The Wallace miner. [volume] (Wallace, Idaho) 1907-current, 1920-02-26
OLD VETERAN COMPANY
HOLD ANNUAL MEETING
LETTER TO THE STocKHOLDERs
SHOWS AVERAGE RECORD
OF MINING COSTS.

accompany luS Lue formal nOLlce OF
annual meeting of stockholders, which
viii be held in the Barnard block on
March 4, circular letter from L. L.
Brainard, secretary of the Old Veteran
Mining company reviews the opera
tons Of the company and gives some
interesting figures in connection with
development work, its cost. and the
outlook for further activity at the pro-
perty The letter is dated February
% and follows in part:
Cost of Operation.
Operations at the mine were sus-
pended last October owing to Difficult
ty in securing miners and the attend
ant high cost of supplies of all kinds,
after a practically continuous devel-
opment since the date of our incor-
poration in February 1915. During
this time the various crosscuts and
drifts on the NO. level were extend
ed total of 1906 feet besides more
or less surface development work
During the same period our revenues
from all sources were S33,295.74 Our
payroll total $16.629.O7, while supplies
cost $5614.76, or a total Of $22,24S.S3
or $13.056 per foot or approximately
50 less per foot than it could have
been done by contract and during all
of which time mining supplies and la
Dor were higher than at any other
time in the history of the district.
During these five years we have per-
fected the title to our property by
cash payments of $4O4O and we now
hold a clear title to our group Of eight
claims, seven by purchase and one by
location, besides other permanent i'm
provements. our claims have all been
surveyed for patent purposes, this ex-
pense together with underground sur
veys costing $500. Managerial and
Office expense during this time totaled
si46O; printing and advertising $S69.25
postage 1892. express, freight, etc,
$1,000. miscellaneous, ssSi.2f; legal
expense $3.50; employers liability
premiums, $4S6.94 assayng. $27; and
hospital contract, SIS.
"The policy of your board of direct
ors has been to keep the property I'M
der steady development and at the
same time confine our expense to our
actual income These two principles
have been strictly adhered TO- An idle
is valueless.
Plan Early Resumption.
"ro date. under our plan of devel-
opment and the securing of funds by
periodical assessments, all our work /
has been done, perm9nent improve
ments made and all other expenses /
paid at a total cost Of cents per
share to the stockholders who sub
scrihed for the original issue This we
believe is a record for the Occur (
rAlene district for the amount of /,
work accomplished. In addition your
present board has devoted consider
.ble time and expense in making fire. i
luent visits to the property in order ]
% keep in close touch with the work I
icing done
Our property has been developed &
o a point where future development G
hould open up our property quickly r
nd determine its future value, as S
ractically AN the tedious prospective d
ork has been done. AT the time of C
suspension last fall the showing was a
iost favorable and your board Of di- O
sctors are anxious to resume opera O
ons at an early date although min
lg conditions are not as satisfactory +
S we had anticipated while on the n
Their hand metal prices are so at n
active that we feel the work should Il
2 started as soon as practicable" L