The Salt Lake tribune. [volume] (Salt Lake City, Utah) 1890-current, 1909-06-09
ELY CON. ISSUES
FULL STATEMENT
Stockholders Are Given Exact
Condition of Affairs by
the Officials.
ARE SHOWN WHERE THE
MONEY IS BEING SPENT
Company Prefers the Assess
ment Route in Place of Sacri-
ficing Treasury Stock.

President S. NJ. Levy of the Ely Con
solidated Copper company has issued to
stock holders statement of the com
pany's affairs, TO which is added a
financial statement from Treasurer
Gideon Snyder. These reports follow
in full,
Enclosed YOU VIII find statement by the
secretary and treasurer, showing .le
financial status of the company MAY 81
1909. Assessment No / brought IN Sl.'-
53i. BY comparing the enclosed Win ni tnn
statement of September 80. 1909, YOU WI VII
have no trouble I'm determining how thIS
money was expended. You Will note thsl
the following liabilities were l!quidateu'
Notes payable ...s.,..,.,....s.'''S. So w w
Accounts payable ................- boz! 80
options payable ........,.r..''''. loVV'''
In addition to the above there was
expended on account of mine develop
ment $i137 60, The general expense ac-
count was increased S325i.09. In eNplh p
nation Of the increase in TINS account:
Will say that owing 60 the necessary or
having n registrar and transfer agent ~
New York for the purpose OF transferring
and registering stock and collecting as
sessmcnt, the expenses on account OF OF :
flee were materially increased The item
of $2lIS.53 accounts poyaole represents
liabilities created on account OF nlhc uc-
velopmcnt and patents ana Is not Il pSft
OF the expenditure stated above. IHe
resents an increase OF Si@1b 10. MS in :
cludes payments made To the In'lsu
States land Office and surveying eN :
pensc. In this connection VIII say that
I'VE of The mining claims have gone 10
final entry for patent ana thirteen more
are being pushed 10 the same cond,tioh-
were ''p..ii r@iinanished; payment Of $1,000
was made on one claim. and there re-
mains n balance Of $500 on this option
which will be exercised when due, Octo-
Der 13. 1909.
In November. 1908 operations We're
started on the various claims for the pur-
pose OF doing the annual assessment work
for that year. On tho completion OF this
work. early in March active operations
were started in the Brilliant shaft; There
was much water in this shaft. which ne
cessitated considerable work and expense
10 get IL out The 625-f foot level was
badly caved and also occastoncd much
expense TO put it in proper condition
Good progress is now being made. Re
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 tav-
ora BILE for the exposure of ore of oet-
ter grade at an carly date, Work is now
being confined 10 the Brilliant shaft
where between $i5O0 and $4,000 per month
is being expended. II is proposed at
later date TO resume operations in bots
the American and ZacE shafts, which are
500 and i35 feet In depth. respectively,
To continue the development Of the
company's area, the directors placed an
assessment OF cents per share on the
SI6 700 shares Of the outstanding stock.
as per notice enclosed This will bring in
= revenue OF S26. 30l. and after paying
the small present liabilities mentioned
above the balance will he available for
development OF the property At the
present rate OF expenditure. this assess
ment Will supply funds for the company, s
needs for ten or twelve months: this is
assuming that no ore OF shipping grade
is developed. The financial statement
follows: