Deseret evening news. [volume] (Great Salt Lake City [Utah]) 1867-1920, 1905-01-18
COLUMBUS CON.
MAKES STATEMENT
Present Indebtedness Exceeds
Little More Than Fifty Thou
sand Dollars,
BUT THE PENDING ASSESSMENT
Will Clear Up Red Ink Balance
$4,000 Per Month viii Soon be
Realized From Mill.

A circular letter, addressed to the
hareholders OF the Columbus Console
lated mine at Alta, was placed In the
malls today clearly defining the iinan-
oial condition OF the company and set
ting forth what may be expected m
the future, after the pending ASSESS
ment is paid in.
The financial statement which accom-
ranles the letter. shows that the pres
ent Indebtedness of the corporation Is a
little IN excess Of $4,000.
The receipts OF the company from
Dec. 20, 1908 to Dec. 81, 1904, aggregated
the sum OF Sl65.2SA0I which includes
balance on hand Of $SllS ut the tine
OF the Issue of the last annual report
The ore sales during the period mem
toned amounted to Sl04fIS3, treasury
stock sales, S,55015; assessment NO !,
sb6,44O50; notes payable $4,000; casn
loans, $685. emergency fund, Sll0.lSi
merchandise from supply houses, Sll,-
O0G45: borrowed from banks, 22,t4S'S5i
Charles G. Moore g Co, $3.50.
The items Of disbursements are
summed up IN the following;
Paid citizens National bank, balance,
a. 246.; paid Mccormick & Co, S46J.63;
paid other accounts, balance, $3.50
title and ground, S27Sli5O; mine sup
rlies. stl 1926; timber, A,2OB,36, AS
saving, SGSl.66; power expense, N,9UOi
power nay roll. $45OS99 general ex-
pense. S4,21g.26, mine pay roll, S2B,36tSbi
salaries, IS i6S; machinery and repairs
S2l1i; office expense, Si2o9O, boarding.
house. sGO3.S2; telephone expense
ssbOb5; insurance and tixes, N,lSVAO,
power plant, S26,3l5.66; building ana
improvements, Si,4SLO0 Interest ana
discount Sl9227O; stock certhcates
Saglp0 concentrltor, S36O0742; milling
EXPENSE. SliS.5S; mill pay roll, N,6iS.2O;
commissions, Sg971i; accounts receib-
able. 81, OS2.5G; cash on hand at board
ing house. Sails.
The abatement shows under the head
of resources that the cash price paid
for mining claims was Sbi'9l9,b0; cost OF
development to date Sl1i,2i734; cost Of
electric power plant, si5.5Ii69, build
ings and improvements, S3,ll0.49; cost
OF concentrating plant, $36OOL42i other
items. N,5544.
The real liabilities Of the company on
Dec. 81 aggregated s5i06O.Si, which in
cluded the December pay roll OF 81
4060G.
This was offset by available assets 10
the amount Of $8,773H making. the to-
raj Indebtedness on the date mentioned,
$50 2s6,60
The pending assessment should net
the company &c. 1880. OF the total cap
itallsatlon Of 100000 shares, 1882
shares of treasury stock remain unls-
sued.
In explaining the reasons for the
pending assessment, which becomes de-
llnquent Feb. II, the directors say:
zone fact that should receive due
weight when considering the question
of assessment No. 2 Is that on Aug rs,
when assessment No. I was levied there
was a statement rendered by which Il
was shown that the necessities OF the
company up TO September |, 1904, re-
CURED S7SO00 and that to meet this de-
mand assessment No, / was levied.
which put s56,500 into the treasury,
leaving deficit Of t2l 500. At the time
of the levy 1t was fully expected that
the new concentrator then under con-
struction, would go into commission
not later than Sept. Island II was hoped
that II would start on smoothly and
take care OF the deficit But matters
did not pan out according to the fore
cast, The mill did not start until Mo-
NRiih'l AlN NilN NNlNl time OF Inc
year In which 10 begin campaign I'm
Ata-on account OF delays In the de-
livery OF machinery Since Nov. I Il
has been running al about one third
capacity intermittently, during the
FIRST six weeks, but regularly since Dec
IL. We have received therefore only
little revenue from that source, hut our
expenses have been going on lust thr
same, all Of which has brought us face
TO face with the financial condition a,
shown by the statement.
Some of our creditors are pressing II,
for payment, and the directors and nj
OF the stockholders that have expressed
themselves are IN favor o. and deem 4
advisable 10 levy assessment No. .
which viii take care Of an NJ tho com.
pany's obligations, maintain It's goot
credit and put 10 on "a good basis.
THE winter IN Utah. so far. has beer
exceptionally dry and continuousl,
cold; AS result most Of the concen
traitors of this locality are troubled on
account OF shortage of water That Il
the reason for the limited output o
the Columbus mill at present Jus
as soon as spring opens up there vii
he an ample supply OF water, ami thel
steps Will be taken to provide means {,
maintain a constant supply In the IN
ture, The operations Of the mill so IN
have demonstrated beyond doubt tina
II viii handle our low grade ores TO
nice profit"
Figures are presented showing tina
from six lots OF concentrates markete
In December, 326 tons the average val
Tie per ton WAS s2i.39 from which IN
company netted above all expense
N0l753 and represents less than ON
months steady work at the mill run
ming at about one-third capacity II
claimed that when the water supply In
creases sufficiently, which win be NO
later than April /, the min win produc
about I 900 tons Of concentrates pc
month having a gross value Of S26 00
Connections have been mnde betwee
the Rowland and Columbus tunnel
and the mine Is I'm better shape Tor on
production than ever before. II IL N
Intention of the management TO I'M
mediately begin the sinking Of mai
working shaft below the present tur
mel level and open up the ore bodies d
greater depth thus Keeping an amp
ore reserve ahead.
OF the total capital stock ~ 300 o.
shares, 1889 shares stll remain IN N
treasury.