The Goldfield news and weekly tribune. [volume] (Goldfield, Nev.) 1911-1947, 1915-03-20
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found and has, therefore, regardless
of other considerations, been prof
liable to your company.
In the history of every large
mine a period is reached when a
part Of it's territory can be work
ed to better advantage by lessees or
''tributors'' than by any other sys-
tenn and yours will prove no excep-
ton. The two principal reasons for
and expense of supervision for small
operations at points distant from the
larger Slopes, and 2-and this ap-
plies with especial force to your
mines, the close personal attention
required in hunting for small bunch
es of ore which are always over
looked and left behind in the hur-
ried mining of large ore bodies.
The territory which a lessee has
to cover in his work is very much
smaller than that covered by the
manager or superintendent, or even
the shift boss, and, therefore, the
care which he can give to details OF
operation and prospecting Is much
greater and usually quite as intelli-
gent.
Some of the leases worked during
the past year have proved quite
profitable to the lessees and most
of them have proved profitable to
the company.
Therefore, and for the reasons sta
ted above, the system should be
gradually extended, care being ia
ken to weed put those lessees VINO
show lack of industry or intelligence
thereby building up an organization
which will be profitable to your
company for many years to come.
At the close of this year and at a
time when | am retiring from the
active management of your proper
ty, ! wish to thank you and the
board of directors for the cordial
support which you have at all times
accorded me, and to thank the as
sis ant general manager, Mr.. Hutch
inson, the staff and all employees for
the very large part which they have
contributed toward such success as
has been attained.
Mr.. HOwe's Report
The report of Mr.. Howe, in part,
follows:
At the close of the year 1914, the
issued stock of the company re-
NAMED at the figure previously re-
o~kl n@~nr. > r = q 4 A ohornC
leaving unissued 1,44O,S25 shares
out of a total authorized c%apitaliza-
ton of 5,OOO,0 900 shares.
The total earnings for the year
3,S95,74S.42, total expenses
were $2,O60,524.31, net realizatiOns
from years operations were ST.
835,224.11.
One dividend was paid within the
year, at the rate of soc per share,
aggregating 1,O67,744.40. At the
beginning of the year, we had cash
balances of 81, O74,372.12. At the
close of the year, we had cash bal
of 1855, 703.16, with bullion
in transit and miscellaneous pro-
ducts settlements outstanding of
$2O3,122.S3.
On June 25, 1914, the company
acquired $4,000 shares, equal to
81 per cent of the issued shares of
the Aurora Consolidated Mines
company, whose property is at Auro-
ra, Mineral county, Nevada, at a
cost of $763.011, or $1.2SSS7 per
share, or on the basis of $S77,O75
for the entire issue. Further in
formation respecting this acquisition
was supplied stockholders on July
81, 1914. Since acquiring control
of the Aurora property, all equip
ment and construction deemed to be
necessary for the operation of the
property for many years. has been
completed. with the exception of the
filter presses. The latter were or
dered at the end of the year and the
first payment of o%ne-third the pur.
chase price was made. The equip
ment, which vas partly completed at
the beginning of the year 1914, and
has since been completed, with the
CAICpllOu hOtCu dDONCy "
a cyanide mill of 500 ton daily ca
pacity, a rock crushing and convey
ing plant, ali electric haulage plant
designed to operate from mine to
rock crusher. a 5000 cubic foot air
compressor, offices, warehouse, as
say office. clubhouse, boarding
house, three b~unkhouses, hospital,
machine and blacksmith shops, min
ing tools and underground equip
ment. OF this equipment at the be-
ginning of the year. the superintend-
ent's residence, five cottages and
the carpenter shop were completed.
New construction, commenced and
finished during the year, consisted
of two storehouses, n clubhouse,
change house, oil house, oil tank,
steam heating plant, lime kiln and
20 cottages.