The Salt Lake tribune. [volume] (Salt Lake City, Utah) 1890-current, 1911-11-21
FULL REPORTS OF
PARK CITY MINE
Thompson-Quincy Officials
Have Given Details of Com
pany and Property.
REWARD NEAR AT HAND
Exchanges of New Stock for
Old Explained Very
Completely.
REWARD NEAR AT HAND

CoiiiIlStSiD.
Stockholders of the Thompson Quincy
Consolidated company arc In receipt %
the annual reports OF this organization
following the recent annual session neld
iu This city. This series OF reports VIII
be OF great general interest for these
properties long have been idle owing To
the water troubles. the solution or wlich
admitted OF recent development rasunp-
lion at depth. The report OF President
Frank J. HaGcnharth follows.
After many years fruitless effort the
much desired consolidation OF the West
quincy and Thompson Mining companies
was finally effected and the new organ
izatiou. which took over the ownership
of the property owned by both the old
companies. and known as the Ihompson
Quincy Mining company. was perfected
during the present yeSr. In exchange
for 200. 600 shares out OF r total authorized
ISSUE of I.25o,ooo shares. perpetual case
mems were secured from the DAILY, DAILY
West and Ontario Mining companies,
which secure 10 us perpetual drainage
rights -of-way and other valuable priVi-
lsgcs.f
Work Started in May.
In the month of May active work was
begun on tho companvs own ground,
through q contract with the Doly-West
Mining company. Under n very favorable
arrangement the Daly-Wcst Mining com
nany began {" drive crosscut tunnel on
the Daly-West I200-f level in 4 south
westerly direction toward the old j. ] c.
or West Quincy shaft. This tunnel has
been driven about zoo feet In the COM
pauv ground. and Is ABOUT 1000 feet AT
the face from the DalyWest shaft. The
cost Of this work TO this company up 10
October II WAS Ss4li.59. for which we have
executed our note bearing per cent in
terest. payable TO the DalyWest Min
ing company. Monthly payrolls are now
about $1,000; and air poWdcr. fuse and an
other supplies amounting 10 about 5000
additional.
Your president after proper consulta-
ton and advice. thought il advisable
10 continue the crosscut tunnel on
straight course Southwesterly from
point underneath the collar OF the ]. /. c.
or West Quincy shaft. rather than 10
turn southcrly and running parallel with
tho 40 level from which drilling opera
tious were conducted. The principal rea
son for this action being that after
reaching point vertically beneath the
bottom Of the drill hole from the old
40 level. that we would have a raise
Of 3l5 fcet TO the contact. \ raise for
this distance would involve the instala
ton OF power for the hoistlng OF tim
bers. men and supplies, etc, and bad air
would be an inevitable result On the
earlier We will catch the contact on its
dip and shorter raise 70 the vein viii
result
Cut Strong Fissure.
At point about 100 feet southwestcrly
from the J. l. G. or West Quincy rs
VIC nave encountered a very strong MS
sure. with course approximately south
co degrees west and dipping about 60.
degrees TO the north. Your president has
directed that. beginning November l.
work viii be discontinued on our cross
cut tunnel and drifting taken up west
erly along the course OF tine assure, II
is calculated that between 400 and 500
feet In this course viii bring us TO the
contact between the Ontario quartZite
and Park City limestone. which courses
northeast and southwest at an average
.rfF i. ctx1,.T
Nc. within the next 200 or 500 feet along
this fssure. discover suitable evidences
OF naturalization We VIII select such a
point from which 10 raise TO the con-
tact which viii be within easy reach
AZ that time. Once on the contact we
Will drift along It's course. seeking for
the orc deposits OF which II Is the par.
cnt. as demonstrated by the history Of
mining in the Park CITY district. We
may expect some interesting develop
ments shortly after the opening OF the
-''The Daly West 1900 level Is prac-
tically our 100 level, as the elevation
of the collar OF the j. l. {. or West
Quincy shaft is AS feet higher than that
OF the Daily West.
In conclusion. We have to report that
an agreement has been reached with the
holders OF certain outstanding interests
IN the old West Quincy Mining COM
nany whereby deeds 20 these interests
VIII be delivered 10 the Thompson Quincy
company in exchange for shares OF treas
during the year"
Report of Secretary.
Tho following extracts from the report
o. Secretary Arthur J.. Thomas contain
details OF tho company:
The articles provided for 1,250.0O0
shares of capital stock OF the par value
OF ri each; 69ii3o shares were sub
scribcd for by the incorporators, leay-
inE 6e5.0i0 shares IN the treasury OF the
corporation. OF the s2I,f9O shares sub
la1 fs,V elaa
In tic name OF ". K. Hutchinson, as
trustee for the West Quincy Mining
company shareholders. and SOS 500 shares
in tho name OF Arthur /. Thomas as
trustee. for tho Thompson Mining COM
pany shareholders. OF tho 2S5. $40 shares
Tor tho West Quincy shareholders 23I,
80 have been issued. leaving In the
name oi the trustee $3.50 shares OF
INC aaS,s0o shares for the Thompson
Mining company shareholders. 2gs. 1873
havo been issued leaving i2.ie9 shares
In the name of the trustee.
or the treasury stock. 20O.0 900 shares
Ecrc Issued TO tho Ontario Silver Mining
company. Daily Mining company and Daly
West Mining company. In fun payment
ot the easements granted To tho Thomp-
ron Quincy Consolidated Mining com
pany. "a ret forth in tho agreement. duIy
entered into between tho companies IN
the following proportions. and referred
10 IN the report OF tho president of the
'""'pahS- Shares
ontario silver Mining company 80. 600
Paiy MlninS company .............15.0 900
baiY NcSt Mining company. ...... 20 900
Leaving total OF 495.5lo shares in the
treasury OF tho company.
Progress OF Work.
~ M.y. 1911, active work was begun
extending the drift or tunnel. which runs
from the I.o0-foot station OF the Dsi~
West shaft The Daly West con,nany
- iiH "Hn expense had run the drifl or
tunnel 10 the intersection of the DsIv
Ncst and thompson Quincy lines. and
thompson Quincy COMPANY and has
bcem continued until The present iine.
INC proSrcss or the work during the
months was as follows: '"'
Nav. 1911 ..... aq T..
juno. 1911 .......... 60 -.
July. 1911 .t.......'' ro5 e..
August. 1911 ...........i 10 60,
september 1911 ...... AZ 80.
October. 1911 ..............1S5o fcst