Show M rot FACTS FROM ONTARIO REPORT aej the financial statement of the ontario 2 iver ver mining company for the year ended Je cember 31 1917 has been mailed to stockholders WE iders the cash and bonds on hand jan tary airy 1 1917 amounted to the jr last year including ore sales of brought the total amount to 84 while all expenses were ri in supplemental statement dated march oth J E bamberger president says 1 I 1 1 II 11 I am gratified to inform you that since pe he annual report was prepared develop dents on the 1600 and 1700 foot levels have chown a marked improvement the ore on I 1 he I 1 1600 foot level has greatly increased in q ra table ue and late shipments from there afford good margin of profit jl on march 2nd and a strong ore body was encountered on the 1700 foot level which 11 jas since been developed for more than p sixty I 1 itty feet in length by six to eight feet in eidth the entire drift is still in ore and L ill I 1 indications point to the opening up of a t arge arge and valuable ore body leave of absence has been granted during the period of the war to our general na ia nager ernest bamberger who is now in ke he service of the government our consult ipg 9 engineer N A dunyon who has been placed aced in charge of operations during his absence Ib sence is very familiar with the details of operating pe rating your property and will carry out PIP p the he development policy heretofore outlined rpy V your management the report proper signed by ernest amberger general manager after telling of respecting on the two levels mentioned in I 1 the he supplemental report says 1 I t 1 the expense not only of reopening ih chese ese levels but the ordinary expense of i 9 operation Pe ration including pumping is so great A 1 h at it requires a large production in order 0 olo 0 hope to derive any profits in order to be assured assured of continued production it will ne kessi tate further exploration work and the ab opening pening up of more while the development elopement eloP ment has not proved as favorable as if atas wl as hoped for on the whole the mine looks e t better etter than when the last report was as sent to bhe i e stockholders lo 10 i 1 A large tonnage has been shipped by he e ontario silver mining company during the past year much of it low grade ore on which there was but a small margin this included a low grade product from old fillings and old dumps it is estimated that a considerable amount of ore of this character remains and it is possible sible that some arrangement ran gement may be made for milling this ore particularly if the price of silver advances the outlook for which we consider bright A large cash balance has been maintained as it has been felt that necessities of plant betterment and the possibility of the erection of a mill might require a large sum of money the directors feel however that this balance is sufficiently large and have concluded that if earnings continue as they have in the past few months wat mat consideration should be given to dividend disbursements bur on account of the large demand for coal throughout the country it was decided to reopen the property of the weber coal company four sevenths of the stock of this company being owned by the ontario silver mining company and the remaining three sevenths by the daly mining company this property has been idle for about three years and the spur from the town of coal ville on the union pacific branch from echo to park city was in such condition that the present equipment of the railroad company could not be operated over iti A contract was made with the union pacific railroad company which required us to advance to that co company m pany for the rebuilding of this spur rebate to be paid us on this account at 25 cents per ton on all coal handled over this spur for a period or of six years and seven months until the sum stated is r returned L the railroad company let a contract which called for the completion of this work by november last in spite of our urgent protests and demands this spur was not completed to the mine until after the end of the year the work of pumping out and reopening this property has been very expensive and in order to carry on this work the ontario silver mining company has advanced in all to the weber coal company the coal company is now producing about tons per day at a fair margin of profit this production can be greatly increased whenever the demand justifies |