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Show MlCira-Ul GDN. SiS BIG T0I1E President Norman W.Hairo Issues Statement Regarding Regard-ing Mine Conditions. Relative to the financial conditions and the mine conditions of the M i c h i gan-l'tnh Consolidated Mines company, the property of which is lo- ated in thy Little Cottonwood district. President Norman W, Hair issued the following statement for the stockholders yesterday: yester-day: Since January 1 the company has paid off over $':ii".00i) of its indebtedness, indebt-edness, or i n t her the in debt odiums of the old M ichigan l't:ih Mining company. There i- now unpaid only $1.,0'.H'. T ne re an- 11 -i bonds, nor anv other ouistrmding indebtedness against the M icli ig;m I'tah Consolidated Consoli-dated Mines company. The entire bonded imUhtednes 't th? o'd Michigan-l tah Mining company has been liquidated by a?i exchange of the face value and interest duo on its bonds for stork in the new company. com-pany. 1 11 January Inst a contract was made with local capitalists for the sale of 4i 'O.o.jii shares of treasury treas-ury st ock at 2w a share. There have been delivered under this contract con-tract !"o.rin shares for 4.t Cm ). This amount has been placed in the treasury . and applied to the liquidation liquida-tion of the debts of the old Michigan-Utah and the development of the mining propertv. The balance to be paid under this contract will liquidate all the debts and provide ample means for development. At the present date there is eah in the treasury amounting to $1 -,('"), with I all current bii:- paid. Kinnne ially, the M:chigan-l" ;ah appears to be on ! a sound basis. 1 In add it ion to the above, there has been realized since January I. 1016. from the sale of ore from the old working of the mine, the net sum of $ TV-'K'.S, from whih the company has realized a net profit of $lliV.VP. This latter amount fully covered all expenses for development develop-ment since January 1. 19P. Furthermore, Fur-thermore, the greater portion of this rnonev has been received from the mine's operation since May !. P.) Pi. The companv is now shipping through its lessees on an average of two carloads of fir?t-en ore per day. These cars aver use net about .""' a car, from whi'h the com anv realizes a percentage of royalties, without expense to it. running from 1j per cent to 4 per cent, defending 011 the grade of the ore. Punng the fir-t half of the year our ro altie were approximately approxi-mately one-third ies than they are at present, a-i our present rontra--ts with lessees give the company at least one third greater return than those in force during the first half of the vear. There is no question but that thee shipments can be maintained for a considerable time in the f u- 1 ture. and the "increase m trie royalties royal-ties will give us much b-'tter returns re-turns for the. second half of the year than the first half. As to the ore in sight: In the o! 1 workings of the m.ne above the (Jrixzly and I leaves tr,nelt, there , conservatively speart.ir.1;. at lea-t ten times the amount or ore in siL'ht that there was in September, U'.r. This seem like a strong statement, state-ment, but it is true, neverf hei-. As to the 'omnanv work: We are ero'S-fn'ting from the face of the Copper ('rm- e tunnel, in an ea-terlv d r'.-tion, to intercept the I,ft inia and ' itv Ko-ks veins, which are known to go to much greater depth t h ' n tne ' onper Prinze. Wp are aio ero-s t ii'ting toward the I.a-vinia I.a-vinia and ' ity Rocks vein', in a dire--!ion south 6-i deren pat alrng tho lire of the rnpta.-t between the q . ; 3 rt 7.1 f e and lime. have a I re 'id y pa --te through one rr. t n er:i I ied fi-ir", but intend to drive rhu i- ro-- c. t th rou-h the .avm ia and ' ity Ho-'ks veins before attempting anv mining operations on a iare Tken altogether, the outlook for the tuture in Mr higin -Utah 'on-ol idate.j 1 9 most f a orable. New York Listed Quotation. f r Sr P.rvsn, f fr: hr.t of ,t ': : t:ir-. 1 '".1 Hoitii M.iir. ir-. rn , t 1 if ' ly. !n v, ; r SC. r';' ' ovrr t r. i . r 1 i ' e v. if '. Iat at 'r noon : 1 .i ir . r, r, ' 'nr. t k.knu :.rl T7 :-'-..i '.'a r.', iv,' n ( s;-; rat ion 41 7- 0 4 f. , .Mm.i-i 'v.-,i .r jv, .v."; v"--" -o.i ... r:-i 2: f:..v f'd -ioc 2. : 2-; '' -:.n ' 'or- I 2"" J4 2V7 2'.2 ' '.: 24.';"' rf't '..! '-j f, -'i .Ki"v --. '.m.. . n.'.O'f nt'i ' n. ' .1 r -,r j II rr . . . . 4' 0 " 'K 7 , 71, f'iui fHnC f?'t 21 ' F'.'i"- f.- H i; f,', ' .-,H4 ci '4 ' " ' f ' it 1 1 irif 1 '1,1 hh 44 1 4-; M iv i.j N ! : W Y'i:l MMT V, ( ( f M K ! I'-I'l. 1 AlrfJ." A n i n ' -ii f- ( 1 , r , i 1 . . nun H 7 ' . 1', : ' ', -V rr-r. . ' '.' I ... , orr,. . . . T'.i , S 2f i- otf .ir A- 1 'lie rti i . . . ! ' v-) 0:1 ; ' ; 1 J I " " I-'''. I VlfJr.O.H , , ,il ... ... 41', 44 I |