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i-, <br />. 7! ~~ I:j~. .... ;~. <br />;PRESIDENT'S REPORT. <br />%'o the Slockliolders of <br />The $1 Pciso Consolidated Cold iYfinittg Compmty: ' <br />The duty again falls ppon mc,'a_t'thc close of another"fiscal ycai•, to chronicle the chief events <br />and achievements 'dtiritig this"period, and in' the following will cndcavor'to report briefly upon the <br />conditions as they exist. <br />LABOR CONDITIONS. ' <br />During the early part of the year, the labor situation was in a very unsatisfactory. state; so <br />strained were the relations between the hvo factions that the men who were working felt it necessary <br />to maintaiq,the strictest vigil over the lives of themselves and families. This situation continued <br />un61, on the sixth day of June, the climax was reached at Independence station, where the lives. of tg <br />men were snuffed out by the fiendish act of some unknown dynamiter, since which time, however, <br />these conditions have been constantly improving; until at present they are better than ever before. <br />DRAIlVAGE TUNNEL. <br /> <br />,. So. effectively has the "fit Paso" tunnel done its work of draining the•Cripple Creek District, <br />that. a movement is now on. foot looking to the constrnction of another. and deeper one, which will. <br />drain. the camp about ygo 'feet below the present water level, tapping the workings of your Com- <br />pany at about t,4oo feet, and, while there Itas been some little delay iu getting this project under. way, <br />the interest which mining men are manifesting is universal and enthusiastic, and there is little doubt <br />but that it will be actually under way of construction before many months have elapsed. This tunne4 <br />will cost approximately $300,000.00 and will take about two years to complete it, but will give ten <br />years' work to those mines embraced in the area drained, without having to pump water. <br />Your Company has been operating below the present water level for a period of about eight <br />months, where development work has. been prosecuted with vigor, and without the least trouble <br />from water, yet I am for the new Eunnel and propose to asl: your Board of Directors to contribute <br />liberally totvard its cost. <br />NEW EQUIPMENT AND PROPERTY PURCHASED. <br />The management of your Company has seen fit to purchase the "Chance of 'qq" and the <br />"Ajax" lode claims; the fornter containing about hvo acres and the latter about 8~ acres. 1'Itc <br />consideration for the "Ajax" lode has not passed as yet, hence does not appear on the statement of <br />the Treasurer,-bat $59,000.00 of it appears in the item of "Stocks, Bonds and Warrants;' being <br />money paid for a controlling interest in the stock of the Beacon Hill-Ajax Gold \Qining Company, <br />which company owned the Ajax claim. These properties adjoin 'that of your Company on the <br />north, and while no work has been done to demonstrate their worth, we <lecnted it expedient to adcl <br />them to the holdings of this Company. <br />The Ore'House capacity is being increased 9o per cent and will be complete before April <br />tst. Anew compressed air Tram has been purchased for the purpose of conveying the ore from <br />the newly developed territory in tlce I<forning Star ground, to the shaft, whereby one man will handle <br />a train of ten to fifteen cars; -this will be installed and ready for operation within Go days •mul will <br />greatly facilitate the handling of this ore. <br /> <br /> <br />