Yule Marble Company
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y 2x4 apology can be a ;An croaker but it shows the stuff of a man to buck obstacles with a cheerful face The Booster .illalways fight for the thing* The Booster which make a prosperous town ifc an Independent newspaper de- THE MARBLE BOOSTER voted to the interests of Marble Five Cents a Copy. MARBLE, GUNNISON COUNTY, COLORADO, SATURDAY, FEBRUARY 15, 1913. VOL. 2. NO. 49 The issuance of these bonds will i onst rated positively the superior qual- there is always room for a difference leave free for use in our commercial ity of our marble, and there is little of opinion as to what is wise to do in operations Facts Concerning Present the quick assets above re- < question but we can, within a few every case, and no human being, or ferred to. amounting to $700,000.00, months, market at fair prices, all the aggregation of human beings, could which with over $200,000 cash to accrue marble we can quarry up to at least conduct an enterprise of such magni- to the company from the sale of the 1500 per are tude, over a seven years, Condition the - cubic feet day. There two period of of Colorado bonds, will provide the company with contracts which will probably be let without making some mistakes. The a working capital of $900,000. within the next two or three weeks, death of Colonel Meek was a severe We can see nothing in this plan, or work to secure which has been going blow to the business for the tremen- Yule Marble Company in the condition which made it seem on for some months, and which we dous work he had already accom- advisable to put it into operation, have every reason to believe will come plished, and the results which he had which should greatly perturb any to us, that will require over 300,000 secured, would have been possible to Mortimer Matthews, president of the development and operation of the bus- ¦ stockholder. On the contrary, the suc- cubic feet of marble. In other words, only a very few men, and we are al- Marble company, ar- iness, $4,992,150.26. Colorado-Yule cess of this plan of refinancing will these two contracts alone would take most willing to say that was the There should be this, $560,- I rived in Marble the first of the week added to j | immeasurably add to the stability of our entire present sawing capacity for only onewho could have ione the work 000 of bonds, which were issued in 1 to direct the disbursement of the pay our business, and to thesafety ofevery one year. and achieved the result as quickly and part payment of the original proper- company and after dollar that has been invested in the There are three reasons why the as economically as he did. roll of the to look ty. This makes a total of $5,542,150,- company’s stock. company did not realize a large profit Mortimer Matthews, other business matters which kept him 26, which our business lias cost us in j Heretofore, our financing has been on its business for 1912. First: Be- H. P. Bope, until the end of the week. Mr. cash, or its equivalent. Bruce Griffing, here | done in a hand-to-mouth manner, be-j cause, in the desire to have examples N. Matthews expressed himself to a re- The $550,000 of bonds be: Henry J. Utz, should j cause itcould nqt be definitely shown : | of our marble in important buildings C. F. Brackett, porter for this paper as being confi- counted as an the expenditure, for ¦ just how much pioney would be re- in different cities, the prices that were Wm. J. Chandler, that the refinancing plan is cer- reason that, | ded embraced in our present : quired to bring our property and bus- quoted were lower than they will ever J. E. Haskell, tain of success. Subscriptions are be- indebtedness are $555,000 of at Charles Austin Bates, bonds iness to its present state of develop- have to be again. Second: The snow ing received every day for the mort- outstanding. If we item Directors. count this on ment. slide and other misfortunes of the gage and it is quite apparent one York, 25, 1913. bonds side of the balance sheet, we must When the company was first organ- winter of 1911-12 interfered with our New Jan. within the next few weeks a suffi- take credit for on We, the undersigned members of that it the other. ized, Col. Meek was told by exper- production, threw us behind on our amount will have been subscrib- Of the stockholders’ advisory committee, cient this total expenditure of $5,542,- ienced marble men that $100,000 in contracts, and during the summer and to company upon a . to our fellow ed place the sound 150.26 the company owes, according cash would be all that was necessary fall, in order to avoid being penalized j commend the above financial basis, assuring ample time to the balance 1, stockholders. sheet of November to open a quarry and put our marble for slow delivery, everything was sac- to place the balance of the bonds. 1912, $2,486,968.50. As this, Norton M. Little, against profitably on the market. These men rificed to speed, and many expenses Upon the day Mr. Matthews arrived there shows on the same i Herbert C. Keith. balance sheet based their estimates on their exper- incurred which will be avoided in fu- here, stockholders of the company had accounts receivable $408,445.28, (al- ience in opening quarries in Vermont, ture. Third: Until the middle of April Upon his return from Salt Lake taken $326,000 worth of the first mort- lowing for losses in adjustments of under conditions entirely different we did not have a sustained quarry City the first of the week, Superintend- gage bonds and $750,000 of the second various accounts this may not net us from those in the mountains of Colo- production. We could not, therefore, ent Stanley gave out the information mortgage bonds. To positively in- more than $350,000). of Inventory rado, and it soon lecame evident that attain the monthly volume of business that the Colorado-Yule company un- sure the success of the plan, Mr. marble and supplies on hand at the they were greatly in error. necessary to reduce to a minimum our doubtedly will get the contract for sup- Matthews stated that $175,000 worth of mill and marble in blocks at the quar- The original intention was to do overhead charges, and moreover, with plying the interior marble for the new first to be ry, the bonds would still have will amount to approximately nothing but quarry and ship rough the irregularity of production and the Utah statehouse. subscribed for and he gave as his firm $350,000. These two items total $700, blocks of marble, and it was very soon rush of the summer, it was impossible It willbe some time yet before the that amount would be in 000 of reasonably quick assets. belief this found that this was then impossible to watch closely all cost items enter- contract will be signed and closed but a of hand before the first of March. To mske fair statement actual and that we must build a finishing ing into the manufacture of the mar- the building commissioners have as- Stockholders of the company have conditions, quick as- this amount of plant and first demonstrate the quality ble. sured Mr. Stanley that the Colorado- plain concerning the sets offset baJ the facts should be considered an of the marble and our ability to pro- With our reputation established, we Yule company will get the work. company’s condition and its needs against the indebtedness, which would duce it. It was then found that, con- will now have no difficulty in estab- Mr. Stanley estimates the value of placed them in a printed circu- our in excess of before leave net liabilities trary to our expectations, the Crystal lishing a higher selling price. this job at about $175,000. The State- lar, signed by the board of directors, reasonably quick assets, $1,786,968.50, River Railroad would not build an ex- The quarry production is steady, house will have an exterior of mar- and they are to the support Considering the actual tan- rallying large, tension to our plant, and we had to and will continue so. We have com- ble, also, and the commissioners have of a manner that gible of our bare it- their investments in value property do that ourselves and provide the plete cost records from December, concluded to use marble from a quar- ulti- self and the amount of five and one- shows they have confidence in the money fer it.. 1911, to date and much work has al- ry that will be opened up in Utah. mate success of the Colorado-Yule half millions of dollars which has been It was obvious that with the finish- ready been done in the way of reduc- Cores have been taken from a deposit expended and in in that state and it is believed that the company. Many of the stockholders on the property the enlarged quarry, requir- ing overhead charges and in reducing ing plant and deposit ample enough and of a have visited the mill and quarries hero establishment of the business, this ex- costs the various is ing a great deal of power, it would be of operations in the that be for the they what are cess over is quality will suitable and know they backing.