The Wallace miner. [volume] (Wallace, Idaho) 1907-current, 1924-01-24
MAY COVER EXPENSE
DEVELOP PROPERTY
PURCHASE COMPRESSOR
Will Ship Second Carload of
Ore by Last of Month--Fine
Financial Condition
PURCHASE COMPRESSOR

~ HE STRATTON may prove t
be one of those rare cases il
the Occur d'Alene district il
which ore shipments pay fol
the development of the property. One
carload of % tons, which was taken
out wholly in the course of develop
ment, netted the company S119755, OF
at the rate of practically $50 per ton.
Another carload of 40 tons or more
will We shipped by the last of this
month, which is expected to be higher
grade than the first. Upwards of 80
tons is now in the bin, practically all
of which was recovered in extending
the drift west. A stope has now been
opened above the east drift in which
there is a foot of shipping ore and
which is making a substantial addi-
ton TO the output. 1t is probable that
another stope will be opened soon,
as it is the policy of the management
to cover expense Of development as far
as possible ,by ore shipments. The
first car of ore was shipped to the
East Helena plant of the American
Smelling & Refining company. The
second will go to the Bunker Hill
shelter at Kellogg. In order to speed
up development the management is
planning to install machine drills and
is now negotiating for the purchase
of a compressor. On January Is the
company had a cash balance in the
treasury Of S21,7S5.64. as well as other
assets that bring the total resources
up to $2e,OOS.SO.
A Comprehensive Statement.
combined statement has just been
issued by w. J. Stratton, secretary of
the Stratton Mines company, covering
the financial affairs of the company
and it's predecessor, Stratton & STRAIT
ton. in the promotion and development
of the McPhillips property on Nine
Mile; also a report to the stockhold-
ers of the company by Jesse Free
man, president. and w. j. Stratton'
secretary. The financial statements
and reports are of unusual interest, as
they cover the various steps and
stages in this unique, remarkable and
successful promotion. The ten-dollar
option system of financing devised by
Stratton & Stratton which proved so
successful is generally understood by
readers of this paper, in which it has
been explained.
Financial Report.
Number of options offered for sale,
1900: number sold, 1867; balance re-
tanned by Stratton & Stratton, 1888.
Receipts: 1862 options at SO, $1O'-
$40; 1O5 options at s25, $2625; total
Sl3245; deduct 20 per cent commits
sion, s2649; net receipts, $1O,956; mon
ey borrowed, $500; total receipts, SILL
400
Disbursements: Pay roll, supplies
etc, S6O25.12; equipment S46S.9O;
patent expenses. S47O.75; insurance
500; borrowed money paid, 1906; pay
ment on property, $25OO; incofpora-
ton expenses, s35O.25; total disburse-
ments, 1O,721O2; balance transferred
to STATIONS Mines company, $6SO.9S.
STATIONS Mines Company.
The company is capitalized for
$4,000. divided into 100000 shares
Of the par value of 10 cents. Re
served for outstanding options l.
10000 shares; retained by Stratton
e Stratton 33S, 900 shares.
Number of options taken up (4OO
Stockholders, 1,1SS,OOO shares; OPP
tons not taken up $4,000 shares.
Receipts: Received from Stratton
& Stratton, s6SO9S; 1888 options at
$40, 22,66O; total, s2S,S40.9s; receiv-
ed from ore shipment. s119755; total
receipts, s24,5SS5s. m
Disbursements: Development ma
terial supplies, etc, s227S; equip
ment, s1O426; patent expense, $2lO;
salary of secretary, clerical help and
Insurance, $1,000; total $2SO2.Ss;
cash on hand, s21,7S5.64.
Statement of Affairs, January 10.
Resources: Cash, s21,7s5.64; mine
timbers, $500; insurance deposit
$780, total liquid resources, s22,2s5.-
Ga; auto truck, s305.41; ore car
$15O5O: protectograph, s6725; total
fixed resources, s523.16; mining prop
erty. $4,000 Oess $4,000 due April
and $3.50 due October -, $25OO; ore
in bin. $3.50; total resources, $2e'-
COS so.
Presidents Report.
In the course of a review of the
operations of the STATIONS Mines
company. President Freeman says:
THE vein has been drifted upon