The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1899-03-28
REPORTS FLATTERING
THE COMPANY In A MOST PROM.
ISING CONDITION.
The Cuba of Bingham-The Great
Dyer Mine-Rising Stock Market
The New Exchange-Antelope
Island DIFFERENTIATION Hill
Mines-Mining Notes.

district, was held yesterday afternoon,
and was well attended, those present
being highly pleased with the reports
as to the financial condition of the COM
pany and the physical condition of the
property as made by Secretary r. E.
McConaughy and Manager Glenn r.
Boutwell,.
Out of the million shares represented
in the capitalization of the company,
S0S,90 were represented at the meeting,
and the election for a new directory re-
suited as follows:
G. r. Boutwell,, president: E. e. Jenk-
ins, vice president; r. E. McConaughy,
secretary and treasurer; H. c. Hanna
and r. A. Deal, Mr.. Deal, the new
member, being a prominent citizen Of
Springville and a business man and
railroad contractor of note.
In his financial statement as to the
condition of the company, Treasurer
McConaughy stated that on the 9Th Of
January, 1898, there was a balance in
the treasury of SIS, SS2.9 Sc, While the re-
ceipts since the last annual meeting
from the proceeds of cyanide sales
amounted to S13S. 63427. making a. total
of S157, 247.23, from which fund the sum
of S142 Isl. 50 had been paid in dividends,
leaving a surplus of $15,06570 in the
treasury in cash at the present time
the report showing that since the last
annual meeting the company has paid
$4,000 in dividends making the grand
total to date Of $50, 900. a splendid show
ing, considering the fact that the COM
pany has been ON a dividend-paying
basis but a little over twelve months,
The cyanide sales being from product
derived from the extraction and milling
OF 10 coo tons Of crude ore.
The report of Manager Boutwell,
shows the mine to be in excellent con-
dition, and was we'll received by the
stockholders present
The report reads as follows:
To the stockholders of the Sacramento
Gold Mining company:
A large amount of development work
has been done during the past year, and
the chances to continue Worlnin very
encouraging ground still continues; in
fact it looks as though the Sacramento
properties would, at the present rate,
be an undetermined proposition for a
very long time to come, as the more
work we do the greater encouragement
we get to do more, and one becomes
tired contemplating the future pros
poets for work and thought.
Good showingS have been made in the
GeyseT- Marion during the year. The
great Mercur has, I understand, dis
covered ore in many new localities The
arrangement for increase only speaks Of
some of the possibilities Of the great au-
Tiferous zone, which may be considered
the greatest in the country of which
the Sacramento is a part. As far as
surface indications go, 1 have seen in
no property a naturalization so eXtens-
i've as at the Sacramento, and l think
such a Surface showing can only mean
continuous ore from the surface to
great depth
We have already demonstrated that
in places the ore body is over 200 feet
thick, all being pay ore.
You may think that with these pros
poets the company should be running a
much larger capacity, and, perhaps,
they should.
We at present have, as near as can
estimate in sight sufficient oxidized ore
to run at our present capacity for five
wears which / think is no more than
The company should keep in sight if
possible l mean by this that additional
expense in the way Of additional mill
ing capacity should not be made TO
treat only five years ore. I believe the
property could furnish ore for a 400-ton
mill without much risk, but l cannot
see where we are losing anything by
running as at present The ore is not
going to get away. and you can readily
see that an ore body can be handled
much more intelligently and satisfac
forily after You know how and where it
lays, and plans can be readily made to
extract it. Until this is done you are
working to a certain extent in the dark, |
and presumably TO a disadvantage.
However, we are making diligent !
search for an ore body separate from |
the present one, which we are reason
ably certain exists. and, if we are sue |
cessful, which we hope to be in a very |
ThpTa no lnnppT. /
any reason for not increasing the pres
ent mill capacity.
During the year we have, in several !
places. encountered base ore. and, while |
we have made no great efforts to de-
velop this class of ore, it is certain we /
have q. large amount Of mineral of this
character, much of which
CARRIES HIGH VALUES.
I understand the Golden Gate is sue
cessfully treating this class of ore by
roasting, but that the company had
some trouble with the mechanical OPP
GRAFTON of the first furnaces put in.
This experience, I suppose viii make
the new furnaces they are putting in
perfect success. It seems our company,
not having been crowded to work this
class Of ore, can only have gained by
waiting.
A large amount Of the ore milled dur
ing the year has been taken from that
part of the zone designated by us as
the Tower vein" This vein we had
just commenced to develop at the time
of our last annual meeting. The ore in
this vein has been generally satisfac-
tory, and shows a large tonnage. On its
dip this vein goes below the mill level
toward the Mercur. We followed it
with an incline a distance of 120 feet,
leaving about 500 feet between the face
of this incline and the Mercur. The
conclusion must be that a
large amount Of ore exists in the inter-
vening ground, the Mercur having at
a point near our line developed good
ore, and this incline was continuously
in good ore, some Of which carries val
ues of over Sle5 to the ton. This ground
should be explored, but, being below
the level, is not as convenient to work
as other places. A whim has lately
been placed in position to hoist from
this country, later to be replaced by
an electric plant.
In another ore body in a formation
different, and lying below any of our
present levels, three WINES have been
sunk at different points some distance
apart. One of these, ten feet deep.
shows average values Of Sc: one twenty
feet deep shows average values of $40,
and another of twelve feet shows about
q S25 average. This is sufficient develop
nent to insure a considerable body of
ore. and, in my judgment, is a very
addition to the property.
fully corroborating the theory that We
rs yet, have no idea of the
THICKNESS OF THE ZONE.
In October Of last year cave oc-
,Drred, which has materially hindered
,ur output for the last few months
This cave came at the junction of sev