The Salt Lake tribune. [volume] (Salt Lake City, Utah) 1890-current, 1909-04-22
BINGHAM MINES IS
OUT WITH REPORT
President Graves Gives Detailed
Account of Conditions as
Now Existing.
GOOD CASH BALANCE
TO COMPANY'S CREDIT
Better Copper Market Neces-
sary Before Extensive Opera
tons Will Be Advisable.

Local stockholders of the Bingham
Mines company have received report
issued by President James P. Graves
for the directors. dated at Boston on
April l5 The following financial state
ment, covering the period from organ
isation 10 April l5. 1909, is given:
RECEIPTS.
From capital stock ,.......... $3.50, S99 20
From interest ..,......'...,..' "'oo". .oo
-ota, ......... 1894. 852 .o5
EXPENDITURES
For reorganization and lesal -, ,,o :,
For FOR Bingham Consolidated
Mining and Smelling Co
Settlement OF claims ........, 1850 90
Coupons on bonds
Due April ]. 1908. $4,000 90
Due Oct /. 1905 o.. 2I,0?0 90
Due April /, 1909 24.lSO-o 90
Total ...... $7s,as9 90
For general cX-
pcUses-
Mine n%a Tsna@in eSsminations l.s.,.s5
Printing and mail
in reports, stock
9ii sSf',9fstes: s5S:1 sxSt6.ss ssa; 5ssi52 ssfS2
Total 49,. 49,. sla.Sss .sl-$l$e,$3,SS a$
Cash on hand S2o4.92S. .S2
Tic report follows in full;
OF th,, l5o 600 shares OF authorized
stock, 9l@6J shares have oeen issued ana
paid for. Three hundred shares have
been subscribed for OF which only par
tal payment has bccr made; -'hers arc
55.2$9 shares OF stock in the treasury;
Five hundred and eight-tw3 Sheusana
cumulative income bonds have ceen is
sued in settlement Of claims against tftc
Bingham Consolidated Mining and Smelt-
ing company, To That amounL Inese
$50. Ninety-sevcn thousand i3llars OF
1irst-mortsape bonds Of the Bingham Con-
solIdated Mining and Smelling company
have been bought and cancetle1, re'i;c-
ing tde outstanding amount TO S5O6.o0u,
which Will be still further reduced by TIE
purchase Of bonds with slOS,OcO now
available for that purpose.
During the year this company has ac-
quired title to the mines and personal
property formerly belonging TO the Bins-
ham Consolidated Mining and Smelling
company. Owing 10 the delay in OBJ
tanning possession Of the property this
company has not been in position to
operate the mines unul recently. so that
satisfactory statement OF operations
can not be issued al present. Considera
bic work has been done by the '.leasers'
IN abandoned parts OF the Dalton &
Lark mines AT a fair profit 10 this COM
pany on the lead silver ores, and prcpara
uon is now being made To operate these
mines extensively.
AS the ore OF the Commercial mine is
copper sIilph0e. no attempt has yet been
made TO operate this mine owing TO the
low price OF copper. 1t may be deemed
advisable TO operate the Commercial mine
So far 10 meet the expenses Of eX-
tending its openings preparatory to better
conditions In the copper market.
The sta tement of receipts and eXpend-
tnreS shows a cash balance OF S204, 02S 50.
OF which 100000 Will be used for the
sinking fund requirements OF the first
mortgage. thus retiring bonds in add-
tion TO those above mentioned. Further
contributions 10 the sinking fund of said
mortgage have been waived by tlie hold
erS of said bonds except in the event OF
the net earnings Of This company pro-
vidinG funds therefor