Deseret evening news. [volume] (Great Salt Lake City [Utah]) 1867-1920, 1906-11-23
Frank MorehOuse, Its Manager,
Makes a Report Highly Graft
flying to Shareholders.
WILL BE BIG DIVIDEND PAYER.
The Biggest Silver Property in Mex
leo One of the Claims Made
For L..

One of the companies regarding
which comparatively little has been
heard locally for some time past Is the
Mexico Consolidated Mining and Smelt-
ing company with properties in tho
state OF Durango, Mexico, near the
town Of Guanacevi. The company has
capitalization of 100000 shares OF a
par value OF so each OF which 10000
shares are IN the treasury. The OFF,
GERS of the concern are, Joseph A.
Coram OF Boston, President H. G,
Trull. vice president. The board of d.
rectors Is composed OF these officers
together with the following. II. l.,
White. Boston; s. l.. Rosenstamm New
York; w. S, Mccormick, salt Lake;
Jorge Himmghoffen, banker OF Paral,
Mexico; Lindsay II. Rogers. Of salt
Lake; Spencer w. Richardson, banker
and broker Of Boston. George c. Beck
mann, Paral, Mexico, and Williab j.
Freeman of Boston.
The company owns the Australia,
SOTO aud Porvenir claims, upon which
operations were commenced about two
and a half years ago At this time sill
yer was worth So cents an ounce, today
IL commands n cents.
VALUE OF PROPERTY.
When the property was originally
taken over. Capt Duncan MacVlchie
made report on the same in which he
claimed the profits 10 be derived from
the operation of this property would be
enormous and his claims have been
fully justified in a report recently re-
celved In the city from Frank G.. More
house, the we'll known Salt Lake min
ing man, who has been In charge of the
management since the property was
acquired by the present company.
Since work was commenced no stop
ing has been done and nothing taken
out except such as was made necessary
by the development work In the mine.
The company has built ana paid for Its
mill with capacity Of So tons a day
has done five or six miles of UNDER
ground work, put In machinery. etc,
and in July last paid It's first quarterly
dividend OF 80 cents share on the
outstanding stock There is actually
in sight today sufficient ore to guaran-
tee the payment Of dividends at this
rate for q period of five years.
RECENT REPORT.
The report of Mr. Morehohuse sets
forth that a total OF 26260 feet of de-
velopment work has actually been per-
formed In the shape of shafts, drifts
raises and wines. The vein has been
explored In the Soto property for
distance Of 1900 feet and In the Porve-
mir and Australia for 1900 feet. Up
wards OF $7,0000O0 Mexican has been
added to the property In the shape or
ore reserves in the past two and a ha-
years, and the total tonnage and gross
value OF ore reserves July first Is set
forth as S39i5 tons at a value of S.
500, 53S 39.
The ore is largely silver with some
gold, and assays running all the way
to $4,000 have been obtained, This
high grade ore is in small strenlSs,
running through the milling ore. Only
the high grade ore is being shipped
with O profit which will enable the
management % accomplish az much
as has been done on a mill with a
daily capacity of 50 tons what will
be the result when. as has now been
decided upon the capacity is increased
10 1875 tons per day and cyanide
plant added to the mines equipment
With the aid of a cyanide plant IL Is
estimated that net saving OF 90 per
cent on all ore Will be effected
LOCATION OF NINE
The property is located about So
miles from the nearest railroad point.
the ore being hauled that distance
by mule team. The company is AT
present having built heavy freight
automobile which VIII be put into
commission as soon as finished Should
1t prove success II Is possible that
mule power will be discarded in Favor
Of gaoine although Mr. Morehouse
does not express a great deal of faith
In the plan.
with q record such as this. the di-
rectors have every reason to feel
pleased with each other and them
selves, while the outlook for the fu-
ture. all points considered could hardly
be improved upon
MIR. Morehouse in one part of his
report, makes the statement that he
considers the Mexico Consolidated
mine the largest silver property In
the southern republic.