The Salt Lake herald-Republican. [volume] (Salt Lake City, Utah) 1909-1918, 1910-10-02
RAY CON. MAKES
ANNUAL REPORT
Directors Re- elected at Meet
ing-MiII Starts in Febru-
ary-TotaI Development.

oil lUtdl UcVclUpiliCIit.
The directors of the Ray Consolidated
Copper company were all reelected at
the annual meeting recently held at
Portland, Me. An amendment was
changed TO make the fiscal year
coincide with the calendar year. This
fixes the annual meeting on the third
Friday in April, and will make the next
annual report cover a period of eight
cen months. This will be somewhat
broken up. as semi-annual reports are
20 be issued.
Owing TO the decision to enlarge the
concentration from a daily capacity OF
5000 tons TO 5000 tons, the original
plans OF the Ray Consolidated Copper
company management to start its mill
on January ], 1911, have been some
what altered. and the month of Feb
ruary is now named by General Man
ager ID. c. Jackling as the probable
time for commencing production The
total area developed and partially de-
veloped on Ray and ella ground on
that date was 176 acres.
Exchange of Shares.
President Sherwood Aldrich says in
the annual report of the company is
sued yesterday: Under offer TO eX-
change one share of Ray for three
shares of ella Copper company stock
over 81 per cent OF the latter was
acquired.
critics has been brought up TO some
thing over 59.000,000 tons, and the
acquisition of practically all the out
standing stock of the ella Copper COM
pany adds in excess of Is 900 600 tons,
or a total of more than 100000 tons.
'The management felt that the great
tonnage developed in the Ray proper
ties. with the additional tonnage Sc
cured through the acquisition OF the
ella properties. made it imperative that
the capacity of the concentrating mill
and smelter should be substantially in
creased. As a result, the mill as now
planned, is expected 10 treat at least
5000 tons daily. when in full operation,
and the smelter will have ample ca
pacity TO handle the resulting concen-
trates, which should give an annual
output well in excess Of SO.OOO,OOO
pounds of refined copper
AN exceedingly favorable contract
has been entered into with the PhOe-
nix & Eastern Railroad company for
Kelvin. the terminus of our own Ray
Kelvin railroad over their tracks TO
Hayden Junction, and from thence over
our own tracks TO the ore bins at the
mill.
"All of the company's outstanding
bonds have either been converted or
were paid on July l"
Much More Ground.
d. c. lacking. general manager,
brings his report up 10 September 1.
The last annual report placed de-
velcped ore at 3S,000.0OO tons. During
most of 1909 II churn drills were OPP
Grated, but shortly after the beginning
of 1910 the number was reduced, and
now but five drills are in operation
Developed and partially developed ore
on Ray ground up to September l was
$4,000 tons. averaging % per cent
copper. Through acquisition of the
ella Copper company l5,9S9,OGO tons
of 2.04 per cent copper ore was added
10 IN q m
critics 70 096,0 900 tons of Eli per cent
ore. OF this tonnage 64,Sl7.00O tons OF
the average grade stated is developed,
and 1929, 600 tons partially developed.
There are on both properties about 400
acres Of promising ground yet 10 be
prospected.
Thick Ore Body.
"On Ray ground there are 264 drill
holes, and on ella 20, making A total
OF 334: on both properties 141,194 feet
of drilling was done. Average thick
ness OF Ray ore is lis feet and aver
age thickness of Gaping 24O feet; cor
responding measurements on ella
ground are III and 315 feet, respective
". With but five drills. there was
added 10 development during August
$4,000 tons: drilling operations will
be still further reduced The developed
ore bodies are known as the eastern
and western. the former containing "a
acres of both Ray and ella ground,
and the latter 81 acres. The western
ore DOQy is considerably thicker IMAM
the eastern. and contains about $4,000
900 tons. or so per cent of the total.
Two Main shafts.
''The property will be worked from
two main shafts, No. l serving the
eastern ore body. and No. the west
ern ore body, although these ore bodies
will be connected under ground. In
addition to the two main WORKING
shafts through which all the ore viii
be hoisted there are six other shafts
extending TO main levels for ventilat-
in" and other purposes.
Total underground work amounts
to 44.753 feet. divided as follows:
Drifts. SO. 800: raises. 6t4O. and shafts.
2,313 Approximately 81 per cent of
developed ore bodies viii be hOisted
less than 300 feet. For some years the
largest portion of the tonnage wiz
come from the surface at No. I shaft.
There are about $4,000 tons of ore on
the stock pile all from the eastern ore
body and this should be increased to
10000 tons by the time the mill is
ready for operation"
Treasurer's Statement.
Ray Consolidated treasurer's state
ment of assets and liabilities as of
June 80 follows:
Assets.
Property -..-..---.....---- 80, 500
Cash ......... ...... 2.234 235
Outside investments .......- s4.52s
Accounts receivable. ...-.... 20,S3S
m