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Show REPORT 15 Gil ' BY MICmGAAi-UTAH Resume of Work Since Its Organization, Made at Meeting, Printed. INCREASE IN PROFITS History of Company Since New Management to Be Mailed Soon. A resume of the operations of the STlchigan-L'tah Consolidated Mines company com-pany since ila organization is contained in the first annual report of the company, Tvhich is to he mailed to stockholders within the next few days. The report was presented at ihe annual meeting of th company earlier In the month by IPresldent K. W. liaire. approved by the meeting and ordered printed for distribution. distri-bution. H follows in part: "In submitting" our !b-st annual report j to- the stockholders it will be well to call attention to a little history. ' "This com pa ny, as a successor of the old .Michigan-Utah Mining company, was organized April 26, 1915. It is capitalized for 1,500,000 .hares, par value of 25 cents. There was a large bonded indebtedness of approximately $730,000, including: matured ma-tured coupons, against the old company, and there were outstanding 520,500 shares of stock. T lie re was also outstanding against the old company a floating indebtedness in-debtedness of $76,000, with about two and one-half years accrued interest. "At the receiver's sale in April, 1915, tiie property was bid in by a trustee for the bondholders. The reorganized company com-pany settled with the bondholders by giving giv-ing them one share of stock for one dollar's dol-lar's worth of bonds. The stockholders , in the old company were also recognized and given one share of stock in the new company for two shares in the old. Prac-; Prac-; . tically all of the bondholders and stock- J holders in the old company have accepted this arrangement and have turned in their bonds and stock for stock in this 1 company. The reorganized company also assumed the outstanding debts of the old company and took over its property in entirety. This report covers opera -: tions since organization to December 31, 1917. "To show the steady and constant growth of the company since its reorganization reor-ganization we submit t fie following official figures of ore produced for a portion of .1915. during which the property was" , worked from May to December, and the years 1016 and 1917. The following are . the products for the years in question: I o" 1? it i -s 10 ' x ' IMS ... ! 7.J'1-; 4S.1Gi.75! S9.S6i 515.2?6 J?K ... :104.34l S'1.Sll.S7'Siv4.;.V 716 $51 lf'17 ... L'l-7 4f'l 14S.517 .6-5!:jS4.&06 1.SS5..73 n 'The 1915 product was produced from 3, Slit. 4716 dry tons. Tvlil.-h save total net receipts of $:?.P01 .!:. from which were i deducted hauling, freight, assaying, sam-i sam-i p!n and smelter charges. 1 "The 191S product was produced from I 6.991.2425 dry tons, which save total net I receipts of S1.fi.S4 1 .77. from which were . i deducted hauling, ireisht. assaying, sam-; sam-; I plinsr and s.rnelter charges. ' j "The 1917 product was produced from ! ll.OH.ASIS dry tons of ore, which rave 1 total net receipts of ?244.12o . 4-4. from 1 which were deducted hauling, freiel.t, J as-saving, sampling and smelter charges. 1 "The total net profit to the company from production in 19i5 was 11 1-3 per 1 cent. 1 ' "The total net profit to the company i from production in lf'l was 17 per cent. 1 "The total net profit to the comnanv from production in 1917 w:ts JS-per cent. "We have pur-hased two claims with ' capital frock during the past two rears. 1 One is the Voltaire . fa.; ni. which lifs in the center of our miiif. We consider . ft very good ground indeed, all hough 1 practically undeveloped. The other Is ihe . Honeycomb claim, lying in the gi.ilch near the mouth of the Copper Prince tunnel. 1 It is a very valuable addition to our prop. : erty. We have altogether now tMrtr-nln ; J patented claims, and twentv-seven un-i un-i patented claim;. Some of our claims ; have been united bv recent surveys "We are prenar-d to patent all of th" ' unpatented ground and hope bv the end of another year to hsve every claim of importance patented. How-ver. there is : : no duettiop of any of our titles. We . r.a.ve kept up the assessment work on all unpatented claims. Our proprrv pVTpP(-js from Lake Solitude on the Big Cottonl wood side of the divide to Alta in Uui , . Cottonwood. It is about one and one-baif one-baif miles long and is ero-Fed bv pt-ar-ii- i vally every known vein in the "two' dl's- . I rl c ; y. j "It is not pif-Mc.-OMe to i-o into detail : in regard to all the ini.?s of opening m ,' : the old mines, but since I'ehruarv. iJliJ. we have made considerable exploration of a. part of the Grizzly location in what is Vnow-n as the fopper Prince tunnel. Tins j tunnel was stnrted several years ago on '.he Copper Prince c'atm. It lus"lii extended until it now has openings. . counting croih.-uts. of Jl:1.7 fet, in ad-rMtion ad-rMtion to what it was at the time' we h". .; gati operations. To be explicit, to the ji kmfl of work, we may state that, the tn-j tn-j tai number of feet driven on the tuniKl , Itself since Kehruary, ha a l.tu l-flv? feet; ciosscuts toward Hit, ("it.- Kooks vein, feet; i-Hiey. feet winzes. 5 feft; tlie exa.-t length of th 'v "opper Prim-e tunnel proper from its por-,. por-,. tal is. now linear fret. Wo have fcuf.plie-1 ourselves with machine drills i ,1 rails, a:r pipe, blacksmith tools and manv v ' either appliances which were worn out .'r discarde1 as obsolete at tiie time v, e re-orgjinized re-orgjinized In H'15. "In the roijr.it of driving the Copper JYInce tunnel and crosscuts we have de-vrlope'l de-vrlope'l what is apparently a large, luvj'v of niedium-graile copper ore, situaterl near the mouth of the tunnel, w e have made some I rift 1 sMpn-vn's to the smelter on company nc oum dunnc the last sta-son sta-son arid find It Is a very valuable ore for ' smelting purposes. Wc can make a good j.rofit out of it even at much lower prices tor metals tnan the present. The ore runs uniformly vry high in iron and there Is very little sulphur In it. Jt Cj 4 , .V.i-o verv low In iusolubles, which makes it an ideal smelting prodin-t. ' An aver-a-e a.-ay gives ah..ui the following: "Gold. !.'- of an oun'-e: copper. 1.1?4 per cent: Iron. f,;.2 per cent; insolubles. P"r cent; sulihur. 2.6.5 per cent: man-:'' man-:'' pn'-Fi, . per cent. "On the. Lavinia fl.'.-.ure. reached hv crosscuts driven r;i-t irorn li:e Copper Prince tunnel, we have extended drift toward C"e rifv Ft'icks vehi and dilrlng t)T enMre. fllwfanrft of 2S7 fft w hnv 'ii'ONiiinx'l ore, nc-me of wld-m has h'n Khippod. This or1 ha hen high cvxtlr . At t ho prf.rit tinio w am mltiing hlu'ii-gradf; hlu'ii-gradf; ore. on enn-pany a-C'inil. from a. v. inzo f.unk nn th; Ba'inia tisstire. "Smelter v.-lll now take it, undr an a r-ranrrnrnt r-ranrrnrnt f ha t svns hk a g'r,-l profit. V.'ork at this point will b p'lsbM ponn a h th t ramwa.y rsnme.v opratiotiw a nd th" railroad Is operating to Tanner's flat, ir-mpanv a count work will he crowded thH vi-nr at. fo'ir poiiitHt "First, on the Patsy Marlv liill; nop. ond. in th" roppr-r prlnc tunnel; third, in ih ground bMow the CIcaTfi tunnel ; four' h. y hlpmr'ntK frmn th b-ddd vAn j in lh r oj-pr-r J-'rinco lunri' I." C-ish In V,ink. other cnh iin.mn a lid rrtj -i 1 1 J rjijr, f pnin fr- 'rifihif r Ninro roll or f rd 4.2''.; . fco ""orisi njrMon and cqu i pm'-n t , . . T,fl:jfi. lt MiniiiK pi'urty and sundry a 1 r .'.(? . , Tl'j 1 Ut",' M ru;k 40,.'n . 2.' 54 i:i,iV4 .W rdVBrr.rriBS. ;tr1t;l -.-tor's t,)ftno fifj Old n t", '111k PH'.ti.ir ' t ftr Tf"?iii'r ."I. 1017.. M.121.70 Total ?4 13. i .'(.";) |