Deseret evening news. [volume] (Great Salt Lake City [Utah]) 1867-1920, 1908-05-12
"UncIe" Jesse Makes Good His
Promise to Make Monthly
Progress Reports.
HOW FINANCES STAND NOW.
Mountain Lake Has Fine Treasury
Balance-Colorado in Debt
--Tintic SmcIter.

The directors of the companies
controlled by Jesse knight held their
regular monthly board meetings In
Provo yesterday. as stated in the
News" some days ago, and hereafter
It will be the policy of Mr. knight to
publish each month the financial
condition of his companies, and also
such other items as may be OF interest
and value to the stockholders.
At the Uintah Treasure Hill at
Park city, work was commenced last
Monday, j. William knight who is
now general manager of this pro-
perty as well as the Mountain Lake
and Mineral Flat companies, VIII
visit the property within a day or
two. and it is the intention of the
company to push development work as
fast as can be done to advantage. The
company has $500 shares of stock in
its treasury and cash balance oil
$2.756.5S.
At the Mineral Flat property in Am
erjcan Fork canyon, the tunnel which
was commenced last fall, is stlll being
pushed. This company has In It's
treasury s1,711 and 1S4.625 shares
OF treasury stock.
At the Mountain Lake, the work Of
puSnlnS the tunnel IL hplhS pi huptt
as usual This company has now in
its treasury 136,435 shares of stock
and a cash balance Of s23.552.S4.
w Lester Mangum rendered his
resignation as general manager of the
Black Jack Consolidated Mining COM
pany and Jesse Knight VIII succeed
him. Mr.. Mangum's time Will be de-
voted to the management of the TIN
tic smelter and the Eureka Hill rail-
road. The Black Jack is indebted in
the sum of sS22.64. This company
has decided to take up the option on
the one-half interest in the Silver
Spar group of claims and to issue its
note drawing six per cent interest on
the same in the sum of $4,000.
The new shaft in the Beck Tunnel Is
now down about $50 feet with good
indications of finding ore. This COM
pany is in debt s6,049.97. The Eureka
Hill railroad is being extended from
the Colorado mine to the new SMART
of this company and will be completed
in about 80 days.
The Colorado has now bills payable
to the amount of S16,2Sl.05. This In
debtedness has been incurred by the
installation of the electric machinery
and power for use at its own hoist,
and 1t has been thought while INSTALL
ing this machinery profitable 10 In
crease the capacity and thus enable
the company to furnish air for adjoin-
ing properties which will be an econ
omical undertaking for the company.
AT the Crown Point shaft, drifting
east has been commenced for the pur-
pose of cutting some surface groupings
which look very good. This company
has in its treasury sl4 1897 and 122,900
shares of treasury stock.
The shaft in the Iron Blossom is
down about 500 feet with encouraging
prospects there as well as in two or
three other places in the property. In
it's treasury there are l67, 900 shares of
stock and its bills payable amount to
SO, 3S5.43. Tho secretary has been au-
thorlzed to sell enough OF It's treasury
stock to pay these bills.
The financial condition of the hex is
as follows: Cash on hand, S9,S4217;
treasury stock 255,550 shares.
The financial condition of the Indian
Queen is as follows: Cash on hand,
Sl513s.7s treasury stock unsold, 100000
shares.
The East Tintic Consolidated Min
ing Co. has cash balance of S2,79933
ana 1853 09O shares of treasury stock.
The Seven Troughs Mining company
has in it's treasury 100000 shares OF
stock and owes S4793.s7. Manager
Friedman reports that ore which will
net probably $50 600 is now en- route TO
the Selby smelter Vallejo. California.
The Tintic Smelling company's plant
is being pushed to completion with all
possible haste and its blowing In Is
looked for about June 1. Up to date
! slS5. 925 Of the capital stock has been
| paid for and ii is being taken up as
| fast as funds are required for the pay
ment of material, and II Is now esti-
| mated that the plant when completed
| viii cost at least $4,000
The Eureka Hill railroad has Just re-
! ceived 70-ton Shay locomotive and
has placed an order for a number of
steel cars and is now in shape 10 do
| business as soon az the smelter is ready
10 receive the ores which viii be hauled
| over this road. The railroad and all OF
! its equipment is now fully paid for.
Now that Mr.. knight has made a
move which viii be highly appreciated
| by tho investing public. 1t is In line for
| other mining companies 10 adopt like
policy of publicity. the effect OF which
! will tend to protect the public from be-
coming the victim of stock jobbing
| practices.
DEPRESSION IN SILVER