| Show 8 COAL PROPERTIES i REVIEWED IN REPORT Company Exp Explains ains Investment Investment-in in Utah Coal Mines and Tells Why the Railroad Was Built and How Operated Smelting Refining R arid and d States led ed d annual report has Just f company and shows profits as of Bd II d her amounting to 2265 ber bel 31 31 1 14 In 1913 Its lend lead tion was as d but hut thoro thero was watt ease rease In lii Its copper silver stiver and rind gold goldi from tonnage tonn of or ore produced i Cureka Mammoth Gold and Bingham mines and In Mex- Mex tons of oC which the thes theof theor ivas ms ns of or tho metal contents were In the s lion of oC 82 32 per pel cent cont copper 6 per tAd ad 37 11 7 per pel c cent nt sliver silver and 26 per ler old k kIs number of or preferred t total stock stocks stock's ra Is and of common s 's on March M. 10 10 1915 Im- Im earnings after depreciation tion Bi eQual 10 to and reserve were sent nent ent er share hare on tho the common against in 1912 1 n 1913 and fol- fol Ident Sharp report In part been en one of difficulty In year ear has war respects Th The European which d id a n disturbance departments of ot ed Id d materially all activities nys ny's to maIi ma- ma n It b became necessary output of copper iy Ii restrict the coupled Mammoth mine mines and this thiu o of COPI copper I ho price the fall fuU in tho substantially l InId Ind ind In- In to 11 cents jell fell of or this prop- prop earnings Id d with tho the of tho Utah Tho coal also operations materially I ny fly were Influences at nt atto nto ato ame fame adverse M extent In tn Oth other l' l dIre dIre- to o a l lesser t cannot forecast future Mexican 4 operations can cono conto con- con i If Ions hut but conducted upon the present to o bo be can he bo heed properties s the contri- contri for a suh substantial led ed upon the thet earnings earning during net the l' l to if H sliver silver remains at it t year even e sent enl low loV level Jevel of oC 48 s cents Seal oaI Mines invested Invented at Had Utah company compan oae ose of oC the fiscal year ar from theIs the tho notes sold in ds Is 8 of or the and 6 in stocks companies In Utah and in InIe pf Df f coat coal company compan of tho the Utah Hallway Ie Ics still unexpended front from tho the thele remains of IB le of these thes nol notes t at nt the date 8 In addition to port lount Invested b by tho the Utah h corn com the United Unite States tet Smelting Hend ito llo- and nd Mining company has s invested i in stocks and aind bonds of or these and has lias loaned tho the Utah Ulah iy w y and Its subsidiary companies s 82 62 for Cor construction equipment During tho the thoo theIn her requirements In o steel coal conI cars were purchased U Utah ULah compan ruction equipment and de develop I ark ork at athe the he coal coat mines was b by close e of or the year r. und i iW well as tho the thos thees railroad i us ns ev w es s to the m mines nelt and the side came caine Into operation November 1 1 YoUr four coal coat properties are thoro- thoro thoroughly equipped and loday oclay oda Ille ile capacity for a large Increase Ut Ule The They have ha now settled down opera operating tins hauls basis In 1912 I oat tal properties produced j I 1 13 tons an nn Increase of oC cent ent nl In 1914 owing to large ad- ad concluded in June and andt t W was IS expected that tho the year yearend yearn tend end n with a n production of ot well million tons but Jut the war var Ind inI In- In d I entailing a tL general curtail curtail- tt t f activity In the region reached rN ar r C coal and especially affecting jest ell t cUstom customers r the nd railroad As s a n consequence put of tons In tn 1 1514 1914 H Hla fuu la Ig a decrease of or 19 per cent com com- th rith 1913 the coal output for the 16 15 should 1 b be equal to the coal which chich a alIV for 01 tho year 1914 seems lIV calculation tho the coal prop- prop lid d railroads should earn for tor the 91 within of ot fixed If this re result can bo be reached I In the dev development of or th these M upon an estimated coal conI ion b based upon an nn output of ot only tons tone It will vill be at nt least leant reason- reason It in Ui true truo the Smelt Smelt- pany must look beyond Jeona this thin for lor forn lorn n upon approximately It t will have Itself Inv Invested In tho time les es of these companies But wo we o wo we may look forward In th the not future futuro under normal l buln business sl me nl to a tI coal production of 1300 j. j I. I On such a n. production at preste pres- pres its te t and s selling prices your com com- be bo earning nil all fixed charges least G C per cent upon Its entire entire- estment I Investment Tar ur railroad Investment was only m i get Bet your coat voal to marl market et and not your our company desired to be InI InIn In- In 4 I In r railroad operations your yourS r S gladly concluded an AA n operating kno o. o agreement with tho ho Don Don- Don I I RIo 1110 Grande r railroad d described ed Let at annual report leport which became c November 1 1914 Under I tho the Denver Rio ruo r railroad assumes the operation railroad property utilizing tho those i parallel to Its KB own tracks an as irack a i arack rack track for tor the tho purposes of oC Its Us own owne ftc e well ell as us for tor the flie haulage of Al I. I For this privilege your our com corn to to receive satIsfactory com pen pen- 1 nual Ull report por Vice ice President Lyon IThe he operations of the Bingham on account of ft e C drop in quotation of silver or I pic LC c and copper all of or which In into to to gold sold ate HIO being produced In r Ito Ines The Tho ore are extracted during I amounted to tons of oC lead Ic 1015 tons tom of or copper ore ores fl rhe The Theof of ot time tile mine both n ns as to lo pros pros- 1 reserves and future futuro pO possibilities iii lent nt ent I nd rid d Bingham I from the he mines of ot tho the Cen- Cen ureka company comp show shon a l turU furr fur fur- r U both boll bollin in tonnage and nd grade lint simat extruded cx during the h r CD Gi 6 sit all Il or Which came from from Im oro hOJ bolles bolies 5 Development De tH t ti ltd 1 to 0 d any new ore oro F ol I IH is neing continued on lends in an or endeavor ew sw ome bodies from irom tho the Mammoth Hinted to o tons which were moro more than replaced d b by new finds leaving the ore oro reserve re larger lars at tho the end of th the year than It was on the first of oC the year ear On account of the conditions created b by tho the European war var tho the outPut output out out- put of or the mine was reduced In August to about 65 per lem cent of oC normal and was maintained at about that rate for the balance 0 of the time car ear In section 29 9 small bodies of ver very rich ore were found Cound The Gold Road mines produced tons tona which were treat treated d in the mill of tho the company A large amount of oC de development do- do work was as done Thoro Thera was wa some soma profitable ore found but in Iii gen- gen oral ernt tho the values s have continued low Prospecting Is being continued d mainly In the upper levels with rather rathor forent ferent results 4 1 Tho The results of development work In tho the Mexican mines have havo been moat most gratifying All AU of the ho eight mines mincH in inactive inactive active c operation have maintained or In Increased creased 1 their ore reserves |
