The record made by the El Paso Consolidated Gold Mining company for the year just closed was a remarkable one, and well may the officers be proud of their achievement, while the stockholders are certainly to be congratulated for the showing their officers have made.
During the year the new equipment installed on the property cost $104,000. Not one penny was drawn from the treasury to pay for the equipment, all of the cost coming from the ground.
The daily tonnage of the mine averaged about twenty-five tons, or 9,000 tons for the year, which contained $450,000 gross. All the new equipment and the entire operating expenses, besides the purchase of the Morning Star property, was made out of the production.
The tonnage shipped from the mine includes both the ore from company account and that of the lessees.
The new plant was most economically purchased and is the most complete and convenient known. Its construction is such that it permits of the cheapest way of handling ore that can be conceived.
The El Paso company owns close to seventy acres of territory and already there has been proven and determined eight veins, five of which contain ore yielding splendid values.
The new three-compartment shaft recently completed is down to the depth of 600 feet, but the estate of the company is only partially developed to that depth. What the future may reveal is hard to tell, but judging from the past, which ought to be a sufficient guarantee for the future, there remain great wonders to seen above the present bottom level.
The El Paso Consolidated Gold Mining company is capitalized for $2,500,000, divided into 2,500,000 shares, each having a par value of $1.
The company's estate is located on Beacon hill and the ore bodies revealed as depth is gained are remarkable and beyond description. The territory is in a compact group.
The officers of the company are:
S. S. Bernard, president
H. H. Barbee, vice president
J. M. Jordan, secretary and treasurer.
William M. Bainbridge is the superintendent and has charge of the actual development of the great bonanza.