The Wallace miner. [volume] (Wallace, Idaho) 1907-current, 1923-02-08

ISOLATED with the industry, from
the prospector in his persistent search
for ore to the man who buys a few
shares of stock on the chance of large
returns on his investment No man
knows what a day will bring forth.
The prospect of today is the mine of
tomorrow, and the stock that goes
begging and is not regarded worth
the payment of a small assessment
may assume a value over night that
means fortune to its holders. A year
ago the Success mine was a has
been" in the estimation of the public
and the only hope of those who held
on and kept the company alive rested
on the uncertainty of a recovery of
the zinc market which would permit
mining the ore left in the deep levels
An assessment to provide funds to
meet fixed maintenance expenses was
ignored by many stockholders and
their holdings were picked up for a
few cents a share by those who still
nursed a lingering hope that Success
would come back" The story of how
Success did come back has been told
in these columns and forms one of
the most remarkable chapters in the
history of the Occur d'Alene district,
and it is briefly told officially by the
directors of the company in report
this week mailed to the stockholders.
financial statement accompanying
the report shows that in six months
beginning July l last year Success
shipped ore that returned a gross
value of $1O4 8132O and which, in spite
of heavy expense made necessary in
restoring a property long idle and
other difficulties that added to the ex-
pense and INSTRUCTED shipments
Yielded net earnings amounting to
s1307S.S0, while the balance sheet on
December 81 showed total assets of
s1,5S7, 9S2.62; liabilities, S1,515, 46S. 2S J
excess of assets over liabilities S22,-
1854. 1t is pointed out by the di-
rectors that this excess does not in
clude 1924 shares of treasury stock
which at so cents per share represents
s21 6S7, nor 1000 tons of zinc concen-
tratcs, which may be fairly valued at
$4,000
The EoT ort which is signed by
Franklin Pfrman, president; Maurice
/. Mahoney vice president; Herman
J. Rossi secretary treasurer; Allan G.
Kennedy general manager; and w.
r. Mullen, director. follows in part:
Find New Ore Body.
1T is a deep satisfaction to report
that during 1922 we opened up a new
lead-silver ore body which makes
Success practically a new mine The
accompanying statement shows that
during the year 1922 we made q net /
operating profit of S12,7SO.7S, not
extraordinary expenses /
incident to opening up a new ore body /
and starting up a property long idle I
The results so far should be an au-
curry of what may be expected for the /
future.
AT the beginning of the year there /
was little to justify any hope that we /
would now be producing. Years had /
passed without material relief to the |
western zinc producers and with lit /
tie encouragement for the future /
More from desperation than from real /
hope we determined to devote a small .
part of the money from the last as
sessment to an effort to locate new
lead silver ore on or above the 700 I
level Considering that our own for
mer engineers and many of the fore
most biologists of the country had .
agreed that the ore bod
les had been mined to their westerly |.
limit the outlook in that direction
seemed hopeless; and yet it was there |.
that a small stringer of mineral Of
fered the best chance and we took
what seemed a desperate chance and +
started to work there. We only au-
thorized 20 feet of work for a begin
ming, but as the streak was followed /,
with increase of width and some
promise of values. the work was con-
Llnued, cautiously, until on June II we
reached the new ore body. By July h
we had cut streak of first class ore
lssaying 6O2 per cent lead and 4795
ounces of silver for a width of two
feet eight inches All this was done
BY hand work MP to June 27, when we
entered into a contract for 100 feet to
be done with power. August 21 the I
company took over the operations on
It's own account.
"The ore body has been opened mp
'or a distance of 200 feet on the 700
evel. with an average stopped width
If to s feet Zinc ore is not stopped
except where the lead content is pro-
1table by itself This same ore body
CONTINUED on Page 3D.