The Goldfield news and weekly tribune. [volume] (Goldfield, Nev.) 1911-1947, 1918-05-18

AAlAA uu thO WOCh NOASs NaO
Tonopah Extension 1856 tons. the
Jim Butler $50 tons, the West Emo
1925 tons, the MacNamara 453 tons,
the Halifax 81 tons, and miscellane-
Gus "a tons, making the total pro-
duction for the week 10 ,155 tons, the
estimated value being $172,635.
This valuation is calculated on the
gross milling value of the ore.
The annual report of the Tono-
pah Belmont Development company
for the fiscal year ended Feb. %,
1918, giving the results of operations
of the several properties owned and
controlled by the parent corporation,
is now being distributed to the
stockholders of the company. Presi-
dent Clyde A. Heller, in his report
to the stockholders, states:
The average price per ounce re-
ceived for silver sold is 1888 cents
higher than last year. The increased
cost of production of an ounce of
silver as compared with the previ-
Gus year was about IA cents, due to
the higher prices paid for labor,
chemicals and other supplies. The
silver produced by your Belmont
mine and your milling operations
during the year was about 26.77 per
cent of the total output of Nevada,
and 4.12 per cen of the production
of the United States.
The silver in storage at the be-
ginning of the fiscal year and car
ried on the books at SO cents per
ounce was sold at a profit Of $94,-
327.1O, which has been credited to
the income account.
The profit for the previous two
years was $~1SO,243.47, making a to-
tai profit Of $~274,570.57, accruing
from the policy of storing silver at
times when the market was democrat
lied. Your management is now SELL
ing silver as produced, at slightly
higher prices than the official New
York quotations.
On Sept. 1, 1917, another increase
in wages of so cents per day was
granted to the mine and mill en-
ployes at Tonopah, effective while
the price of silver is 80 cents per
ounce or higher. In spite of the
high wages paid, efficient labor is
scarce, and the labor outlook for the
future is not promising. A large
number of men have left the Tono-
pah district to join the army, and
more will be taken by the selective
draft. Forty-three of your Belmont
mine and mill force and three of
your Philadelphia office force, in
Guiding the secretary and treasurer,
J.. X. Kitto, have joined.
The balance sheet shows that a
large part of the surplus assets have
been converted into the capital
stock of new companies organized
~ tohC oFOl ahu OpCldtC pIOpCI tlCO
under option agreements.
Up to the close of the fiscal year
your company expended $1,291,-
409.SS upon the development and
equipment of the Surf Inlet n~oner-
tv, including 100000 working cap
ital supplied to the new companr
the Belmont Surf Inlet Mines, Linn
ted (of which this company owns
so per cent?. 1t is estimated that
~$10,54S.75 more will be required to
"omplete certain unfinished con-
struction. The Belmont Surf Inlet
Mines, Limited, took over the Surf
Inlet property on Sept. 1, 1917. on
which date production started. and
it should be a source of regular in
come to your company for many
years.
The Belmont Shawmut Mining
company was organized to take over
the option owned by your company
and the Jim Butler Tonopah Mining
company upon the Eagle Shawmut
mine. which is expected to start pro-
duction about May l., 1918. The net
income from this property for the
present will be applied toward the
payment of the balance of the pur-
chase price. Your company owns
rs per cent and the Butler company
owns 25 per cent of the Belmont
Shawmut Mining company.
The Belmont Wagner Mining
company was formed to take over
the option held by your company
and the Jim Butler company on the
Wagner properties. Production
should start abou June 1, 1918.
after which the total mount ex-
pended by your company and the
Butler company upon the property,