The White Pine news. [volume] (Ely, Nev.) 1906-1910, 1909-06-19
ELY CON. ISSUES
FULL STATEMENT
STOCKHOLDERS ARE GIVEN CON
DITION OF AFFAIRS-SHOWN
WHERE THE MONEY ~ BEING
SPENT-I'REFER ASSESSMENT.

President ). N. Levy of the Ely
Consolidated Copper company has
issued 10 stockholders a statement
Of the company affairs. TO which is
added financial statement from
Treasurer Gideon Snyder These re-
ports follow in full:
Enclosed YOU viii find statement
by the secretary and treasurer, show
ing the financial status of the COM
pany May 81 1909. Assessment No
/ brought S17.534. BY comparing
the enclosed with the statement Of
September 30, 1908, you will have no
trouble in determining how this
money was expended You will note
that the following liabilities were
liquidated:
Notes payable ..,....... S243i. 90
Accounts payable ....#.... 6397.73
Options payable .. 100000
In addition TO above there was ex-
pended on account of mine develop
ment $4737. so. The general expense
account was increased s3357.09. In
explanation of the increase in this ae-
count, will say that owing 10 the nee
essity of having a register and trans
fer agent in New York for the pur-
pose OF transferring and registering
stock and collecting assessments. the
expenses on account of Office were
materially increased. The item of
s217S.53 accounts payable represents
liabilities created on account OF mine
development and patents and Is not
a part of the expenditure stated
above. The item Of u. 5. Patent ex-
penses represents an increase OF
S1276.40 This includes payments
made 10 the United States land Of
fee and surveying expenses. In this
connection will say that five of the
mining claims have gone TO final
entry for patent and thirteen more
are being pushed To the same con-
dition
Options held on number Of claims
were relinauished. q payment OF
$1,000 was made on one claim, and
there remains balance of $500 on
this option which will be exercised
when due. October 10. 1903.
In November. 1908 operations were
started ON the various claims for the
purpose of doing the annual assess
ment work for that year. On the
completion of this work. early in
March. active operations were started
in the Brilliant shaft. There was
much water In this shaft which ne
eessitated considerable work and eX-
pense to get II out. The 625-foot
level was badly eayed. and also oc-
casioned mueheNpense 10 put II IN
proper condition. Good progress Is
now being made. Recently a assure
was encountered on this level that
shows low copper values and high
percentage of iron. While the
objective point of operations Is yet
about 400 feet distant. conditions are
very favorable for the exposure OF
ore of a better grade than at early
date Work Is now being confined to
the Brilliant shaft. where between
$500 and $1,000 per month IL being
expended. II Is proposed at the later
date TO resume operations In both the
American and Zaek shafts. which are
500 and 1875 feet I'm depth. respee-
lively.
To continue the development OF
the eompanys area, the directors
placed an assessment OF cents per
share on the S76,700 shares of the
outstanding stock as per notice en-
closed. This will bring in revenue
of s26.301. and after paying the
small present liabilities mentioned
above. the balance will be available
for development of the property. Al
the present rate of expenditure, THIS
assessment will supply funds for the
eompany's needs for ten or Twelve
months. this Is assuming that no ore
OF shipping grade is developed. The
4 financial statement follows:
ASSETS
Mining property