The Salt Lake tribune. [volume] (Salt Lake City, Utah) 1890-current, 1907-04-28
DA[Y-JUDGE READY
FOR THE ANNUAL
President Days Report Mailed
to Holders of Company's
Stock Saturday.
Mr.. DAILY INTENDS
TO RESIGN SOON
Important Meeting Is Scheduled
in Jersey City During the
Coming Month.

ItOhlIlduNS w bS hNlu hOAI way -, IL
Jersey City, N. j., a decided change is
TO be made in the official family of that
organization. Secretary and Treasurer
c. w, Lambourne was mailing notices
Of this meeting yesterday to all the
stockholders, and he stated that in the
past, at such annual reunions of the
stockholders, President and Manager j.
J. DAILY had made repeated efforts TO
be relieved from the duties attending
such offices. but this time he will insist
that others be placed in charge. This
step on the part of Mr. DAILY is neces-
sary owing to the condition OF his
health and it goes without saying that
he will rclinguish his charge of this
company, which has been brought to it's
present condition of efficiency through
him and his capable licutenants, with
much regret.
Mcssrs. DAILY and Lambourne paid a
visit to the mine at Park City on Fri
day, and when seen by The Tribune
Yesterday Mr.. Lambourne stated that
the annual report Of the company, just
being mailed, would give the best idea
of the present condition of the mIne
along with the statement that is be-
ing sent out over the signature Of Mr..
DAILY. This statement sets out that in
asmuch as considerable time necessarily
had elapsed since the time Of the mat
ters dealt with in the annual report,
Mr., Daily deemed it advisable 10 add
the following interesting matter:
AS ! learn since my return from n
several months absence, tho ore bodies
on the 1500-foot level have become
somewhat impoverished, and they are
not now producing the amount of ship,
ping ore that they did in the earlier
stages of development. This fact, to-
getber with the shutting down of tho
zinc plant 10 which we sold our zinc
product, has reduced our earnings per
ceptibly. The latter, however, is only
temporary, as other arrangements are
now being made for the sale Of that
product. In other parts of the mine
visited | found substantial improve
ments, notably in the McSorley stope,
where the ore bodies still continue TO
improve, which insures an increased
tonnage for the mill. Preparations for
the handling and treatment are now un-
der way. Taken in its entirety. the
mime is looking exceedingly WELL and
the year promises to be Il most success.
full one in this, the carly stages of its
career.
The annual report Of President DAILY,
now being placed in the hands of the
stockholders, deals with the affairs of
the company from January |. 1906. TO
january l, 1907, and in part is as fol
lows:
" 1t is with sense of satisfaction
that ! submit to the shareholders of
this company brief resume Of the past
hscal years operations. In the re-
port of the secretary the best illus
tration of what has been accomplished
rs found, The metal markets have
been favorable and the contracts un.
der which the various products of mine
and mil arc disposed Of have proven
satisfactory 10 The management and
advantageous TO the company. At the
beginning OF the year the company had
an Indebtedness of $230,976.6S, rcpre-
scnted in 100000 worth of outstanding
bonds and an overdraft at the bank Of
So .916.6s. Though it was well along
IN the year before the mill was brought
up to the required working capacity. n
VIII be seen from the financial exhibit
that me year closed with all indebted
ness discharged and a cash balance in
the treasury Of $269, 9,03s37. The net
earnings OF the year was $500, .05, or
Oh per cent of the gross earnings
During the year 63 ,322 tons of orc
were mined. OF this 1901 was Of a
shipping grade, being ono to every 1856
tons of second.class or milling ore. The
amount OF crude ore treated in the mill
was DS,s1o tons, which was reduced
to 963S tons of lead concentrates and
$3.50 tons of iron and zinc middljnqs,
showing one ton of concentrates pro.
duced from each 30 tons of crude orc
! ne average amount of ore treated nor |
day has been l65 tons the results oh
tanned IN the way of recovery and yaluc
of product being very satisfactory.
during the year approximately 1000
rect OF development work has been
done, which consists of 1900 feet of
drifts, $40 feet of raises and a 60.foot
wlnze. rms rs exclusive of the pros
RectIng. work done in the ore bodies.
The drifting was done mostly on tho
l9Ootoot level, and two raises were mi
up from that level 10 connect with fbo
l4OO. In doing this work some fine
ore bodies were encountered, rotably
one on the 1900 level, where a strona
shoot was opened showing a width
OF from ten TO thirty feet BY $50 feet
from zinc, but high in iron, maxine il
a very desirable ore for the smeltcrs as
well as for concentration A GOOD mart
OF the crude ore shipped during the wear
came from this stope, and as there are
ore bodies very similar in character
opened on the 1900 and l100foot lev
els directly above we cen reasonably ex-
tween these levels.
In the McSorlcy drift Just above the
l2OO.foot level, the ore bodies have
greatly improved in both quality and
quantity AS the work advances westerly
toward Bonanza Flat The orc bodv
in the face of the stope now measures
fully fifty feet, the greater part OF
which is Of milling grade, but out of
which quite a tonnage of shipping ore
is sorted. This ore shoot is opened in
places for several hundred feet south.
west from the point where it is now
beng mined, and as the ore has varied
from 10 TO % feet In width and from
30 to 80 feet in height, it can readily
be seen that this shoot of ore will af
ford stoping ground for a long time 10
come. The ore bodies on the Zoo level
are producing orc Of an excellent quai-
ity, as are those on the 1900 level. |