Deseret evening news. [volume] (Great Salt Lake City [Utah]) 1867-1920, 1908-02-11
FINANCES OF
COLUMBUS CON.
Statement from President Jacob
son Now in Hands of
Shareholders.
SHOWS RED INK BALANCE.
The Dividends Paid During 1907
OGiclal Submits Some
Recommendations.

The annual report OF President Tony
Jacobson Of the Columbus CONSOLIDATE
ed Mining company has boon sent
through the mails to shareholders. and
shows that during the year ending Dec.
81 last, the receipts of the corporation
amounted TO total Of SiO6, 7S9SS, from
all sources. From the sale of concen-
trate, ss975O.4o was obtained; first class
one. $25S,759.0i; carbonate ore, $599.9s;
leasers' ore $97S.66; refund on ore haul
ing. $1,000; clearinghouse, S99,6sf9S;
hospital dues. $l,979: sale of power. S..
30S.43; sale Of supplies, s6,666.7O ac-
counts receivable, s1O,S2945: blacksmith
work. 1920; insurance refund. s272,75;
rents, $3.50; telephone tolls, 50;
stock certificates. S346.S0, etc. The COM
pany had on hand at the beginning of
1907 a cash balance of $145,S9i99, which
added to the receipts of the year gave
q total of $552, 6S4.S7. The disbursements,
including dividends to the amount of
S2l2 623.5O footed up to 1852, 526.0S, leav-
ing balance on the red ink side of 3d.
Sn.2l. A total OF SIS 06674 was paid
out for labor; $i0.17s.7S for ore haulage:
sSS,72i for supplies for the mine and
lnills SD,J4S.I- IOI mil improvements
SlI. 1882 on train tunnel: 81, 80 for
engineering expense; $9,63g.73 for min
ing machinery and equipment; $,3S942
for general expense; S5,1l2N for insur-
ance and taxes, etc.
President Jacobson closes by making
the following recommendations;
II would suggest, owing to the low
metal market. that we stop production
of ore altogether, with the exception of
he "a g1ap "a h,a lxrp in
the way OF development until the metal
market Is improved,
During that time I would advice
running the drift along the Braine
tissure from our 400-foot level at No
shaft over and under No. shaft. This
would tap No. 8 shaft 300 feet below
its present level, and would develop
great ore reserve at this point, The
distance to run in this drift would be
between ZOO and 500 feet and could be
completed within four months. at
cost not TO exceed $1,000. We could
also drift from our No. 5 shaft back
under the old Rowland stope, where
there is an immense body of low grade
ore which could be tapped at 800 feet
additional depth This development. in
my mind, would prove up wonderfully
at small expense, and 1t would be
much better 10 do this work than to
sink a new shaft to replace the one
we now call No. 5, and could be done
much quicker and more satisfactorily
we also should do considerable
drifting and cross-cutting at our 400
foot level to catch the ere on this point
wher 1t has faulted and undoubtedly
still exists. / would also suggest that
we continue our Gareld winze down 200
feet more, and from that point drift out
under the creek where there is no doubt
large ore bodies, as indicated by sur
face showlngs.
Another important point Is to con-
tinue our drain tunnel, which has al
ready been started and which will take
5000 feet of tunneling to get into our
ground where 1t will do any good and
at that point It would not only an
swer as natural drainage. but would
give the company a chance to develop
q great portion Of its territory which
cannot be developed otherwise. This
] have outlined win un-
doubtedly prove to be of great advan-
tago TO the company and very profit
able, and as the metal markets are
very low now Is an opportune time
TO do this work
Il will also state for the benefit of
the stockholders as to the rumor OF
consolidation of the Columbus Consol-
dated with other mining companies
there is absolutely nothing In ID, as a
of that kind has never been
put to me by any one, or even sug-
gested. / Will also state that / think
the Columbus Consolidated has suffi-
Gent territory 70 develop for several
years 10 come. and there Is no reason
why consolidate Thould be made"