The Salt Lake tribune. [volume] (Salt Lake City, Utah) 1890-current, 1911-03-05
REPORT On The
FLORENCE. MINE
Company Closes Year Showing
Double Cash Surplus Over
the Beginning.
PLENTY OF MONEY
FOR THE DIVIDEND
Statement of Reserves Not
Stated for the Reasons
Given in Full.
SneeIaI 70 The Tribune.

SpeSlaI TO Inc ITlpuDc.
GOLDFTELD. New. March 4,-The an
nual meeting OF stockholders OF the Flor
ence Goldfed Mining company was held
last Wednesday at the company's oftces
in Goldheld. when the former officers and
directors were elected and at the di-
rectors' meeting. Immediately following, a
dividend OF 10 cents per share on the
outstanding stock was declared. amount
ing to s1ob,oOO, payable April 2. The
transfer books OF the company will re
as provided by the laws OF the state OF
South Dakota, under which the Flor,
ence company is Incorporated This Will
he the eighth dividend of like amount TO
be paid BY the Florence company and
will bring the total Disbursements Of prof
its TO the sum OF 900.
Reports for the calendar year ending
December 81, 1910. were submitted by
the president, treasurer and general su-
perintendent, and on the whole. show that
the property is In excellent condition
prepared have been OF a most satisfac-
tory character. The treasurer's report
shows that at the beginning of the year
the company had a cash balance OF Se2;
1854 while at the end OF the year this
balance had been increased to slS3.-
1868. and early in the year a dividend
of 10 cents per share was paid.
Good Cash Surplus
In the year the company's mill treated
5202I tons OF the average value Of S11.5S
per ton and at a total cost. including
taxes, OF $7.62 per ton. The total Of new
development was 1907 feet at a cost OF
S7.57 per foot. Total revenue from bull
lion and concentrates, including that
from products of December, 1909, for
which returns were received after the
closing OF accounts for the year was $3.50
1896. .63l.9s. When the forthcoming divi-
dend Is paid. April 2, the company VIII
have IN its treasury the profits from It's
operations during the three first months
money remaining after the payment from
the balance quoted above
The report of Willis Lawrence, general
superintendent describes the work ac-
complished which has included sinking
the main shaft from its former depth
OF $50 feet to the 5So-foot level and en-
way. Since this time the shaft. OF the
same size, has been sunk TO a depth Of
200 feet and is being continued 10 great
er depth with a view to eventually at
OF the ore mined has been taken out
through the Little Florence shaft. sunk by
lessees. and conveyed 10 the mill bins
over an aerial tramway, The enlarged
shaft is equipped with two automatic
skips, each OF two tons capacity. that
were especially designed and built at the
urnns and electrical bell signaling sys-
TEN. rendering 1t one OF the hest equipped
mining shafts in the state.
Work and Reserves
The Florence property has something
over 10000 feet OF shafts. wines. Inises
drifts and crosscuts, driven chiefly by
some fifty lessees, between the surface
and the 5o6-foot level In addition the
company has done over 900 feet Of
development work underground which
has resulted in showing that the lessces
had thoroughly explored all the ore
bearing area. near the company work
ings, 10 a depth of 300 feet. In only one
instance, the report says, was an ore body
The lessees and this was a ledge. now
stopped above the $50 level. 100 feet north
OF the main shaft. This has been stopped
12d feet wide and 200 feet In length and
produced about 20. 600 tons OF the ore
treated during the year,
Regarding the ore reserves OF the mine
the superintendent treats this question
exactly as the Consolidated engineers have
done. saying that II is impossible to ar
rive at an estimate of the tonnage and
value owing to the extreme irregularity
in size and outline of the ore bodies and
the distribution OF gold in them. In the
case of the Florence company he saws
the fact that the lessees have extracted
the richer portion OF the ore shoots above
the 500-foot level makes II even more dit
flcult TO attempt TO form an estimate
OF the amount OF profitable ore left in
workings above such level. Probably
enough low grade ore can still be mined
from the upper levels to keep the mill
supplied during the first few months of
the year while the downward extension OF
known ore shoots is being opened and
possibly new ore bodies developed below
this depth