The Goldfield news and weekly tribune. [volume] (Goldfield, Nev.) 1911-1947, 1914-12-12

The weeks output of the Tonopah
mines consisted of 944S tons, the
estimated value of which is 1860
Tonopah Mining maintained good
production from mine and mill.
Subsidiary companies are very pros
porous. Mine in Nicaragua under
operation showing %splendidly under
development.
Tonopah Belmont struck new ore
body in raise from the 100-foot
level of Belmont shaft. The east
drift on Belmont vein at 18th level
looking much better than for some
time. s.a
Tonopah Extension mill additions
and improvements are all completed
and 40 stamps are dropping stead
lily. Mill will now reduce from 235
to $50 tom daily. New ore body,
seven feet wide, and Of good grade.
has been opened up in portion OF
mine hitherto unprospected.
Mizpah Extension drifting on the
1850 level and stopping from inter-
mediate level below. Some good ore
coming out. as
Montana Tonopah shipped 81 bars
of bullion, weighing 2057k pounds,
and valued at $780,, as a result OF
the cleanup of the mill after its
temporary shutdown. Development
work in the mine Is proceeding
steadily.
Jim Butler has completed retim-
boring the Wandering Boy shaft.
putting in pipe lines, ladder ways,
etc. New compressor house and
other surface improvements under
way. Development and production
at Desert Queen shaft normal.
West End encountered good ore In
two raises at. the 50O-foot level. A
good grade of ore is coming from
six different slopes in the mine.
Halifax is retimbering shaft, pend
ing which development and produc-
ton have necessarily stopped.
North Star developments during
the week show no material change
in conditions. rt
Rescue-Eula getting ready to sink
shaft 200 feet deeper. No change
in conditions as a result of other
work.
Umatilla still pushing crosscut
from the raise above the 120O-foot
level. Assessment of cent a
share has been levied on the stock.
Buckeye-Belmont attracting more
attention since finding the tracnyte
formation east of the intrusion of
Oddie rhyolite.
Gypsy Queen made the usual foot
age in crosscut at 100 level with
no change in formation.
Belmont
The reduction of the dividend to
12h cents a share by the directors
of the Tonopah Belmont company
has occasioned much comment since
the fact was announced in the last
issue Of the Miner, but the concensus
of opinion is that the action was
wise.
While the market for silver IL
stiffening, and 1t is the belief OF
most authorities that 1t will in the
coming year reach a higher Level
than it has in a decade, yet 1t was
not deemed advisable to dip too
deeply into the cash reserves OF the
company. A Philadelphia company
puts the matter quite clearly in the
following:
According to the quarterly state
ment issued as of Aug. 81, the COM
pany had available casn resources OF
$1,3S7,O61, but this figure was re-
duced to around the million dollar
mark on Oct. 1. when the company
paid a dividend of 25 cents. calling
for a disbursement of 1915 900. Be-
cause of the war the company has
also been forced to draw to some
small measures on its reserves Tor
expenses, as the gold recovered from
the ore production has not been sur
ficient to pay all expenses. To have
continued the dividend at the regu-
lar rate and drawn further upon sur
plus for current expenses would
have been a drain upon the cash re-
sources of the company, and would
have reduced the working capital.
"It has been the policy OF Pres'-
dent Clyde A. Heller to maintain a
strong cash reserve, and In mining
circles 1t was thought the board act
ed wisely and c~onservatively In tax
ing the action it did. as some are
holders feared that the dividend
would be cut altogether. The board
gave the matter careful attention
and thought that in view of unpre-
cedented conditions it would be good
business to make some disbursement
to the stockholders and assist them
in meeting the cost of living.
although the company cut It's
dividend. its assets are increasing
each month as the SILVER production
l~- 4h4 i