The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1906-02-20
DALY-WEST HAS
LARGE SURPLUS
Annual Report Shows Treasury to
Contain Over $424,000-Char-
aeter of Ores Mined.
CON. MERCUR'S DIVIDEND
OPERATORS AT BINGHAM ADD
CENTENNIAL TO HOLDINGS.

Coincident with the holding Of the
annual meeting of the company in Den
yer yesterday afternoon, the manage
ment of the Daly-West Mining COM
pany released a brief synopsis of what
the official reports VIII show when COM
piled and printed for distribution a little
later. That the past year has been a
prosperous one for the company is
shown in the fact that, with dividend
payments of $432 900, the surplus has
been built UP from 1924, 10 to S424,-
OS46S, this including S12,19S.53 that is
held in the tax and insurance reserve
funds. In other words, the surplus has
been swelled by nearly S140, 600.
In his report Manager Ernest Bam-
berger states that the output was made
somewhat larger than it possibly would
have otherwise been on account Of the
particularly favorable state of the mar
ket for the various metals. Taking adj
vantage # that, the surplus was in
creased to a greater extent than the
dividend rate called for. He also men
lions the fact that about one wear aPO
changes in the mill that would allow
the making of a separate zinc product
were contemplated. but the caving of
the Ontario drain tunnel and the I'M
certainty that existed as 10 when the
mines would be drained and the extern
sion of the drain tunnel into Daly-West
territory might be resumed had decid-
ed the management 10 hold off until
the situation had been relieved and it
should be possible to open the mine be
tween the 1850, the deepest present
workings. and the 2,1O0, or Ontario
drain tunnel level
Development of Upper Levels.
IL IL,
that considerable development work
has been carried on during the year IN
the upper levels with only fair results.
the work in the back vein, particularly,
not having been as favorable as it
might have been However, it is now
an open secret that the company is
pounding away on a long drift on the
1.200-foOt level that should, during the
next few months, connect with the vein
that has recently developed some rich
bodies Of ore IN the Little Bell grOun1,
and this IS counted upon to show I'D
we'll in DaIy-West territory.
Slow but steady progress is being
made with the clearing of the caved
portion of the Ontario drain tunnel and
there is every reason to believe that
during the next few months, the On
tariO and Daily mines will be completely
drained, so that the tunnel may be
continued into DaIy-West ground and
thus permit Of sinking the remaining
$50 feet in the latter COmDany'S shaft
TO a connection with it This accom-
plished the Daly-West cOmpany's mine
viii place at the disposal of the man
agement greater bodies of ore than
ever, judging from the immense size Of
the shoot on the 800 and between that
and the 1.409-foct levels.
Character and Value of Product.
During the year 1885, dry tons of
crude ore and concentrates were pro-
duced and marketed for 81, pa, 1851 [,
this sum representing the total receipts
of the company for the year, outside
of 81. 7O0S9. which came from miscel-
laneOus sources. The following brief
statement showing the tonnage of diff
ferent grades Of product, the metallic
contents of the rock. including the per-
centages Of the different metals and
the price per ton received from the
smelters for each class Of ore give an
idea of the sources of the mines
wealth;
Dry Tons. Sold for
Concentrates --.- -..... 1891 $50. 0S9 81
I4O0-Ievel crude ..-... 2O17 4913 81
Mill crude (sorted) 49, 10 11T79 IS
This ore contained / .731 pounds of
copper, 16,772978 pounds Of lead, 1896 s.
ounces OF gold, 1.79S,62S ounces Of silver
and 9,026,517 pounds Of zinc.
The average ore values per ton and the
price which each class brought was as
follows:
Ounces. % o % Sold
Sill. cd Id. Cop. zinc. for
Crude ore ......52. IS .0f 19. 10 80 go SO 20
C0ncentrat ties - 60 .O40 Is. Il I.67 1850 80 IS
400 crude ..,..S3.S 81 0SS 2371 1.S1 $3.50 24S5
Mil crude -----40-7S -033 24-4 / 81 1920 2S.11
Financial Statement.
Cash on hand Jan. 1,
ore sales ............S1,25 445S1
MisceL receipts 2,7OOS9
S,23z1S9 50
S1,521. 2SS %
Disbursements. in
Guiding dividend
paym' is of S432, 600. 81, 1O9. 40I 90
Cash on hand Dec.
81, 1903 ....-.-.-.--. H1,Ss6 -
N,521, 2SS O5
I, 1906. was, as s411, $50 Is
Funds in tax reserve account. 2,62O 50
Funds IN insurance reserve ac-
count '''-'--'--'- '-'--.--'----..... 800 80
Total $500 1924, OS4 6S
In addition, the sum of SIG 40 a has been
advanced 10 the Ontario Silver Mining
company Of tunnel extension contract
The following board of directors was
elected: w. H. Dickson, J. E. Bam-
berger, F. J. Hagenbarth, 5. Cohn and
w. s. Mccormick. Reports of the pres
tdents general manager and vice presi-
dent were heard A meeting viii be
held in the near future in Salt Lake
City for the election of officers.
Mr.. Hagenbarth takes the place of
J. D. Wood, and Mr.. Coin is elected in
place of Albert Watts of Boston.
DYER IRON MINE DEAL.
c. +. e ]. Experts and Engineers
Visit Property.
Especial Correspondence
Vernal Utah, Feb LIT is now
plainly evident that the Colorado Fuel
& Iron company intends to make good
use of the time during which it holds
an option on the eleven ron claims OF
Dyer hill in the old Carbonate mining
district. Work On these claims was IN