The Goldfield news. [volume] (Goldfield, Nev.) 1904-1911, 1910-06-11

report to the Nevada Bullion Tax col
lector for the first three month"; Of
1910 shows but 81, 700 net profit, In
round figures, when such excellent re-
ports rs to the condition of the prop.
erty and mill output have been printed
from weeE to week. There is no doubt
and rich mine; that it has great re-
serves, and that an enormous amount of
development work is being done, both IN
the way of getting exposed ore ready
for extraction and in exploring virgin
ground. Our mining writer has NJ all
times free access to mine and mill,
with privilege of sampling, ETC., TO check
up his observations. The mill is hand
ling from $50 to 160 tons of GRE aver
aging $25 per day, at a saving of %
per cent, this giving a gross daily pro-
duction according to figures of the
millmen, of some $500, or $105 900
per month. The Consolidated, with
nearly three times as large n mill and
handling all its own product, and a
slightly higher grade lof ore, finds total
tonnage costs, including mining, mill
ing, development, transportation, mar
keting products, Office force, etc, about
$11 to $12 per ton. 1t is not then un-
reasonable to say that the Florence
tonnage cost will run close to So, es-
p~ecially as the Florence is doing more
development work in comparison with
ore extraction than is the Consolidated.
Assessment of SIS per ton costs, leaves
the Florence with a net monthly profit
of $37 800, it would seem upon the re-
ported performance of the mill. The
bullion tax is assessed upon actual
net profit, after taking out depreciation,
ETC., and this item of depreciation"
is often elastically defined. If the
Florence had a bond issue, the SIDE
probation assessment would go into
a sinking fund, but as there is no bonl
issue, the depreciation is subtract
ed from the book profits, and then put
back into the treasury to distribute TO
the stockholders. 1t seems that ode
probation" is bounded only by the
tolerance of the tax officials. (2) A.
to the rumor that has reached you that
there are grave dissensions in the Flor
ence official family and that company
money is being wrongfully used by
company officials, it appears from this
end that it is without foundation in
fact. It. G. Lockhart of Goldfield is
president and A. ID. Parker of Denver,
Colorado, is treasurer. Neither or
these gentlemen are "plunging' lnsc-
far as anyone in this country knows
anything about; both are reputed TO
have large personal fortunes, are rated
as men of strict probity, even austerit.y
as to public or personal matters. Ihey
are the principal holders of Florence
stock. name it's directorate, and we
learn officially that there has been no
rupture. One of the directors said IN
discussing the above matters: An
rumors of peculation of company funds
or of friction in the official family are
mere bosh-probably started by some
one who had ''shorted' the stock and
was caught. As to the low showing as
to net profit for the quarter, high costs
and depreciation are responsible. And
although the Florence has never set
any special time for dividend pay
ments, or any special amount OF |
dend. YOU can say that before t'sl end
If the wear the Florence will have PAID
snch dividends as to make the stock a
snlendid interest investment, when
figured on the present price OF the
stock. AS to any 'crookedness' IN
Florence affairs, come in and look over
all our books and records if you de
sire.'
T. j., McC., Fresno. The office of tie
Calavada company has been moVea
from Wonder, Nevada, to Goldheid,
with Charles G.. Patrick as resident
-o