Salt Lake Tribune | 1904-07-10 | Page 28 | U.S. Company's Splendid Record

0. S. COMPANY'S ; SPLENDID PORO The United' States' Mining company has discharged Ittv entire "floating Indebtedness," In-debtedness," the management having paid off 5430,000 of thls chis after tho 'sale of debenture notes in the sum of 5500,000 drawing 6 percent Interest, tbo officials of the company and, their, friends taklnc the entire issue. Discussing Dis-cussing the affairs. of. tle company the-News the-News Bureau of Boston 'says: ' ' "At last week's meeting of the directors di-rectors a large Kala.nccj sjieet was pre: sensed as of date June 30.- TJils statement state-ment showed assets' of Sl',l8,6o5 which Included abqut 1-i.OOQ shares pf the coni-p'any's coni-p'any's stock taken it $20, per tshuri;, materials and supplies, copper bullion and cash on hand of -nearly $200,000, te. AgalnsJt these assets are liabilities: of 5695,500 which Includes the $5yu,0p0 debenture deb-enture notes and J95.500 of. the, old 7 por cent bonds, holders of which refused re-fused to turn them into the company when the balance 'of the 53 20,(300 - 7 percent per-cent Issue was retired last year.". A director- of the Company Is quoted as aaying that "the, plan is to continue to pay small dividends lind lay Ur a comfortable 'surplus for working 'capital, 'capi-tal, which will not take long, considering consider-ing that the company Is now earning from .590.00 to $100,000 net per month. We hope to shortly improve on these earnings through an Increase In our furnace capacltyv We averaged to run laat month about four arid ' one-half furnaces but Managing Director Hol-den Hol-den waij present at ihe-meetlng and reported re-ported affairs' at the-smelter-were run--nlng much smoother and he expected to run the furnaces on an average 6f five and one-half furnaces per day for July and thereafter. "We have been operating on an average av-erage of 54.50 to $5 ore from our Bingham Bing-ham mlne3 and have been obliged to I'do this as It was neccsiry to get these ores out of the way before reaching our richer ores. Wo have over 1,000,000 ton's of ore In our Bingham mines which will run an average of SS per ton in value and within three or four months we will bo able to operate entirely on this class of ore which will add to our earnings from $300,000 to $100,000 per annum. On SS Bingham ore we have been simply getting the full value from our rich Centenrilal-Eureka product and making nothing' from our Bingham ores out this condition will aoon be changed." Bert Holden. the company's managing manag-ing director, who Is seeking summer pastime on the Atlantic, Ms expected home the present month.