bucket tramway is /
in contemplation, which viii run from |
the mouth of the tunnel to the Matte /
ore bins and il is the intention to fol- 1
low the vein on its dip.
Still another feature of Importance /