OCR Text |
Show Ieni mis is " NT flTHPEPBIT President Graves Gives Detailed Account of Conditions as Now Existing. GOOD CASH BALANCE TO COMPANY'S CREDIT Better Copper Market Necessary Neces-sary Before Extensive Opera-lions Opera-lions Will Be Advisable. Local sfocholders of tho Bingham Mines company have received a report issued" by President .Tames P. Graves for the 'directors, dated at Boston on April To. The foNowinc'finaiicial statement, state-ment, covering the period- from organization organ-ization to April lo. 15)00. is given: RISCEil'TS. From capital stork 53S2?22"S2 From Jntenst .JMk...Oo I Total 5334.332.05 EXPENDITURES. For reorganization ami legal penses HLi-J-"-For Bingham Consolidated Mining and Smelling Co. Settlement of Halms Ji,26o.00 Coupons on bonds Dim April J, 1003. $27,000.00 Duo Oct. 1. 100S .. 27,000.00 Duo April 1. 1009. 24, ISO. 00 Total ?7S,HG0.0O For general ox- 1 1 poises Mine examinations ; and reports 1,527.55 ' Printing and mail-In mail-In reports, stock certificates, etc l.r.SO.SO All other expenses. 7,051. G7 Total $ir..50S.SJ.$130.3?3.-J3 C-isii on hand SC04.02S.G2 TliC report follows i;i full: or iln 150.000 shares of authorized stock, 31.3CJ shares have been Issued and paid for. Three hundred shares have be-on subscribed for, on whlck only martial mar-tial payment has been made, '"'hers are 55,(ir.'J shares of stock in the. treasury. Flv..- hundred and eight-twi thousand dollars of five-year, 'i-per-corit, non-eumulativo non-eumulativo income bonds have. ce.cn 1s-s-ied In settlement of Halms ayakist the Bingham Consolidated MSnli.g and Smolt-ing Smolt-ing company, to that amor.nl. TIk-sq bonds ore convertible Into stock at par (510 j. Ninety-seven thousand .lollars of first-mortgaee bonds of the ISinghatn Consolidated Con-solidated Mining and SmeltiiiK company havo been bought and cancelled. reducing reduc-ing the outstanding amount lo 550G.OOO, which will be still further reduced by the purchase of bonds with $105,000 now aallable for thaL purpose. I airing the year this company has acquired ac-quired title to the mines' and personal property formerly belonging to the Bingham Bing-ham Consolidated Mining and Smelting company. Owing to the delay In obtaining ob-taining possession of the property this company has not been In a position to operate the mines Until recently, so that a satisfactory statement of operations can nol be issued at present. Considerable- work has been done by the '"leasers" in abandoned parts of the Dalton & Lark mines at a fair profit to this company com-pany on the lead -silver ores, and preparation prepara-tion Is now beincr made to operate these mines extensively. As the oro of the Commercial mine is copper sulphide, no attempt has yet been made to1 operate this mine owing to the low price of copper. It may be deemed advisable lo operate the Commercial mine so far as to meet the expenses of extending ex-tending its openings preparatory to better conditions In the copper market. The statement of ieccipts and expenditures expendi-tures show's a cash balance of S201.02S.G2. of which ?1 00.000 will be used for the sinking fund requirements of the first mortpage. thus retiring bonds in addition addi-tion lo those above mentioned. Further contributions to the sinking fund of said mortgage have been waived by the holders hold-ers of said bonds, except, in tho event of the net earnings of this company providing pro-viding funds therefor. |