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The Cyanide Plant, which cost about $100,000 saved $21,781.39 of our profit. The <br />ore bodies have not shown any material change in character or value during the year, <br />but developments have led to the belief that the ore bodies north of the Sheridan carry <br />a little less gold per ton of ore than those to the south. Nearly all of these southern ore <br />bodies, above the Bullion tunnel, have been worked out. Against the decrease in the <br />quantity of gold, there is an increase in the quantity of silver in the northern ore bodies. <br />The vein in the northern part of the property being narrower and harder is more <br />expensive to mine than that in the southern part. <br />~F41e theory advanced in last year's report that the best ore lies in horizontal rather <br />than vertical pay chutes, seems to be well established by the year's work. Whenever a <br />stope has pinched and grown poor for several hundred feet in length, it has improved in <br />value when opened a few feet upwards. <br />On the night of November 20, 1902, Mr. A. L. Collins, our Manager, was <br />assassinated by a shot through the window of the company's house at Pandora. The <br />assassin has not yet been found although strong effort has been made to effect this. <br />Upon the death of Mr. Collins, the operations in the mines and mills were stopped <br />out of respect to his Inemory, and they remained suspended during the sitting of a Grand <br />Jury, which was immediately called together. This Jury, although it did not identify <br />the assassin, found indictments against twenty-two men for having taken part in the <br />previous disorders, which it is believed were the work of the men who are responsible <br />for DZr. Collins' death. The indictments were found defective on the ground that the <br />Grand Jury had not been called in the manner prescribed by law. The indicted men <br />immediately fled from the district and cannot now be found in the state for arrest on new <br />proceedings. Our operations were resumed December 27, 1902, and (lave continued <br />to date without serious interruption. <br />In view of our previous misfortunes, the Directors are not inclined to predict the <br />future but they think that all the earnings of the Company during the current year should <br />he devoted as far as they will go to <br />Sinking the Mendota Shaft to the Bullion Tunnel Level, about 850 feet, at a cost <br />of sinking and equipping not to exceed $35,000.00. <br />Extending a water pipe from the Bridal Veil towards Blue Lake to enable us to obtain <br />water for running the mills during the winter. <br />Accumulating a sinking fund to meet our Debenture Bonds, and for quick capital. <br />Enlazging the ore bins at the mouth of the Bullion Tunnel to enable us to continue <br />tramming in case of accident to the tramway connecting the ore bins with the mills. <br />Constructing an auxiliary tramway from the Bullion to the Penn. Tunnel and extend- <br />ing the Penn. Tunnel to reach the Smuggler Vein. <br />The report of the Treasurer for the fiscal year ending April 80, 1903 is herewith <br />presented. <br />BULKLrLGY WI:LLB, ~YCStltC71~. <br />l~ <br />"s, <br />~/ <br /> <br /> <br />