The Wallace miner. [volume] (Wallace, Idaho) 1907-current, 1923-02-22
REPORT FEDERAL M. G. S.
COMPANY FOR YEAR 1922
CONTINUED from Page u


The Morning mine silver output per
month is approximately 677OO ounces
and each variation of 10 cents per
ounce means SOTO For example, if
the price. after the termination of the
Pittman act, is so cents per ounce.
the reduction in our earnings would be
equivalent to $4,000 per month
Looking forward it should be said
that with increasing depth, the cost
of extraction will necessarily increase.
On the other hand. the outlook for
the price of lead is more favorable
than at any time in the past history
of the mine. Lead mines generally
are being exhausted rather more rap
lily than they are being discovered,
while the uses OF lead, notably in bat
terry supplies and in painting are
steadily on the increase.
independence.
1.-THE independence mine has been
somewhat disappointing. The ore is
of excellent grade. carrying about 2l5
ounces of silver per ton for each unit
of lead. But its occurrence is very ir-
end of the mine to be much faulted
and broken mp and the ore shoots are
smaller and more irregular than ever.
1t has been hand to mouth opera
ton for a year or more, and it is hard
~ safe to make any prediction as to
the future.
THE silver output of the Independ-
ence mine being an important factor |
the earnings of this mine will be pro-
portionately even more seriously af- /
fected by the termination of the Pitt
man act than in the case of the Nor |
ming mine.
Brewster.
The Brewster mine produces chief |
ly zinc, with a subordinate amount of |
lead. 1t has probable life of four or
five years.
Pennington.
1.-The Pennington mine has a prob
able life of six to eight years.
Dobson.
THE DobsOn mine is one that we
have just acquired under lease. Not
enough drilling has been done to war
rant an estimate of its life or it's ear
nings. But the ground lies well, ad-
joining the Brewster mine on the east
and it is now believed that it will re-
turn a fair profit on the investment,
which is estimated to be about s125.-
OOO
Lucky o. K.
THE Lucky o. X. mine is almost
worked out and nothing can be count
ed on from it for the future.
1.-THE company has for several years
sought to acquire other properties for
he purpose of preserving its organi-
.atiOn and increasing its earnings for
he benefit of the stockholders. The
Oklahoma and Kansas properties so
lcquired have been very profitable and
he Independence although disappOint-
ng, has repaid the purchase price
other properties are under investiga-
ion and possibly something of merit
nay be found
ION the whole however it does not
eem safe to count on more than five
ears operation on the present scale.
'eyond that our fate is in the lap Of
he gods"
Ore Reserves.
On January l. 1922. the Morning
ad fully developed sos, 900 tons Of
iilling ore; 62,SOO tons lead concen-
ates; $500 tons zinc concentrates;
1900 tons crude lead shipping ore
n January 1. 1928 $4,000 tons mill =
g ore; $500 tons lead concentrates; m
500 tons zinc concentrates; $500
ms of crude lead shipping ore. m
Statement Of Net Earnings.
During the year 1922 the total cost an
operations was SSs55. 1884; value 80
product. $4.65S,O22.52; net operat-
g earnings sss759S.sS; other earn O.
gs. S2Os. 214O9: total earnings. ST.,
5.S1S.O7. Deduct miscellaneous pro-
and loss charges. general expense
ID income taxes. s235.4S2.22; net
rnings before deducting deprecia-
IN and ore depletion, 1870, SSOS5