The Salt Lake tribune. [volume] (Salt Lake City, Utah) 1890-current, 1910-03-11
ASSESSMENT LEVIED
ON COLUMBUS STOCK
Company Will Meet Indebted
ness and Continue De-
yelOpment Work.

At a special meeting OF the directors
OF the Columbus Consolidated Mining
company held Thursday afternoon. an
assessment OF 70 cents per share on the
stock OF the company was levied the
Same being payable on or before April
IL. the date of sale OF unpaid stock May
II. In view of the present conditions at
the mine a general tIc-up on account OF
bad roads and wrecked tramway pre-
venting the shipping OF ore. and the de-
Dleted treasury, the assessment aclloh
was considered advisable 1t was de-
cided at Thursdays meeting, also, TO
continue vigorous development work at
the mine and for the next Sixty OF
ninety days all forces will be engaged In
the ore proving work.
The proceeds of the assessment VIII
go. 1t was stated Thursday afternoon by
the management, towards paying OIL inc
company's Indebtedness. and will serve,
also, as a working capital for the contln-
uatlon OF development and prospecting
during the ensuing year. One cl thc
notes against the company comes due
next month. and to meet this some I'M
mediate action was necessary, Last year
the interest on tho companys Indebted
ness TO a local bank amounted TO over
It better business 10 assess for the pur-
pose OF paying off this cncumbrance
than TO borrow stil further.
Together with the notice OF assess
ment there Will be sent to the stock
holders of the company a statement from
Manager Jacobson covering the opera
tions and developments at the mine duI-
ing the year ending December 3l I9o2
and also a report covering the company S
financial status.
AS shown in the statement prepared
by the management, the Columbus mas
barely paid expenses during the year
There was shipped IL l92l.6 tons OF crude
ore. first-clsss having an average mois-
ture. according 10 sampler returns OF
1o.16O.2 tons dry weight. for which the
company received Sl58.56s,6!. or an
average OF $3.50 per ton. There was
also shipped 59O,3 tons OF dry weight con
centratcs, for which was received W.
52l.20, or an average value OF S2l'-o per
ton.
Development Work.
There was performed at the mine dur
ing the year some 25@I feet OF work. con-
s,sting of tunnels. drifts. crossouts.
raises, etc, most OF this work having
been done on the tunnel level. Some
work was also done on the 4OO-toot lever.
though excessive water at this point
prevented extensive operations. Most OF
the crude ore was mined between the
t0O-foot Lowell and 100 feet above the
tunnel level.
driving OF a drain tunnel for the purpose
of unwaterlng the mine, and states thdt
In his opinion such a tunnel VIII event
uslly be absolutely necessary for Proflt-
able work
Attention is also called TO the filing re-
Gently OF suit against the company; in
which IL Is alleged that the Columbus
people have unlawfully extracted ore
from adjoining ground, and the manage,
ment states that there Is no logical
ground at all for this action, and lnti-
mates that II was prompted merely by
spirit OF spite and dislike.
No Extraction.
On account Of the disabling Of the
tramway from the mine to the shipping
point by snowsldes. and the very poor
condition of the mountain roads, no ef-
fort al ore extraction viii be made for
the next ninety days at least. the man
agement intending TO devote its entire
attention to the further development OF
the company's territory. The indications
for new and large ore bodies are very
favorable it is said and the manage
ment is far from being discouraged as
10 the future.