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Show UTAH METAL REPORT I mm G000 PROFIT Bingham New Haven Earns $329,629 and Utah Metal $180,466 During Year. S.ioft-ing a net profit of 510,488 for the Pt.ih Mei;,l company and ?!32?1023 for the Hi oL'jia ni New 1 :i i-n com pany , or a to -;il ui j.-lo.iiyo for Ifjtii propertied, tiie annual an-nual report of the Plan Metdl .ft Tunnel oiiifin iiv, whieh 01 1 ie l non l lis a co ac-'liured ac-'liured a f -avy lnt-ret in ti.p Bingham New Piavtu. has becii sent to the Hioek-IailiJeif:. Hioek-IailiJeif:. Tl:e coinbiued balance wlieet Pilous a. total of $701, RM rpii'-k assets. IrKludine .:;i!).09t eah and 308,2M) ore and m.-ta!, sold and on hand. Since dratiinff t j e annual report the complin- lias received ret 11 run i'or the mom Ii of .January this en r showing e.m I mated ne I profitH of $ 1 Pi,2t. which won !d Jin, c i.eeii la run' hi u for l he fad f ha l t he Pi ah Mem I property was jirevente.l from opei Miiu at l ull cajiaclty until after Hie I Hh of the month owing to a cavu-in in (he large copper Mope. Since the t'ii st of the year, al.o. another an-other new body of ore has been opened In a drift from the 102 level, ma Ulna fiv new ore bodies uncovered since last April. The report reviews the phynira 1 a nd financial operations in considerable detail de-tail and nlo the events lcadlns up to rite acquisition of the Plnerham New Haven by Utah Metal. Tlift latter now owns . 2li.5!9 shares out of a total of 22,8Sa shares otf pinirliam on testa 1 id Ins; . Since the merief there has been opened on the .Bingham property. 300 feed below the tunnel level, a larce body of copper ore. which has 'been drifted on for 20o feel. This discovery Is of crreat significance, signifi-cance, showing that mineral values continue con-tinue at deptb. Amonc the plans of the management Is the installation of a flotation process. The economics! result Int? from the combination com-bination of botJi properties am behiR put into effect as ra pidfy as ci rc u m s t a n ccs will permit. Tho followinp table shows the production produc-tion of Utah Metal & Tunnel for seven months of lf15 and Itinsrham New Haven for tho twelve months, with value and price received: Utah .Metal. B. N. M. Ore ftons) 13.430 80,961 Value. $352,275 $730,020 ! Gold (ounces') 10,2!7 6.G1 . Silver (onncesl 150.4 (8 325.-14K Lead (pounds) 4, 056. 13 4.903,906 Copper (pounds) 299,554 2,574.261 Receiver) Hold, per ounce $ 19. on $ 30. 00 I Silver, per ounce -19. 19c 4i.liic j "Lead, per pound 3.49c ?-t!Jc Copper, per pound .... 13.12c 16.505c Av. value per ton J1 8.242 $11,975 I As to the future policy of the company. 1 the directors feel that the two companies topethcr would have quick assets of $1.-I $1.-I 000,000 before beginning payments of dividends. divi-dends. It is I heir helieT that Ihese as-' as-' sets will amount by April 1. possibly bc-1 bc-1 fore, to a sum po near $1,000,000 that It 1 wiU he prudent to set aside SO per cent of earnings and appropriate them to the payment of dividends. The income accounts of Utah Metal & Tunnel and of Bingham New Haven, the former from the date of commencing operations op-erations to December 31, 1915. and the latter for the year 19io, were as follows: Utah Metal. B. N. U. Opera tint: income $3S3,637 $729. S22 Cost of production 130,01 1 302.120 Net income $258,623 $127,402 Other income 10.159 16.245 Total net increase ?:fi4,0K2 $443,647 Exp,, tax and lnsur 3G,S96 62.547 Balance $227.1X6 $381,100 Interest 28,990 Net profit J19S.196 $381,100 Depreciation 17,731 51,471 ! Surplus .... $180,465 $329,629 These income accounts show none of the advantages of increased output. The combined balance sheet of the two companies submitted shows the quick assets on December 31 to have been $761,704, of which over $300,000 was cash and a similar amount ore and metal sold and on hand. The BltiRhani New Haven stock is carried car-ried in the balance sheet of Utah Metal & Tunnel at the par value of the capital stock given for it. 214. 5S9 shares at $1 per share. Utah Metal had 677,717 .shares and $375,000 bonds outstanding December Decem-ber 31. Plutus. 1000 at 12c: 500 at 13c. Prince Con.. 100 at $1.10. Reed's Peak. 3000 at 17:fic. Rochester Mines. 100 at 5 Sc. Sioux Con., 1500 at 13c: 2000 at la'fcc. South Hecla. 100 at $2.27. Tintic Central. 2000 at 9c. Utah Con.. 1000 at 3ic "Wilbert, 500 at 10'c. Yankee Con., 200 at 33c. South Iron Blossom, 3000 at l34c. Shares sold, 45,700. Selling value. $5229. OPEX BOARD. Alia Con., 1"00 at 24:C. Albion. 1000 at 24Uc Colorado Mining, 500 at 21c; 500 at 2lVsC Columbus Kxtension. 1000 at 12c. Fa&t Tintic Con., 1000 at 2 He. Fast Crown Point, 10,000 at 2c; 30.000 at 2 'if. Ibex. 2000 at 3c. Txwer Mammoth. 500 at 7c. Mineral Flat. 30o0 at 5c. Paloma, 1000 at 7-54c. Plutus, 500 at 14c. Rexall, 4U0 at 15c. Swansea Con., 3600 at 2 He. Cnele Sam, 300 at 10c. Shares sold, 65.4a0. Selling value. $5992.50. 1 N FISTKD STOCKS. ; Bid. ! Asked. Alta Central $ $ .20 Heaver Cold : .15 Bull Valley j .12 I Cardiff Extension j .04 Demijohn ('"r-i .04 Detroit Copper 20 ; Michigan-Utah 32 I .33 ! Neva on; - .OU-i New Qutney 06'i .08 Santaquhi Chief i ,00' I Santaquin King 1 . 00 . 0 0 : Sells j .49 I .50 Southern Swansea f .00'i' t) .Home Uun .07 ' .07 Paloma Extension ! .11 ' .13 O. K. .Silver , .97 .98 Wasatch Mines .60 J .t4 Tintic Standard .OS .10 Walker Copper : ..8 I .S5 Silver Gulch .02U ,(ci Secret 1 ! .10 UNLISTED SALES. O K. Silver. 1500 at 97c and 98c. M'iehigan-Utali, 700 at 32c Plumas. 500 at $1. Sells 000 at 47c and 48c New Quincy. 2500 at 9c Walker Copper, 1000 at S5c. Paloma Extension, 13tf at ID-c. Ci. K. Silver. 20'0 at 96c and 9sc. Sells, 1700 at 48c and 50?. Home. Run, 2500 at 7:c and ic Michican-Utah. I20o at 32 4 e and 33c Old Amer.. 1500 at 6c. Tintic Standard, 500 at Idc. Paloma Kxtension. lOuu at ULc. |