OCR Text |
Show liBOttLliTOI FlEDUGESJTS DEBT Company Has Forty-three Carloads of Ore to Be Settled For. Special to The Tribune. PROVO. Hay 10. At the regular monthly meeting of the directors of the Rico-Wellington Mining company this morning- it was reported that the company com-pany is dolnf? better than for soma time. It was declared that there are now forty-three forty-three ears of ore, mostly copper, in transit or unsettled far, and that as soon as the returns from these are received re-ceived the; indebtedness of the company will be whittled down to about ?3000. This Indebtedness will be the last of the loan of 5150,000 made tho company and $75,000 spent in development and improvements when tho mine was taken over four years ago. Tlie property is declared to be in shapo soon to bei,nn the accumulation of a treasury with which to pay dividends. At the Colorado Consolidated meeting j it was reported that the drift on the I 1100-foot level of the Beck Tunnel ground into tiie Colorado to pick up the Iron Blossom ore body Is making excellent progress, as is also the work on the 700-foot 700-foot level. The company has a treasury of ?sy,000 with which to push the work ahead. During April the Iron Blossom did not ship as heavily as during March on uc- . count of the lars'e amount of development, develop-ment, but on account of the advance in the price of metals the earnings were : better. The property is declared to be , improving. i The Dragon Consolidated is now ship- ping 250 tons of iron ore to the smelter each day on which there is a fair profit under prevailing prices. Besides that the company is sending out a tonnage of commercial ore that Is better than it has been in a long while and considerable ore Is being sent to the a'intic Milling: company com-pany plant that is yielding a profit. On account of the absence of General .Mo.Mrtt;ci ucui n. ucrn or uie J mue Mining company, no meeting of the directors di-rectors was held. It was reported that very satisfactory results are being obtained ob-tained at the mill. The Knight companies operating at Tintic this morning posted notices of an advance of 25 cents a day for all the miners in their employ. The advance became be-came effective May 1. |