The Wallace miner. [volume] (Wallace, Idaho) 1907-current, 1919-09-11


mined above the 500 level, but 1t will
not furnish sufficient tonnage to per-
init of profitable operation by our
company. We have had the advice
of a competent geologist and are ad-
vised that there is no indication that
would justify further development
work.
1T will cost considerable money fol
watchmen, taxes and insurance l
would suggest the future policy of the
company be determined as soon as
possible"
From The Directors.
'The inclosed statement will
acquaint you with the present condi-
tons of your company. Your directors
have not determined what the future
policy of the company will be- but have
decided to suspend all operations and
reduce expenses to paying taxes, in
surance and necessary watchmen.
"The funds on hand will be placed at
interest to help defray expenses while
awaiting developments. We may de-
eide to hold the property intact with
view of disposing of it to someone who
might develop mine In our vicinity,
or dismantle the plant and sell the
machinery.
AS soon as conditions will justify
making this decision, the stockholders
will be advised"
Statement Of Affairs
roduction-Operating Cost-Finance.
November 1917-July, 1919.
Crude ore milled, 1O5,129 tons; aver
age assay LOS per cent copper 327
ounces silver.
Concentrates produced, 1891 tons
ratio mill feed to concentrates lit to 1
Copper 1,S4s,56O pounds; average
price, 2119 cents; average assay, 1858
per cent; amount, $391.76S.19.
Silver, 25O,63S.5S3 ounces; average
price $1.O176; average assay, 1925 ozs.
amount, $25506547.
Gold, 314I123 ounces; average price,
$1s,49; average assay, .05 ounces;
amount, $5,SO936.
Gross values, per ton, $110.03; total,
$685. 643O2; less smelter deductions, per
ton $26.92; total, $159,715.37; net value
of bullion, per ton $S311; total. $780,
92765 Mining cost, 105,129 tons at
2427, $255,23349; ore transfer cost,
1O5,129 tons at 1928, $33,996.S4; milling,
I icf, a.
1875. $14O,265.1s.
Cooperating cost includes develop
nent approximating $75.000.OO. New
equipment. 100000; plant betterments
together with all supplies charged out.)
Total cost, per ton, $4,OS5 total,
$429,49552.
Operating profit, per ton. $.603; to-
tai, 500, 43213; less boarding house de-
ficit, $4.S52.4O.
Net profit to2ac per share) $5s,-
07973.
Represented by: Cash in bank, $751;
20573; unexpired insurance. $950.O0;
liability insurance deposit 100000;
cash deposit appeal bond) $5,OO0.00;
explosives, $924.O0; total liquid re-
sources, $59,079.73.
Percentage of profit on net value of
bullion IL per cent. No reserves for
plant renewals or depreciation de-
Quoted.
No liabilities except accrued current
items not exceeding $1,000.
Economic Data.
THE mill ran about 60 per cent of
the time; producing, when in opera
ton, an average of Is tons of concen-
trates in "a hours, assaying about Is
Per cent copper and 43 ounces of sill
yer, extracting 80 per cent of copper
and IA per cent silver, the proportion
of metal contents in value being 40
per cent silver to 60 per cent copper.
Power cost for the period $36,S93,
or 35c per ton. The mill used So per
cent, mine 81 per cent, railroad 16 per
cent.
Explosives cost $4,000, or an aver
age of zoe per ton.
Labor absorbed As per cent of all |
operating cost.
Average men employed at mine
nominaly, IS; in mill, IS; railroad. 6.
"Thirty-five per cent of all men en-
ployed quit during month. Expert
enced miners have been very hard to
obtain during this period. Our force
has been made up largely with green,
ffio;a,,t mani
'In addition to the regular en-
ployers' liability insurance, the plant
is covered with fire insurance to the
amount of $150,000.00, and explosive
and strike destruction insurance of
$3.50, 100000.
"At the time of commencing opera
lions as covered in this statement |
our contract with the Tacoma smelter
had expired and a new one was en-
tered into which provided in place of
settlements on arrival Of cars at the
smelter, as formerly, we had to take
settlement of about 10 per
cent of market price, and q deferred
final settlement on the market price
100 days thereafter. This arrange
ment, which was the best obtainable
at the time, proved very disastrous to
us when the bottom fell out of the me-