The Goldfield news and weekly tribune. [volume] (Goldfield, Nev.) 1911-1947, 1917-09-08

NhaN t1@
on the 23d, and consisted of 25 bars
OF gold-silver bullion. having an es-
timated valuation of $47,5OO. An
ouncemen of this shipment in the
previous issue of the Miner was mp
ceived from the mill too late to ne
lncI1ded therein.
The Tonopah Belmont sent to the
mill 2431 tons, the Tonopah Mining
$3.50 tons, the Tonopah Extension
$3.50 tons, the Jim Butler 500 tons,
the West End 100 tons, the Rescue
1913 tons, the Montana AS tons, the
Cash Boy So tons, and miscellaneous
10 tons, making the total production
for the week 1874 tons, the estimat-
ed value being s164,O45. This val
uation is calculated on the gross
milling value of the ore.
To illustrate the wisdom shown Icy
the Tonopah Mining company and
other Tonopah corporations in stor-
ing their production of silver ever
since the beginning of the European
war, at which time, as a result of the
closing of all markets and exchang-
es, the white metal fell below so
cents per ounce, the following is tax
en- from the New York Morning Tel
egraph:
Two days ago the Tonopah Min
ing company made a sale of 200, 900
ounces at 90 cents and this was the
highest at which silver was sold since
1873.
THE Tonopah sale vas made to a
New York house. Several months
ago a representative of this house
went to Philadelphia with an offer of
80 cents an ounce to President
James S. Austin of the Tonopah COM
pany for a large volume of the metal,
but the mining official refused to
sell at hat figure and by holding the
silver longer received an additional
10 cents an ounce.
Having plenty of cash on hand
to conduct operations, it was decid-
ed by officials of the Tonopah COM
pany during the slump in the market
in 1914 to accumulate the silver
produced rather than sell at the pre-
vailing price. AS a result of this
policy large stores of the metal were
laid away and it is stated hat the
company has on hand 40 900
unces in addition to the 10000
ounces just sold"
TOnOpah Extension
The Tonopah Extension Mining
company. from it's output and reduc-
ton of 9476 tons in July. earned
net profits of $~36.225.56. This is
somewhat of a decrease as compared
with the earnings of the previous
month, when $685. tons produced
profits of $4,000.
However. July's earnings were
considerably larger than those of
May and April of the present year.
and with the price of silver constant
ly advancing to new high points
there is every eason to anticipate
that future months will yield greater
profits, especially in view of the
probabilities that the the new work
hat is being done at deep levels in
the mine will demonstrate additional
reserves of ore in the mine, adding
about $50 feet to the backs already
proven.
The most important item in the
present weeks report is that at last
xLo or,cc o,,k urhiah "oc rloDnnI
some time ago to be driven on the
16S0-foot level, al a point above the
highest water mark in the Victor
shaft. for the purpose of intersecting
the main vein system of the Extern
sion mine on their downward extern
sion, has been started.
The object of the cross-cut, viz: to
endeavor to demonstrate that the
Murray and Merger veins, and pos
sibly others, extend to great depths,
will within a few weeks be estab-
lished. Success in the undertaking
will bring Tonopah Extension once
more in the limelight and prove it
TO be II of the biggest mines in the
west.
While the new cross-cut, desiGnat-
ed as No. 1900, is making it's a to
the south, the work of cutting tine
station on the north side of the shaft
continues. 1t is expected that this
work will be finished in a short
time. w%hereupon prospecting expedi-
tious in a northerly direction will be
started.
The usual features are contained
in the weekly report issued by the
company covering the operations of
the past week, very little change
having been shown in any of the de-
velopment, prospecting or production
workings, at the No. 2 shaft territory
as we'll as in the Victor ground.
TOnOpah Belmont
The board of directors of the To-