Deseret evening news. [volume] (Great Salt Lake City [Utah]) 1867-1920, 1903-12-15
DALY.JUDGE AFFAIRS.
President J. J, Daly is 0ui with Letter
To the Stockholders.

night with a letter TO the stockholders
Of the Daly-Judge In which he states
the financial and physical condition Of
the company, being moved TO this ac-
tion. as he claims, that stockholders
might not be lastingly injured by others
throwing their stock upon an already
weakened market. There was rumor
on the streets last night TO the effect
that there would be "A bond issue Of
$500 900 or 81 per share assessment rea-
~, npOn the mine. This had the effect
Of weakening the stock, which was sold
down to 34.25. Mr.. Daily however, de-
MES this i'm the strongest terms. and
says that such an issue or any issue Is
very long ways In the future. He
states frankly, however, that there r.
an Indebtedness over the company of
$50, 900.
Now permit me to say word re-
gardng the finances OF the company"
says Mr.. DAILY In his letter, and my
only excuse for not taking them up In
detail Is that the annual meeting Will
soon be held and that formal state
ments Will then be submitted. Some IS
months ago after the Daly-Judge had
| company, we had In the treasury. clear
| Of Indebtedness, approximately 5000, 900.
| Ii Is q fact also, that before much de-
| velopment work could be done, the
| management was compelled to make
many costly but necessary improve
ments, including the erection Of board
ing houses for employees, blacksmith
| and carpenter shops, ore and coal bins,
| etc, to say nothing OF the rebuilding
| ha, mir N rtri mo M nj
the concentrating mill Then the WIDEN
| ing of the main shaft had to be done,
| the long operating tunnel had to be
| practically reconstructed brought to
| grade, retlmbered returned and laid
, with new ties and heavy rails, while
many miles of drifts had TO be straight
+, ened, raised or lowered and many miles
| of car tracks had to be relad, New
cars, tools. power drills and mine equip.
| ment OF almost every conceivable de-
| scriptlon had to be provided and innu-
| merable Slopes had TO be retimbered
| and made safe for the men. To do all
these betterments and Improvements
| has cost an immense sum Of money
fully S250,00O and the making of same
has seriously interfered with develop
ment straight mining and reduc-
tlon, so that the present Indebtedness of
the company Is approximately $4,000
continuing and speaking Of the physl-
cal condition of the mine and the hope
OF the management regarding the Bon
ANA fiat property he says.
THE high grade -copper-lead
ore encountered a few weeks ago made
| its appearance I'm a great chute OF mill
Ing ore that had been followed a long
distance on the strike of the vein, For
| quite distance as the work advanced
the ore had every appearance OF maxi
ing into large body, but up to the
| present time II has failed to do so how
ever lunches Of ore OF the same char
| aCter are encountered as the work adj
! Vauces, and II may yet open into some
| thing good, The fact Is disappointing
but not dlscouraglng, for the discov-
| cry was made at a point far beneath
the surface and out on the edge of the
| Bonanza Flat territory (which Consti-
/ tuted the original Daly-Judge holdings)
| In the direction Of the ground which
| from careful study OF the surface con
| ditons and trend Of the various lodges
| has always led me to believe II to be
| the richest portion Of tho, company's
| territory Much rich ore will very like
| ~ yet be uncovered both above and be-
| low where the strike" was made, but
| that Is for the future to determine. On
| account OF the wide publicity given this
| find and its failure to come up TO the
| promises made for Il by the many en-
| thusiastlc stockholders who examined
| 1t, Is due, In measure, the present de-
| preston In our stock, as the balance OF
| the mine Is looking fully ns well ms It
| did before this strike was made While
| VI Is n great disappointment 10 all that
| this find did not meet with their expec-
| tations, IT iS to be hoped that good may
| come Of N by encouraging the man
| agement to direct their future work I'm
carrying out the Bonanza Flat theory
a theory held by all mining men and
| biologists, who have carefully exam
| med the surface, that large and rich
ore bodies should be found there"
| Speaking OF the future and the policy
Of the management In handling the
mine, he comes forward with the fol-
| lowing
However, both General Manager
Dunyon OF the mine and Mill Supt
Shermant who Ia unquestionah'v one Of
the best milling experts In this coun-
| try) feel confident that from now on the
| present plant, even with the loss In the
zine middlngs.' can be made TO earn
a handsome profit over and above an
mine and mill operating expenses II
| this proves 10 be q fact. then our trou.
| hles are at nm end and no change In the
! present plan Of operation will be made.
| should the reverse prove to be true,
my plan and purpose Tor the future df
| approved by the stockholdprsD "a to
| cease sacrificing the values In our ores
and adding 10 the Indebtedness by run
ming at loss. In such case ] would DO
this by closing the mill until such time
as the Improvements under way 10
more successfully treat these ores have
been perfected, and with reduced
force, exert energy IN the development
Of the property by extending drifts on
the different veins and on different lev
els westerly into what Is known as the
Bonanza Flat section, where we are
| confident large and rich bodies OF ore
| (shipping ore) win be encounta~ad. Not
! one-ffth Of the companv's property has
yet been explored and the country that
should be prospected promises infinitely
moro than what has already been de-
vloped."