The Salt Lake tribune. [volume] (Salt Lake City, Utah) 1890-current, 1909-06-23
MEXICO CON. HAS
MADE BIG ADVANCE
President StallfOrth Issues His
Report, Which Shows an
Improved Condition.
AMOUNT OF THE DEBT
HAS BEEN CUT DOWN
Dividends Predicted Early in
the Coming Year by Head
of Company.

The Boston Financial News contains
the following account of the Mexico
Consolidated company, in which mum,
erons Salt Lake investors arc inter.
ested;
President Stallforth makes the follow
ing report on the Mexico Consolidated
Mining & Smelling company:
Inc Indebtedness TO various creditors
IN Mexico and the United States was
approximately $3.50 900 when | assumed
control, Tho operating machinery was
almost valueless, and the VEINS of ore
seemed TO have been lost, and most of
the actual mining work that was being
done was merely prospecting IN en-
deayors 10 locate new bodies Of ore. to
lind the continuation OF the lost vclns.
The total liabilities today arc $2l0..
600, which is all owed TO p. Stallforth
d Bro, This sum represents the cost
OF new construction and outstanding
notes of about $4,000. The number of
levels of the mine which had all been
cavcd in have been rctimbered and
the eighth level large body Of
high grade ore of an approximate net
value of 100000 has been discovered.
This is after the cost of milling,
Mr.. Weiscl reports that there is in
sight sufficient ore, the sale of which
ought to result in paving all the com
pany's debts before January /. 1910,
and Il dividend is in sight early next
year The following statement shows
everything that has been done and in
cludes all the money which r. Stall
forth & Bro. have advanccd
Ore Reserves.
High grade ore .......... l,I50 tons
Mill ore ...,...,.,........63, $500 tons
Ore on dump ............. $500 tons
Australian ore ........... 30 900 ions
Total .9o,050 tons
The mine on June ! showed a net
gain of S47S,925 over its value on Jan
uary !, 1909. The net reserve on Jan
nary ! was $272,3S7; today il is SS51,-
5l2, which is represented by the ore
in sight and blocked out at conserva-
tive values. Since December |, there
has been mined and milled $40 tons
of high grade orc and f2l3 tons Of mill
ore. From this ore has been realized
$l04, ,333, and from custom ore VIC have
received $50 800, or a total of $751;
G32.
By the use of proper mining methods
the cost of operations have been re-
duced from $l2.25 to S725 per ton. AT
the time ] left the mine the Soto and
Porvenir mines were in first class con
dition, and I can honestly say that few
mines in Mexico can compare as favor
ably in respect to equipment and gen.
eral condition, and when at the end
of five months the mill is completed
it will compare favorably with any
other mill in Mexico.
At the annual meeting held Wcdncs-
day, the following directors were
elected: Frederick Stalforth, Albert
Stallforth, John c. Fairchid, Spencer
w, Richardson, Samuel Rosentaum. Am
brose /. Harrison, William j. Riley, J.
r, Schcrmcrhorn, #. Elicit Hodgskin,
Joseph r. Walsh and w S. Mccormick.
The directors organized by electing the
following officers: Frederick Stall
forth. president; John G. Fairchild, vice
president; Frederick Larsen, treasurer;
W. j. Freeman, secretary.