|
O80R08 OLIVBR, PredAmrt WA. T. PORD, S~aenry
<br />THE SAN JUAN
<br />S1'IELTING Ai~ID REFINING COCIPANY
<br />EXCtiANaE BUILDING
<br />" ~ Dttst-ttt, COLO., T:tn. z, tgoj.
<br />'~ _<! '• ~ To the Stoc%holders nj The Srrit I,rnu Stuclting mtd Rcknittg Cr» uraut':
<br />'
<br />' GEKTLI?~I7:\: \\~e respectiull}• submit to you an illustrtted report of the condition of your
<br />~~
<br />' i'
<br />compam• on the first clay of January, compiled from photographs, detailed reports of the \•fanager,
<br />. ,„ ,.b ~;
<br />~ ~ the Superintendent and Metallurgist of the smelter, the Superintendent of the mine, the Auditor and
<br />~`
<br />•
<br />1
<br />~
<br />~
<br />~ .
<br />from letters from stoct:holdcrs tt•ho have visited the properties. These faithfully present the condi-
<br />m
<br />~
<br />i ,, lions on the first da}• of the nets yu~r. t\I] the properties of the Company, including every mine as well
<br />€ ~ ~ ~ i
<br />~ as the smelting «•orls, belong to the Company b}• decd in fee simple, free and clear, with the excelr
<br />,
<br />,> '' - ' I lion of a $30,000 mortgage on the smelting plant, including the water power and j j acres of ground
<br />%y ~~ i at Silvcrton on which the plant is located, to guarantee the payment of an issue of $30,000 of bonds
<br />~ ~
<br />:.:
<br />~
<br />yi
<br />p
<br />'
<br />' arable ttco yrtrs after date of Jul}• t_th, t o Of this amount z oo has been sold, leat•in
<br />..I
<br />,g
<br />~
<br />nrc` ;
<br />:~ St6,6-
<br />X5.00 of the bonds in your Compan}'•s trcasun• yet to be sold.
<br />1
<br />~ i
<br />.,_~ j ~il There is also t,t jS,234 shares of stocl: in the trLasury of your Company, of which the Directors
<br /> I arc contanplating offering for sale, an allotment of 300.000 shares, at ,o cents per share, accom-
<br /> ~ ~~;
<br />~
<br />~!'~ p:mied b}• a note or guartntc of the Compan}•, that within one }•ear the holder of the note can hate
<br />it cashed
<br />with interest at 6 j
<br />er annum
<br />b
<br />• sendin
<br />in the
<br />ot
<br />i
<br />d b
<br />th
<br />k
<br /> I ,
<br />p
<br />,
<br />}
<br />g
<br />n
<br />e accompan
<br />e
<br />y
<br />e stoc
<br />, or return
<br />'* .I~;I~`
<br />~ the note and retain the stock, at the end of the year.
<br />:~+:' +`i
<br />'~ The Directors are desirous of selling enough of the trcasun• stocl: on this guarutty to finance
<br />': f~~ ~I' the smelter and get it acticeh• running in \l:ty or earh• in Tune, and to guarantee the building of a con-
<br />f .~;
<br />~'
<br />, ~
<br />~ centrtting phmt, as recommended b}• coon Superintendent, which would make your Company one of
<br />,
<br />,,
<br />i iI~ i ;, the large producers of the State, in position to cam large profits and able to pay correspondingly large
<br />II
<br />dividends to the holders of its stock.
<br />t ~iJ: -- I ~~ t+ 'The financing of pour smelter plant with :m ore fund for bu}•ing custom ores should enaWc
<br />"`~''~
<br />6'~
<br />{~ your managenurot to rtrn a profit sufiicicnt to pap a fair rite oI interest on the entire capitalization.
<br />_
<br />_; _ I
<br />:j of }•our Compan}•. It would enable the Company to use the smelting ore and material on hand :ur'
<br />a; ~
<br />' such smelting ore as can be taken out of your mines without interfering too nmch tt•ith the milli:;:
<br />~ ore, and to make its proht on the custom ores.
<br />g: T., ~'~Afl'
<br />~ 'fhe independent smelters of Colorado are making large mono}•, of which the will note n;~~
<br />~ .; . I
<br />tG'. r! t,li~,
<br />'~
<br />~" ;''
<br />instances, viz: The Obio :md Colorado Smelting Compan}• at Saida, Colorado, which, two yrt~
<br />'
<br />,N ago, started up its Curnaces at t5o tons a da}•, and from time to time incretsed them until to-d:~.
<br />~~ 7;""'
<br />i ''y~
<br />< they are smelting Goo tons a d:n~. The independent smelter at Golden, Colorado, which starto'.
<br />~
<br />„
<br />/
<br />~!~ up about hru yrtrs ago, and alter a fete months' run shut clown, was sutrted up ag;tin last season, an
<br />has
<br />l
<br />l
<br />d
<br />bl
<br />d i
<br />.
<br />r '
<br />~t
<br />~ a
<br />r~u
<br />y
<br />ou
<br />e
<br />ts capacit}•. Other independent smelters are operating, and more o•ill be bui
<br /> ,
<br />, r ~:9
<br />j
<br />.
<br />~' the coming season. The mines ui Colorado have more Ore developed and riadc to deliver to ti.
<br /> •
<br />,p~
<br />ay;- ~~I stnclting tenrla th:w evov bc(orc in the 6istor}• of the State. 'fhe smelting a•0rla are enabled to ma% •:
<br />
<br />• tbeir selection oC ore they wish. :\t Lcadt•ille srnnc of the miucs arc ctrl down to less than half wb;.~
<br />d
<br />" the}' c:m produce. and scvertl mines that can produce irrnn one bundred te, five hundred loos of n,~•
<br />3 ~#-~':'/ i I, per dac hate closed until the}• can sbip their lull quota. Lcadvillc has 6eeu producing ttvent}'-li
<br />'`
<br />Y: "1. e
<br />t
<br />' ~ years, :uul the ore that is proccht note b}• decclop:ncttt :uul dianunul drill holes is estimated to be ha:i
<br />''
<br />l
<br />$
<br />r y of the rota! Lonna c that it h;ts reached in that time. Cripple Creel: comes scK;ond in production trid~
<br />~,
<br />, f
<br />a l
<br />~'i - - a tnunagc dceclupecl fur yru's ;thcad. and S;m luau comes tbird in the St:ue in production, but scr~
<br /> and in tonnage ui nre developed.
<br />
<br />~ Outside of cony otcn cuncenu'nting mill cuntengdated. there arc :rt k;tst lice others to be built
<br /> this su-cson, in the immediate vicinit}• of your smelter and in the Sih~ertzm district
<br />in ton-
<br />ran
<br />in
<br /> ,
<br />g
<br />g
<br />
<br />--.._
<br />
|