Deseret evening news. [volume] (Great Salt Lake City [Utah]) 1867-1920, 1904-09-14
Montana. TonOpah Spent Priuci'
pal Earnings Of the Past Year
In Development Of Mine.
SHIPMENTS WERE DETAINED.
Because Of the Lack Of Transportation
Facilities 10. Don b Gillics of Butte,
Made General Manager

There was considerable surprise ex-
pressed on the street yesterday after.
noon over the financial showing made
at the annual meeting OF the Montana
Tonopah Mining company which was
held during the day, Many were led
10 bolioyelthat the treasury contained
q large surplus and that another diyI-
deud would be forthcoming In the near
future However the cash on hand at
the present time " about $1,000, and
with the ore now I'm transit, the sum
win be increased TO $4,000, within a few
days,
But there are very good reasons Tor
the treasury running lower than most
people bad supposed These were fully
set forth In the report Of President
Knox who stated that 1t had
been next to impossible 20 get the ore
10 market Some little time before the
completion Of the new T0nopah rail-
road, II was explained the teamsters
pulled out and quit the camp. Then,
the recent washouts along the new line
and The Carson & Colorado railway
report showed receipts for the year OF
S209.FI03. over 2OlOO0. Of which came
from the sale Of ores. About soc, 600 Of
this sum was expended in the payment
OF the $4,000 dividend and in the oper-
alton and development Of the mine
The net value per ton OF all the ore
shipped during the year was t7691 per
ton, II was shown that there was az
the present time $1,000 tons ot ore on
the dump which would yield q profit
OF close to $50 per ton, while enormous
amounts were blocked out IN the mine
ready for extraction, and II Is esti-
mated that 10000 tons more will be
added To- the reserves during the next
twelve months The value OF the ore
nov I'm sight is conservatlyely esti-
mated at 5000 O00 and that with prac-
tlcnlly only one Of the Ave lodges de.
yeloped
President Knox made the claim In
his report that there Is a vast tonnage
Of ore blocked out I'm the mine, and that
conservative estimate OF that avail
able for reduction at the present time
would be- t3,l62. 655. BY some the fore
going figures are believed TO be ultra
'bllN'lNdNlNft / nv ultN UOW FApurtl
are divided into two classes. OF the
first class, there are l4,l66 tons, Of the
net value Of S9S25, or 81, 39l sos: Of the
second class, 1OS34 tons OF a net value
OF SIS, or Sil70S50 these deductions
based on results derived from sales to
the smelter,
IN the exploratory work performed
during the year as much as i,S2S feet Of
underground workings were opened M.
making the total for two years 1887
feet.
The Macdonald ledge, which has been
prolific one I'm the past, has main
tanned width Of 70 feet, and It has
been opened
10 distance Of 200 feet The cross
cut on the 795 level Is advancing and
the management anticipates that 1t viii
soon encounter a ledge OF Importance
The sinking OF new shaft 800 feet
away from the present one has been
decided upon. This shaft will con-
meet with the Macdonald ledge at a
depth Of go feet
Barton Pitman, the Tonopah broker
was heard from by offering a resolu-
ton requiring quarterly reports bearing
ON the physical and financial con-
dltlons The only stock voted I'm favor
OF It was II 900 shares, the stock oWend
and proxies held by Mr. Plttman,
In the election Of officers Charles T.
Knox was named as president; a. @.
Ellis Jro vice president; II p, Dunlap
secretary and treasurer: George f.
Badgett, second vice president,
Charles r. Morris G. w. whitley
George $, Nixon and George A. Bart
let were named as directors, Don b.
Glllies Of Butte was selected by the
board Of directors as general manager