The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1899-01-26

a large number Of stockholders were
in attendance at the annual meeting OF
the Mercur Mining company yesterday,
1900 shares Of the stock Of the asso-
Citation being represented either III per-
son or by proxy.
As was anticipated, the old board Of
directors was reelected to serve Tor the
ensuing year. as follows:
John Dern. r. II. Airs, John Helm
rich, w. S. Brown and George II.
Dern.
During the meeting President Dern
read his annual report, in which the
proceedings for the year past were set
out in minute detail, the report being
concise and to the point, without any
ambiguity, the gentlemen present be
ing well pleased with the n in
which the doings Of the company for
the past twelve months were summed
up and presented for their ~considera-
ton.
The report was a most lengthy one,
I for lack OF space cannot be pub
lished herewith, but the salient and
important points OF the document are
given below. as follows:
During the year 1898 the total ore eX-
traction by the company amounted 10
los, 1SS o III gross, the net tonnage, with
moisture deducted, being 90,461 tons,
the mt extraction Of gold values from
which was $5.31 per ton, the cost Of
handing the ore, being 1928 per ton,
divided as follows: Mining, $1.16 per
ftCn; milling, y cents per ton, and for
q freighting from the mine to mill, 30
cents per tOn, Manager Dern pointing
with pleasure TO the fact that on ac-
count of increased facilities the cost Of
handling the ore, as to the
expenditure in this direction during the
year 1897. had been reduced 20 cents
q ton for MINING and Il ppnTC n1@ ION
for milling.
The report also disclosed the fact
that the total receipts for the year had
been $4S1, 1923 cents, while h total
expenditures had amounted TO $780,
766. 81. the net earnings footing uD to
5000, 1926, while during the year the
company had paid out 1855, 900 IN divi-
dends. making q total in dividends up
to Jan. 1, 1893, Of $1,241, 600, in addition
TO which the association has paid it's
dividend for January of 5000.
On Jan. l, 1899, The company had a
cash treasury balance OF S24,566.26.
The expense o of the company
has been somewhat heavy during the
past year, owing to important improve
meDtS made TO the mine Il mill equip
ment, Il new mill. virtually, of 400 tons
daily capacity having been erected at
Manning, which. with the old plant Of
800 tons capacity. assures q heavy in
&LGaSE III 1T 0uI0uN VI LAG 94GE4OuS
metal in the future, and it is safe to
say that as far as the condition of the
mine is concerned and the mill ecui9-
ment, the company was never liz better
shape for future operations than at the
present time.
In his report President Dern called
the attention Of the meeting TO the
fact that in the workings of the mine
large bodies of rebelliOus ores had been
encountered in certain portions of the
property. and that the treatment Of
this ore would be a question when
would confront the BOARD OF directors
at 10 distant day. the ore being Of eX-
cellent value, but 81 base that il could
lot be reduced in d crude state by the
cyanide process. Attention was also
called to the fact Of the discovery dur
ing the year OF a splendid body of high
grade milling oxidized ore in the MIN
roo claim, and also to the existence of
a third vein.
The report OF Superintendent George
z. Edwards was full and comprehen-
sive. giving in detail the extent Of de-
velopn2ent during the year, and also
referring ia the different ore bodies AK
posed IT the workings of the mine dur
ing this period. his summary showing
that the property was IN excellent ply
steal condition.