The Wallace miner. [volume] (Wallace, Idaho) 1907-current, 1923-02-08
SUCCESS A NEW MINE
RECORD OF SIX MONTHS
CONTINUED from Page -


has been reached on the $50 level,
similar in quality TO the ore found
above. Actual extraction results from
the rest of the mine show a gradually
increased production downward from
the 700 level to the 1000 level. so there
lis every reason to believe that the
ore body will be at least as long and
as wide on the 500 as it is on the 700
level
"A very important feature of the
new ore body is the large proportion
of first class ore which permits ship
ment without milling In such ores
there is no milling loss of lead or sill
YER while production can be increas-
ed without charging the mill"
Reserve and Dividends.
The directors refer to the expense
and delays to which the management
has been subjected in the way of re-
pairs and requirements; unwatering
the shaft down to the $50, and THE in
stallation of an electric pump to fur
Ither lower the water. and continuing
say:
CAS- the water is removed we will be
enabled to develop the new ore shoot
on each successive level downward
When the 400 level is open we will be
enabled to reach an ore body in the
old workings which we opened up
just before the last shutdown, con-
tanning considerable high grade lead
silver ore. This ore proved very rich
but as it did not promise an extent
large enough to support operations
large enough to pay expenses, we were
produced was not then paying the
costs of production. This ore body
should prove of additional great value
when worked in connection with the
new ore body.
I'VE have entered into a contract
for the sale of our lead silver ore, af-
ter competitive bids and on very fav-
orable terms We have not yet Sc
cured a favorable zinc contract and |
have accumulated more than 1000 tons
jof zinc ore in connection with our
lead silver production.
I'VE have not deemed it wise to |
carry into the balance sheet the value /
of the zinc ore, nor the real value of /
the treasury stock 1t would perhaps |
be fair to carry the zinc at $4,000 /
and the treasury stock at $21. 600 for
the end of 1922 thus adding s31 900
to the surplus shown by the financial
statement It has not been necessary,
and we have not considered it wise.
to sell the treasury stock.
"Manifestly it would have been i'm
possible to advise the stockholders
individually of the progress of the
work as it was going on. but stock
holders have been permitted freely to
inspect the workings, and the press
has been advised from time to time so
that information has been available
at all times.
while a policy of building ND a
suitable reserve against contingencies
is justified and demanded by sound
business policy, your directors will
duly consider the just demands of the
and will disburse divi-
lends when proper to do so. With a
continuance of present conditions
hey can reasonably be expected
soon"
General Managers Report.
Allan C. Kennedy general manager
If the Success. in his report to the di-
ectors goes into considerable detail
n describing the operations of the
company. accompanied by an operat-
ng and financial statement, which
ives a comprehensive insight to the
ompany affairs. The operating
tatement covers the six months from
uly 1 to December 81. 1922, and the
alance sheet shows the condition of
he company at the close of the year
he statement of operations follows
Operating Statement.
re shipments -...............-......S 90, 749.15
roceeds from:
1.O24,OS4 net lbs. lead
S2,O53 net ozs. silver
ross value ...........-......S1O4S1S2O
reight and treatment .-~.- S5.O64O5 =
Qualities. leasers' ore ..~-. 472.1S =
Gross operating income S TOPPLES
sduct-
} Operating expenses IS 57,44O.5O
Net operating income IS 12.7SO7S 1
Id L
income ...-$ 6S3.52 q
1S,4643O \
duct
expenses -...-.s s91.OO !
Net earnings ..-......-...........s 1s.O7s.sO
-
Total operating amount for y