Show ALVARAO ALVARADO MINE MAKING MONEY MAING ON WIT WHITE META METAL Now Nov Earning at Better Beter Rate Than Since Incorporation Incorporation Since the New ew Year a number of or Is Issues Issues Issues Is- Is sues with wih which the tle general investing public was ns little litle con er conversant ant have have displayed displayed dis dis- played sudden strength th in New ew York One Ono such case caso is Alvarado Mining Milling Co This stock stack early In the year car sold at 1 a share This week w ek it reached the 1913 1919 high of ot 3 the thc top topI I price for or the stock in many years ItI It if not a record I Alvarado Is one of or the prominent silver producers of or Mexico and with ith I the recent strength th In the thc sliver silver siver market market market mar mar- ket stands to benefit to tho the extent of or many thousands of or dollars It I was the famous property of ot Pedro ledro Alvarado ara o a 0 Mexican peon peon During 1916 Int and 1317 Ini conditions In Mexico were were so 0 unsettled that thal tho the company compan could do 10 little Five different attempts were mado madu to put the thu plant llant I In operation during those years ear but the total time the plant W was operated I during those five ve Intermittent periods aggregated g r a little HUlo less thu seven months Conditions In the southern re republic republic re- re public last year er while unsettled Improvement tho the showed shoed a a big over o several preceding years rear and with wih a 3 continued improvement operations will wi be correspondingly with witha wih a resultant substantial increase in earnings Last year nol notwithstanding the un unsettled tin un- settled conditions In Mexico Alvarado reported total gross fross earnings of or 2 1 from Crom roam sales of or silver and gold sold After mining costs taxes tes and Interest the company re reported rc- rc ported a n net t profit of or 1001 for tor the year ear equivalent to 43 49 cents a share The Thc directors last latt year eor however er charged to depletion and 80 to depreciation In accordance with wih re regulations governing o erninS' return for or In Income Income income In- In come tax which resulted in In Ina a deficit of or 68 The general balance sheet as of or Dec December De Do- c comber cember 31 31 1313 shows a n total reserve fund of of or which represented reserve for conversion of or bonds for depletion of or mines and 9 20 for tor depreciation and ob obI ob- ob Net et working capital pital at the thc clo close o of or the year car amounted to 9 t- t I The Thc Indebtedness of or the company compan consists o of i coupon bullion notes due April Apri 1920 which will wl be this accumulation liquidated year car b by from the time sinking fund of oC approximately approximate approximate- I ly 1 OOOO a month The Thc com company pan also has first Jort mortgage ago 6 per cent convertible gold bonds outstanding which arc due In 19 1926 G These bonds are convertible Into stock held In the treasury for that purpose In this connection connection con con- it is Interesting to note that the company compan Is carrying a 3 reserve resene fund of or 66 3 for tor the conversion con of oC these thes bonds bonda with lh the maturity of ot the bonds bonds' still seven se ln years ears n a away At t the present time Alvar Alvarado do Is producing producing pro pro- about ounces oUnce of or silver silvera sl cr a month or at al the rate rato of oC ounces per annum Costs are averaging tra n. lag ing about 60 GO cents an n ounce so 50 that on the present price o of 11 an ounce for tor silver siver the company compan is 15 earn earning In at atthe atthe the tho rate of about tiO a year ear for the shares hares n of or out outstanding capital stock tock D By rN reason fon o of the present lar large e run of ot earnings it Is stated that It ItIs ItIs itIs Is not unlikely that a dividend will wil be paid on the tho shares in the not distant future Rc Regarding developments at the property prop prop- erty erh President states that thal rc results ul from Crom d development o of th the known ore bodies last year ear w were re highly satisfactory sat sat- and nd that exploration work hag disclosed cd new ne' ne deposits o of great Importance Im Im- im- im Ore reserves reser were cro increased durin during the time year car Drifts driven on tho the eighth level le of nr the he three- three compartment Compartment shaft shaf cros exposed 11 moro more than fifty C feet teet of ot er very ery profitable or ore and according to an nn official of or the company compan the tho development of or an enormous oro hod bd body from rom tho the ne new workings Is now In il progress |