The Salt Lake tribune. [volume] (Salt Lake City, Utah) 1890-current, 1910-03-20
Credit.

The report of General Manager George
E. Gum, under date OF January l, 1910
here follows in fun.
IAN assay office and two small Of
aces for employees have been added 10
our equipment. We We have p1re9adSed p1arsIsd n,a a
and half miles southwest OF Wabuska
and adjacent TO a branch OF the south
ern Pacific railroad, which runs rom
EaZen TO Kceler and which at present
Is being extended to Barstow, Cal When
this extension Is completed we VIII nave
direct communication with Los Angeles
and the Los Angeles oil fields and VIII
then probably be enabled to purchase oil
for fuel at lower prices than We are now
obliged 10 pay. The seven Iull mining
Claims and traction owned by your com.
pany have all been patented. ELECTRICAL
power Is supplied by the Truckee Power
company with fairly satisfactory results
operations in any way We can secure
from that company any necessary addl-
tional power. % ,ooo
to January l. 1910. a total OF S09S lineal
feet OF development work has been done
as follows
Tunnels. feet ........,.,-.,..,-,-,..l ..ll2S
Drifts. feet ..s...s.s...... ..-..s.- SOUS
CrosS-cuts. feet .....p,...-....- -,,,.sz.9t
Raises, feet NEUTRALITY-SUSPICIOUS.. oio
The mine is developed by tunnels
from the surface. An average force OF
eighteen months Immediately, preceding
December /. 1909 at which latter date
rhe force was reduced to twenty men.
a branch railroad. fourteen miles long.
has recently been constructed from wa
buska To Mason. which insures transpor-
tation OF the ores from the mine 70 wa
buska, distance OF one and half miles
from the proposed location of our smelt-
"At the date of my previous report.
no ore was actually blocked out. but
81 was estimated that we had 10000 tons
of ore assaylng $50 per cent copper, we
have since been actively engaged in
blocking out the ore bodies with the re-
suit that on January l, 1910. we nave
SOC, 900 tons OF assured ore In sight as
saying from 3 per cent to per cent cop
per. OF which 10000 tons are now on the
dump and we have In addition n large
tonnage OF ore assaying from per cent
10 q per cent copper The mine at pres
ent Is in condition TO produce 800 tons
OF ore daily, and within six months can
be put In condition 10 produce 5OO tons
II recommend that the company build
smelling plant OF from oO9 TO Soo IONS ms
own and custom ores. Reports from the
Mason, Goldheld and adjacent mining
districts show that fairly large tom
tom plant These ores at present are
being sent out OF the state Tor treat
mcnt. I further recommend that 81 900
600 be raised for the purpose OF bui Id
Ing and equipping such a plant paying
the companys present Indebtedness and
providing the necessary money for the
y
The following in relation to the bond
issue VIII prove of interest to stock
holders:
Al the annual meeting the stock
holders also authorized an issue OF bonds
OF the company aggresating 81 900 600:
payable on April I. 1920, with interest at
able semi-anniaiy on the, first days OF
April and October In each year. All or
these bonds may, at the election OF the
several holders. be converted into shares
w. al
any time on OF before April l. 1915. un-
less previously redeemed. at the rate OF
fifty shares OF such stock OF the par valde
OF IS each for each $500 bond.
These bonds will he issued in denomi-
nations OF $500 each payable TO bearer,
They will be secured BY nrst mortgage
covering all the mines. property. fran
chises and water rights now owned by
the company. The company reserves the
right TO redeem any or all Of the bonds
OF notice OF redemption In one OF the
newspapers of daily circulation, published
respectively in each OF the cities OF New
once a week for three consecutive weeks,
the last publication being made at least
thirty-one days preceding the date OF
redemption specified In such notice. as
provided under the terms Of such bond
and in the mortgage securing the same;
but the holders may. nevertheless. avail
within thirty days after the last publica-
tlon Of such notice OF redemption The
Bankers Trust company OF the city oi
New York Will act as trustee for the
bondholders.
On the basis of the present outstand-
ing par value OF capital stock OF tho
company. to-wit s770,000, the right Is
hereby offered 10 each stockholder OF rec
ord at the close Of business on April 5
1910, TO subscribe for one $500 bond. al
It's face value and accrued interest, fol
each 1855 par value Of stock held by
such stockholder making the purchase
price OF each bond s5O2.5o. the sum Of
$3.50 thereof being accrued interest from
date OF bond. April /. 1910. 70 May l
1910 Payment OF the subscription price
OF so for each bond is to be mad,
10 the treasurer OF the company at q