The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1909-06-09
ELY CON. ISSUES
MONTHLY REPORT
All Kinds of News Given to the
Shareholders With Assess
ment Notice.

With the notices of the 3-cent assess
ment which were mailed to the more than
900 shareholders in the Ely Consolidated
Copper company yesterday. a goodIy pro-
portion of which are residents of Salt
Lake and Utah, is the following letter from
Presidents NJ. Levy and financial state
ment from Gideon Snyder secretary and
treasurer, showing the financial condi-
non OF the company Al the end of last
month";
Assessment No. 1 brought in sl7.5s4. BY
comparing the enclosed with the state
ment of Sept. 30, you will have no trouble
in determining how this money was ex-
pended. You will note that the follow
ing liabilities were liquidated:
Notes payable acknowledgements. g 494 90
Accounts payable .................... 6.397. %
options payable unconventional /, 600 90
In addition to the above there was ex-
pended on account Of mine development
S4,13l.60. The general expense account
was increased S3,S5709- In explanation OF
the Increase in this account, will say that,
owing to the necessity of having a reg
istrar and transfer agent in New York
for the purpose of transferring and reg
lstering stock and collecting assessment.
the expenses on account of office were
materially increased The item of s. us 80
accounts payable represents liabilities
created on account of mine developments
and patents, and is not a part of the 'ex-
penditure stated above. The asset item
OF united states patent expenses repre-
sents an increase of Sl276.40. This in
cludes payments made to the United
States land office and surveying expense.
In this connection will say that of the
mining claims have gone to final entry
Tor patent and thirteen more are being
pushed to the same condition.
Options held on a number Of claims
were rellnqUished. a payment Of 81. coo was
made on one claim and there remains
balance of $3.50 on this option, which will
be exercised when due, Oct, b. 1909.
In November, 1908, operations were start
ed on the various claims for the purpose
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
cessitated considerable work and expense
TO get 1t out. The 625-fOOt level was
badly caved, and also occasiOned much
expense to put it in proper condition.
Good progress Is now being made. Re
Gently a fisSure was encountered on this
level that shows low copper values and
a high percentage of iron. While the OBJ
jective point Of operations is yet about 400
feet distant, conditions are very favOra-
bic for the exposure of ore of a better
Drade at an early date. Work IS now be-
irg confined to the Brilliant shaft, where
between Sl.500 and $1,000 per month is
being expended. 1t is proposed at a later
date 70 resume operations in both the
American and lack shafts, which are 800
and 455 feet in depth. respectively.
To continue the development of the COM
panys area, the directors placed an as
sessment of 3 cents per share on the
S76. 200 shares of outstanding stock as per
notice enclosed. This viii bring in a
revenue of s26,30l. and after paying the
small present liabilities mentioned above,
the balance viii be available for devel-
Opment of the property. AT the present
rate of expenditure this assessment will
supply funds for the cOmpany's needs for
ten or twelve months: this is assuming
that no ore Of shipping grade is devel-
oped.
Assets.
Mining property, eighteen claims owned
by the company and under process of pat
ent; also two fractional claims and an I'M
divided One-half interest in one claim.
S10,324, 44SS2
Property options. balance of option due
on one mining claim, which option will be
Treasury stock, 123.3OO shares in treasury
at SO. 81. 233. COO
Stock discount, difference between par
and price of stock sold, 81, 365, 300.01.
Accounts receivable. sundry accounts
due the company, s7S5.6l.
Supplies and material, unused material
on hand d.178.1S.
Mine development, amount expended de-
velOping mine, S51,004-S6
Mine equipment s13,2O5.9l-
Surface improvements boarding house
and other buildings. &,772.O5.
Maintenance, repairs to machinery,
364.64
Furniture and fixtures. mine office fur
niture, S13760.
Team equipment, wagon tank, sled,
horses. wagon. harness. etc. SOS.
Organization expenses. filing articles of
incorporation. etc. S2SS5.90
United States patent expenses, survey
ing, filing papers, etc, in application for
United States patent on the mining prop
erty of the company, S2,SS1.77.
Location expenses. expenses in locating
additional mineral claims for the COM
pany, $3.50.
General expenses, office expenses. trav-
cling expense. legal expense. stamps and
stationery. secretary's salary, assessment
expe nses, registrar and transfer agents
fees interest. etc. 81, 1851.
Total, S13024, 604.SL
Liabilities.
Capital stock, 100000 shares at SO,
SIC. 000. eco
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