The Goldfield news and weekly tribune. [volume] (Goldfield, Nev.) 1911-1947, 1918-05-25

TOnOpah Mining 3SOU TONS, the To-
nopah Extension 1876 tons, the Jim
Butler $50 tons, the West End 1861
tons, the MacNamara 331 tons, the
Montana 140 tons, the North Star
SO tons, making the total production
for the week 1851 tons, the esti-
mated value being S1S0,557. This
valuation is calculated on the gross
milling value of the ore
The annual meeting of the Tono-
pah Mining company which was held
in Philadelphia on May Z, was large
ly attended and many interesting
questions were brought up for dis
cussion, according to reports re-
ceived from the east. The Philadel-
phia News Bureau, in reporting the
proceedings, says:
After a two hours discussion on a
resolution authorizing the appoint
ment of a committee of ten to select
one of their number to name a min
ing engineer and the two to make an
investigation of the Eden mining
property in Nicaragua, which was
presented at the annual meeting OF
the Tonopah Mining company late
yesterday afternoon, the motion was
without being voted upon.
During the discussion some new
light was shed on mining operations
of the Tonopah Mining companv.
James S. Austin, president, replying
tt the statement that there was un-
rest among the stockholders, said
the complaint was not due SO much
to the meagerness of the report but
because the prospects were not more
encouraging. When the company
paid dividends of 100000 per
annum, the reports, he said, were
not so complete as at present, but
stockholders were in good humor.
That prospects were not so en-
couraging, he said, was due to con-
ditions caused by the war. When
the Eden mine was acquired it was
estimated that 81 ore would pay ex-
penses, but now the cost of handling
the ore has increased to $40 per ton.
In addition he said the company
would have to pay federal taxes this
year amounting to about 100000.
J. Harvey Whiteman, who presid-
ed, told of operating difficulties in
Nicaragua, the fact that there are no
roads five miles inland, that water
movements are subject to seasonal
changes, and also spoke of the diff
Guilty of making shipments of goods
from this country to the mine and
the inefficiency of the native labor.
Much of the discussion centered
about j. E. Spur, for several years
vice president and advising engineer,
and in reply to an inquiry it was
stated that Mr.. Spurs salary was
$4,000 a year and a per diem fee
while on field work of $50 a day.
In addition, on any company taken
over by Tonopah as a result of his
Investigations he received tx per
cent of the stock received by Tono-
pah Mining as his share.
TOnOpah Belmont
Besides the favorable showing that
the Tonopah Belmont Development
company is making at its local prof.
erty, the annual report of President
Heller demonstrates that the Bel
mont Surf Inlet Mines, Ltd, operat-
ing at Princess Royal Island, B. c.,
is also making satisfactory profits.
In his report to the stockholders of
the company, Mr.. Heller says:
The accompanying financial and
statistical statements give the re-
suits of operation of your properties
for the period beginning Sept. /,
1917, to Feb. IS, 1878.
The net income was $S6,154.34.
On Sept. 1, 1917, your company
took over all the property formerly
owned by the Surf Inlet Mines. Ltd.
(Which was under option to the To-
nopah Belmont Development COM
pany), together with all the capital
stock of the Surf Inlet Power COM
pany, and on that date operations
| commenced for account of your COM
pany.
The mining and milling operations
for the short period of actual oper-
alton were interrupted by accident
and have scarcely gotten to an aver
age basis. The tonnage treated has
since been increased to a normal of
800 tons per day.
If general operating conditions
and, equally important, future Ca
madam taxation become no more UNI
favorable and burdensome than at