Show UNION CHIEF CO I REPORT FOR 1918 GIVES DEI DETAILS AILS AILS' Sh Shows TS Per Pcr Foot Expense Ex Ex- Ex- Ex pense Total Receipts Is Stockholders of or the Union 1 Chief Mining Min Mm- ing company compan are in receipt of ot tho the an annual annual nit nit- nual report of or President G. G J. J L. L which shows hows receipts of ot Hn during tho year ear with on In indebted indebtedness ness and other expenditures of or 7 while the entire debts are arc now flOSs reduced re FO re- re to The rhe presidents president's statement state state- 7 mont ment follows The Indebtedness IHs IH's at this tune time amounts t to 3 whereas a year I CI ago the thc Indebtedness was 7 Jn In order to lo IH pay laY off tho the present Indebtedness Indebted Indebted- i nf ness g and also to provide pro funds with I which to LO continue continuo development dc your 11 0 directors have o levied lcd a 1 cent assess assess- ment During the thc past year SOC SOG feet of dc- dc e- e I work worle has lias been dono at a l cos cost of ur 1101 pot por oot Thin Thill cost Is I somewhat hl high h In comparison on t to tU previous previous previous pre pre- I cost coat but when we tako take Into account the tho advanced costs for labor I supplies and electric power I feel Ceel sure suro that your OUr property Is Iii showing a cost I I equal to an any other property in the country While I have not been devoting devot ot I In ing all nil of or m my attention to th develop development ment of ot your property considerable dC 1 of or orm m my timo has been taken up supervising jug ing inthe the tho work and for tor which I am not receiving any an remuneration neither have h I of received an any since January Januar last year rear Most ost of oC our work during the past year ear has been in drifting from Crom the tho lower low low- er or levels and while no bod body of ot ore has been exposed I 1 feel Ceel satisfied that theore the oro ore body will vIlI yet et bo be found either olther on I the level lovel where drifting Is now being done dono or at further depth Tho The present I drift should hould reach Its objective point Inside of oC another feet and In case caso I tho the ore Is not found then sinking Kinking will wIlt again be resumed as there is every ery Indication that the he ore are bodies will be bc found at depth During the tho past last two II months wb vi have e saved from four COllI to five tons of oro ore carrying high values In silver and lead and all stringers eri from front which this ore was taken alcoa Is going down strong There is ever every indication that thal eventually eventually even even- luaU your O property will be a producer i I and while 1 I am probably the largest i stockholder In your our company compall I J will vili I cheerfully continue to lo 11 pay m my assessments assess assess- merits ments and I 1 advise all alt other stockholders stockholders stock stock- holders to lo do likewise as ever every Interested Inter inter- ested party part can rest assur assured d that the tho mone money mone he is putting up tip is all going Into Inlo development o of the property and Is not hot I being squandered for or unnecessary cx- cx Tho The following lollo Is the financial statement state te mont ment of receipts and disbursements for tor forthe forthe the year car I Cash Cah on hand January 1 InS 1018 92 Ass Assessment No o. o t 6 Directors Directors' loans 19 60 Bank loans OoOO Total 1 Payment of indebtedness edness January r 1 I. I 1913 1918 7 Operating lOiS 1 I Labor J. j. j Supplies I I Powder fuse Cuse lisa cups caps Electric power Interest Printing Stamps and station station- cr cry 2181 I i i Office o rent to r. r Secretary's sa salary I l 1 hen Oen managers manager's sal sal- t 1 01 ary January Januar on only I Examination expense 55 Asse Assessment expense lOti Recording iCo 30 Liability t Insurance IS G. G 11 ri t Taxes L Corporation tax lax ax X 1 U. U S. S permit OO Less balance December Decem- Decem j ber bel expense unpaid 4 19 I 6 December 31 31 cash cashon on hand 29 9 |