The Salt Lake tribune. [volume] (Salt Lake City, Utah) 1890-current, 1914-01-10
DAILY WEST MINE IN
EXCELLENT SHAPE
Insurance Will Restore Dam
age; Loss of Time Chief
Misfortune.

In statement just issued TO the
stockholders the management Of th'
Daly West mine at Park City says suf
ficient insurance was carried on tho
buildings and machinery of the hoist
and mill burned recently to practical
ly rebuild and restore the damage. Sc
that the loss of time before reconstruc
iion can be accomplished is the chief
misfortune so far as the company is
concerned.
In the closing months of 1919 ship
ments of crude ore were made in in
creasing tonnage, with large bodies of
This class of ore in sight, while the
mill was doing excellent work on one
of a better grade than earlier in the
year This letter had been prepared
before the fire, but was then withheld
until yesterday.
The statement follows:
TO the Stockholders OF the Daily West
Mining Company:
The board OF directors and manage
ment OF your property, realizing that you
are entitled TO as full Information as can
he furnished at this time OF the existing
conditions in your enterprise represented
by your holdings can only give you
demonstrated facts without going into
precise details which win be furnished
in the forthcoming annual report, which
Will be compiled and mailed 10 each
shareholder as soon as the details OF ac-
con;plishment for the year can be avail
able and put In form.
Several reasons can be stated for pass
ing dividends since last January. AS
shown by our last annual report. the
treasury Ind been drawn upon IN a con-
iional mining ground and interests con-
tisuous 10 our territory. which were
valuable holdings. In excess OF their cost.
besides. by their purchase avoiding. prob
able expensive annoyances from hostile
neighbors. But this has been finally
closed up and titles secured at ag-
greGate cost of $13s,271.I6
Early In the year crude u, ore, orc having
though the milling product continued In
large bodies. values deprecated in all the
metal contents. making II necessary to
treat greater number OF tons at in
creased expense In order 10 produce
standard profitab BILE concentrates
For the past four months the metal
values in both classes OF ore have shown
and continue to contain Increased values.
Shipments Of crude ore have been made
in Increasing tonnage. with large bodies
o! this class OF ore insight, assuring con-
tinuing shipments at least for months.
The mill Is treating the milling product.
turning out hieh-Srade concentrates from
much less tonnage.
During tho year extensive prospecting
work mas Dcen done. Win results IN oN-
posurcs OF new bodies OF ore which Is en-
coura EInS.
The treasury is being built up show
ing earnings each month. clear OF any In
jebtednes, with comfortable balance OF
cash.
At present lower prices OF the metals
In the market curtail earnings appre-
.iaoly. but no sufficient reason appears
why these depressed prices should con-
iinue. Anticipated expansion OF business
by reason OF recent currency legislation
should stimulate demand for our metal
product. At all events. better results can
he reasonably anticipated the coming
year,
On the morning of December 2s. 1919, !
after the prepa ration OF the foregoing let
ter and befor mailing, the main mill and
hoist OF the DAILY West Mining company
were destroyed by fire, which necessitates
n reconstruction and reinstatement OF both |
tho mill and hoist.
Fortunately sufficient insurance was
carried by the company on buildings and |
To practically rebuild and re-
store the damage. that the loss OF |
time by delay OF reconstruction is the |
greater misfortune. as no personal Injury |
was sustained By any employee
Respectfully submitted.
II. 9. MCMILLAN,
General Manager