The Wallace miner. [volume] (Wallace, Idaho) 1907-current, 1922-03-30
FEDERAL NJ. 8 s. co
ANNUAL REPORT, 1921
PRESIDENT BROWNELL
Profits for Year. Mines in
Good Condition--The Zinc
Situation is Improving
PRESIDENT BROWNELL

10 the STATISTICAL information contained
in the report there is a note of opium
ism in the presidents brief review .
the companys mines and his view o
the future of metal conditions. Mr.
Brownell refers particularly to the zin'
market which he says shows signs o
return to normally, a view that il
borne out by the statement that hi;
company has taken options on add
tional zinc properties in Oklahoma. He
expresses qualification with the devel-
opment OF the lower levels of Tho
Morning and also reports satisfactory
earnings at the Independence neal
HALEY. The earnings of the Federal
mines during the year was $532, 1896
and other income amounted TO $1S3
1855. making the total earnings s715,-
74S.4O. Mr.. Brownelrs report follows
in full:
Presidents Report.
The year 1921 was a year of read
justment in the affairs Of your com
pany, as in that of many other mining
companies.
THE price of lead per pound was as
low as 4.OOc in March, 1921, and rose
gradually to 4.7Oc by September, at
which figure it remained until the end
Of the year. The average price for the
year was 4.55c. The pre-war average
price for ten years, as fixed by the
United States treasury department,
was 45Oc.
THE pre-war price of zinc, for an
average of ten years, as fixed by the
United States treasury department
was soc per pound. For the year 1921
the average price of zinc was 1850
AS a consequence, many zinc mines
were forced to suspend operations;
among them our Lucky o. K, which
was closed for eleven months of the
year. Our Brewster mine was closed
from February until September, but is
now operating at a profit, helped by
the lead contents of the ore.
Star Settlement Just.
After a IrIal, lasting nearly two
weeks, ana before its completion,
settlement was reachedd with the StaI
Mining company. unoer which all
claims for trespass made by that COM
pany against your company were fl
nally adjusted at s350,O0O, which sum
was at once paid. The claim of the
Star company had been as high as
$2,4O4, 1885 on a wilful trespass ba-
sis, and S1,615, 902.74 on an innocent
trespass basis, plus approximately 80
per cent accrued interest on each
amount The settlement made is
deemed by your management a fair
and just one to all parties concerned.
This settlement finally disposes of the
Star litigation, and your company has
now no litigation of Importance on its
calendar.
THE balance sheet this year contains
a departure from the former custom
of carrying mines and equipment
owned prior to 1913, and still owned,
as the equivalent of capital stock then
issued. In lieu thereof is taken the
valuation made by the company to the
United States treasury department in
its so-called questionable"
Value of Bunker Hill Stock.
THE $4,000 shares of stock of the
Bunker Hill & Sullivan Mining & Con-
centrating company which we have
heretofore carried at $40 per share Otis |
par value) have been re-appraised and
are now carried at s35 per share. The !
stock is now paying dividends at the |
rate of SO per share per annum. This |
rate has been maintained Tor over ten /
years and during the recent war was !
III oh The /
last known sale of this stock (Which is |
very closely held and seldom offered |
on the markeD was at $50 per share, |
and it is believed that the foregoing |
valuation is conservative.
Earnings for the Year.
1.-THE earnings from the operation of
mines amounted to 1892, 1885; other
income amounted to s1S3.5SS.55: total
of s715,7S4.4O. The company distribu-
ted to it's preferred stockholders, quar-
terly. one per cent on the preferred
stock in the nature of capital distribu-
ton, totaling during the year $47s'-
44S.00.
Conditions of Morning Gratifying.
"The development in the lower levels
of the Morning mine, opened this year
have been quite gratifying. Conditions
at all our other mines are also salts
factory.
"The zinc market is showing signs
of recovery and of return more closely
approximating normal.
"The certainty that the operation Of