MINEBK00835 - Laserfiche WebLink

Home Browse Search

THE BANGKOK-CORA BELL MINING COMPANY 019.620 Fxchenge Building ~ ~ , P. 0. Box IM1. To the Stockholders in The Bangkalz-Cara Bell Minin Conz arz DENVER, Coto., Jan. to, igo3. At a recent meeting of the directors it was by unanimous action considered to be desirable that the stock- llolders in The Bangkok-Cora Bell Mining Company be advised as to present conditions in the affairs of the Com- pany, and to that cud the president was instructed to prepare a statement to be sent to all stockholders. Owing to labor troubles The Union Leasing Company, which at the time held a lease on our properties, was obliged to quit work upon the properties of the Company lit June, r8g6, and for the same reason all mining upou Fryer Hill 'ceased and the underground workings. filled'up with water. In March, tgoz, a base of the properties of the Company was made to Messrs. Newell and Page of Lead- ville. These gentleman also secured leases upotf adjoining properties and organized The Fryer Hill Mines Com- pany, procuring capital, mainly from the East, with which to undertake the serious and hazardous task of un- watering the extensive underground workings of the leased premises. As a result of continuous and vigorous work over a period of four months by the Leasing Company, lifting an average of t,7z8,ooo gallons per day over the whole of said period, the mines have been successfully unwatered 'and the, work ,of opening up the underground workings, clearing the levels of waste, timbering, etc., has proceeded up to`t6e present. Connections with the workings, levels and drifts of our properties have been made from the E] Paso shaft, and the work of actual mining of ores. has commenced.. The present production of .ores from our properties is about twelve to fifteen tons pei• day. The grade of the ores is at present[ not;accu- rately known as no smelter settlements have been received, but it is understood that the ores are of good. grade for that locality. It is believed, by those who are familiar with our ground, 'that a part of the,ore bodies, dis- closed by the recent discoveries of The Progressive Mining Company, is included within the boundaries of our properties at the northerly end, and that when sufficient depth is reached and connections are made, the output. of our properties will be increased very considerably. To reach these ore bodies the Leasing Company is now sinking a new shaft on ]eased properties adjoining ours. It is reasonable to expect that..within twelve to fifteen months these new bodies of ore which are believed to exist, will be'i•eached, and that from that date the production will be continuous and in very considerable amounts. It is gratifying to be able to report that the Company has no indebtedness and that taxes have been kept fv]ly paid tap. During the past five years no salaries have been paid to officers and no office or other expenses allowed, except such nominal amounts as were necessary for the holding of stockholders' meetings. A balance sheet furnished by the secretary showing present conditions is appended below. It is very desirable that the secretary be furnished with the present address of each stockholder, and to .that cud each stockholder is requested to fill out and send to James H. Crandell, secretary of the Company, P. O. Box rgtr, Denver, Colorado, the enclosed postal card, so that the stock ledger may he made to show the correct postoffice address of every stockholder. Respectfully submitted, LOUIS H. JACKSON, President. SECRETARY'S REPORT. TRIAL BALANCE OF THE COMPANY, DECEMBER 3r, t9oz, Capita] Stock ............. .......... angkok Mine ........................ Cora Bell Mine .... .... . ...... ............$390,000.00 .... ............... Office Furniture ...................... ............ zro,ooo.oo ............ t6r.25 James H. Crandell, Treasurer ........... ............ g68 6d Profit and Loss Account........... . . .... Unpaid Dividends .................... ............ $6oo,6zq.8q Respectfully submitted, $600,000.00 589.89 40.00 $6oo,6z9.89 JAMES H. CRANDELL, Secretary.