The Goldfield news. [volume] (Goldfield, Nev.) 1904-1911, 1907-11-02
ANNUAL REPORT
MIDWAY

The annual report of the Tonopah
Midway Mining company was issued re-
Gently. of which the following is an abb
stract:
1t was not until late In 1904 tina ore
of commercial value was located At a
depth of 365 feet a vein averaging from
3 to 5 feet in width was encountered
which produced a fair grade of ore. h
development was continued through this
shaft. and in 1905 at a depth of 435 feet
two veins of high grade ore were opened
up. These veins were called the Doug
lass and Brougher. and varied from 5 to
IL feet in width The Brougher vein
appeared to be a continuation of the one
opened upon the 365-foot level. Late in
the year another vein of fair grade mill
ing ore was encountered which averaged
4 to s feet in width.
The financial statement to December
81, 1905 shows: Receipts. $173,S77.04
Expenses, ssS.276.47. Leaving a bal
ance on hand December 81. 1905, of
s110.6O0.57.
Total ore shipments were 1872 tons,
of a net value of 1915 per ton. In ad-
dition to this there was at this time
about 1000 tons of milling ore on the
dump which averaged about $50 per ton.
During the year 1905 most of the
work was on the Brougher vein. but in
1906 considerable work was done on the
Douglass vein. which proved up large
bodies of milling ore.
In April, 1906, an initial dividend of
5 cents per share was declared. This
dividend was continued at the same rate
until January. 1907. The January divi-
lend being paid from the earnings of
1906.
The company's report for year ending
December 81, 1906. shows 1892 feet of
development work which added to that
lone up to December. 1905. made a total
underground workings of 1852 feet.
The treasurer's report for the year
1906 showed the following: Receipts.
s343,ST0.94: expenses. $272.421.10; leav-
ing a cash balance on hand of $71.449.s4.
Total shipments of ore. 4.003 tons. of
a net value of s5s.224 per ton.
In addition to this 5000 tons of mill
ing ore was placed or the dump. bring
ing total of milling ore on hand up to
5000 tons.
During the first three months of 1907
very little work was dom on the Mid
way property. The weather was very
severe and it was practically impossible
to obtain any fuel with which to run
the machinery. in addition to these
troubles there was a very serious break
in their hosting machinery. and earn
ings were necessarily restricted. AS the
company had not earned their dividends
for this quarter the directors of the
company very wisely passed it, stating
1 that In x,iaur Of tho uucarfaip conditions
existing at this time it was to the best
interest of the company to keep a large
cash balance on hand Conditions i'm
proved very slowly. Later in the year
the company was handicapped by labor
troubles. and it was not until late in
July that the Company got back to a
normal condition. Ore shipments have
been increasing steadily from this prop
erty for the past two months and are
how about normal ranging from 80 to
$50 tons per week. The company re-
ports total shipments for the year up to
October LIST at 1871 tons, of a gross
value of ss1 per ton. as the shipping and
reduction charges are about s23 per ton.
this would mean gross earnings for the
first nine months of about $112. 500. The
last three months of the year should
average much better than this. as the
company is now in good shape physical
ly. and general conditions are better.
Early in July 1t was reported that the
Midway company had struck the Mon
tana vein at a depth Of 600 feet where
it entered their lines from the Montana
Tonopah property. If this is true. and
1t is generally believed to be. il adds
very much to the wealth of the property
as IL is a high grade vein.