The Goldfield news and weekly tribune. [volume] (Goldfield, Nev.) 1911-1947, 1918-05-11

first to the 1750-foot level and later
to the 1850. Provided there is no
] tie-up in the transportation of the
pump, which has a sufficient a
pacity to drain the water from the
shaft bottom and allow continuous
work to be kept under way, the ex-
p~loration work on levels beneath the
1860 should be started within a very
few weeks, and the results of this
work will be watched with the great
est degree of interest, as success in
the undertaking will demonstrate
that the Extension orebodies are
bigger than any that have ever been
discovered in the Tonopah district.
notwithstanding that the mill was
handicapped by the same condition
that has prevailed at the mine, for.
the past few weeks, that is, a short
age of hands due to sickness, the
have been kept up to nor
NAL, namely about $50 tons per day,
and a total charge of 1904 tons was
put through the mill last week.
There have been few changes of
any material consequence that de-
veloped with the continuation of OPP
~erations during the past week.
Tonopah Mining Co.
Included among the tables con-
tanned in the sixteenth annual re-
! port of the Tonopah Mining com
pany is one showing the income
and surplus account of the company,
including those of the Desert Power
& Mill company to Oct. /, at which
time the latter company was dissolv-
ed and it's assets and liabilities as
sumed by the parent company.
! According to statements contained
in the income and surplus accounts.
the surplus on Dec. 81, 1916,
amounted to $3,748,126.9O. The
net earnings of both companies dur
ing the year amounted to $685.
259.25, out of which four dividends
of Is per cent each were paid. n
5000, 900 left a balance, or, as de-
scribed in the report, a net increase
in surplus of $225,259.25. From
this latter sum there was deducted
charges for depreciation on mining
property and on mill and equipment
of $%11O,5O2.01; and the balance.
added to the surplus of Dec. 81,
1916, made a surplus at the end
of the fiscal year 1917 of $780,
SS4.O4.
1t will be seen from the report
that Notwithstanding a heavy loss
in the value of the stocks and bonds
owned by the company, the assets
at the end of the year amounted to
$5,356,929.0S, an increase of ST.
7O4.7O over those shown at the end
of the preceding fiscal year.
An interesting item found among
the statement Of assets is that show
ing that 272,S97 ounces of silver
have been carried in storage and
valued on the books at so cents per
ounce, the book value being 1885,
1880. With the recent enactment
of the bill providing for the pur-
chase by the treasury department of
silver bullion at 81 per ounce, the
Tonopah Mining company's profits
from this one item of assets alone
have been doubled.
Mining operations in the COM
pany's property at Tonopah follow
ed along the usual lines, with some
new work undertaken and other OPP
erations discontinued for the time
being. The development work
amounted in all to &C feet.
Jim Butler Mine
The development plans of the Jim
Butler company, which have been
carried forward with the completion
of the repair work in the Desert
Queen and the Wandering Boy sec
lions of the mine are rapidly bearing
fruit in the way of opening up the
veins of the property at several lev
els. The particular feature of the
current report has relation to the de-
velopments that have occurred in
raise AIS, in the aforementioned
portion of the mine, which last week
had penetrated into a vein for a dis
lance of three feet without reaching
the foot-wall.
Later work in the raise demon
strated the vein to have a width of
fully five feet, and good values have
been exposed for this distance acros
the vein. A short distance farther
was made in extending the raise, and
then the South fault was encounter
ed, which causced a termination of
n