The Goldfield news and weekly tribune. [volume] (Goldfield, Nev.) 1911-1947, 1916-05-06

company sent to the mill 1913 tons,
The Tonopah Mining 1,750 tons,
the Tonopah Extension 1850 tons,
the Jim Butler 500 tons, the West
End 5S5 tons, the Montana SO IONS,
the Rescue 200 tons, the MacNam-
ara 119 TONS, the Halifax 102 tons.
and the Midway sc tons, making
the total production for the week
1853 tons, the estimated value be-
mig $179,502. This valuation is
calculated on the gross milling val
lie of the ore
Many interesting features are
contained in the fourteenth annual
report Of the Tonopah Mining COM
pany. For the year ended Feb. 20,
1916 the company shows net earn
ings and income of S~1S3,064.0i,
which added to the earnings and
income oil the Desert Power and
Mill amounted to $685.
693.32. Out of these earnings Tour
dividends. two of % cents each, ana
two of 10 cents each, amounting
TO $500. 900, were declared, leaving
a surplus of $133,693.42. This
surplus was added to the total sur
plus existing on Feb. rs, 1915. OF
S3.S6O,344.15, making $3,993,
937.47. Against this latter amount
the charges against profit and loss
accounts were made. These charg-
es consisted of 100000 reserve for
depreciation: ~$49,67S.57 for depre-
citation On mining property, n
I 5000 for depreciation on mill
and equipment; in all amounting
to $2S9,67S.57. The total net sur
plus on Feb. %, 1916, was
therefore $3,7O4,259.90, as COM
pared with the total net surplus on
Feb. 2S, 1915, of $500. 244.15.
The decrease is largely due to the
extraordinary amount charged
against profit and loss account as
a reserve for depreciation.
The estimated value of the total
ore assets on March /, 1916. is
stated to be $79S,7S9, while the
estimated tonnage is 53,493, of an
estimated value pei ton of $14.93.
The splendid condition of the To-
nopah Placers company is empli-
fed by the total net earnings and
income for the year 1915, and the
total net surplus on February 20,
1916. The dredges extracted gross
values of bullion to the amount of
$497,017.56, at a cost of $267,-
324-57, leaving a balance of SILL
G92.99, which added to miscellane-
GUS earnings of ~$52S6.64, made to-
tai net earnings for the year Of
$~216,979.63. After making various
charges for depletion of ore reserves
and depreciation of plant and equip
ment, a profit of $~54,3SS.313 is
shown. Out of the years profits,
the initial dividend has been paid,
amounting to $4,000, or 3 per cent
on the capitalization. The balance
left, added to the surplus of $2G9,-
5S0.10, makes a total net surplus
on Feb. 90, 1916, of $237,9GS.4l.
Brief mention is made in the re-
port governing TIE operations Of
the company at the Eden Mining
and the Turnkey T%ranspor-
tation and Power company, in Mic
aragua. 1t will be noted in the re-
port OF combined and condensed
cash receipts and disbursements of
the company and the Desert Power
and Mill company that the Eden
Mining company has Deen loaned
$4S5,0O0 with which to prosecute
it's operations.
TonOpah Extension
M. r. Ward, president of the
Tonopah Extension Mining com
pany and connected with other min
ing enterprises in Tonopah, arrived
from New York last Sunday morn
ing and spent the greater part of
the week inspecting the Extension
mine and the other properties in
which he is so heavily interested.
Mr.. Ward declared that he ~as
more than gratified with the de-
velopments which have taken place
in the Extension since his visit here
last fall, because such develop.
ments have more than justified the
faith which he and his associates,
who constitute the controlling in
terest in the Extension and several
other properties in the western and
northern sections of the camp,
have had in the future of Tonopah.
even during the days of the great
depression following the country
wide panic in 1907. 1t is probably
not necessary to recall the fact that
as a result of the panic. the Golden
Anchor, Midway, Extension, Red
Rock and the McKane mining COM
panies were all sold under execu-
tion because those interested in
the several properties could not or
would not levy voluntary assess
ments for the purpose of declaring
off the Indebtedness existing agains'