OCR Text |
Show TWO GUSTS OF T011SECT1 Much Eastern Comment on Character or Tonopab and the Belmont. MUCH ORE DEVELOPED Belmont Especially Finds lis Present Condition a Very Healthy One. By virtue of new development ami the rults of operations nl the IWO PTO" ducere of the district. t:ie Tdttopah camp f Nevada is being liberal pace in the eHstrrn press. Tim following follow-ing review of the past Bsosl year with Hih i wo principal producers, the Tonovmh Mining end the Belmont, is given ov Thompson, Towle fc Oompanj of New orfe and Boston: Tonopah Mining Co -During the year ending February ts, 191-'. this company marl not vvo-.i" ..f $1,73.01S, compared with 12.011,423 of the previous year, rnere were paid in dividends during the year 11,600,000, leaving: the nel surplus for riie period at $163,011. Total net surplus Feo-,1'Uary Feo-,1'Uary 99, 1912, amounted to $i,680,04M Reserves Measured. The company's ore reserves ohtfeb-niary ohtfeb-niary I. 1912, were estimated ai :!0i- valued :.i it ix gross per ton, or a i,,(ri ot 15.237,974, Theae Rgurea compart com-part it;. 3.4.940 tons averaging $is 61 or i total ' $6,606,978 for th. preceding ,v :i result r the continued no- jrease In -nr. reserves at the mines, the compah la carrying on Investigations with the Idea In view of purchasing ei properties, .J B. spurr has be. coine associated with the company, and various properties have been examined, but i:; to the present time nothing definite def-inite baa been decided, though several mines which appear aLiracilve are now mi. i! ousidei at ion. During Ihe year a considerable reduction reduc-tion In cost was made, total coal per ton i"-i.is compared with $10.07 ror the preceding year Tonopah Mining alnce the payment of its initial dividend In l0i hn- disbursed a total of $8,860,000. in addition to tfila amount, the compenj retired Its preerred stock with Interest amounting to $380,567. Tonopah -Belmont.- Daring the year andlng februan !9 191", i - if company mad net profit;: ,,f Jl irC.0S0. .is pom-pared pom-pared It ii $1,502,381 for. ihe previous rear. There waa disbursed In dividends $1,487,948, Belmont Resources. According lo tiie report, the develop- ii if of the Belmont vln during the year ' nioal gratifying both as to the tenor and Width of tlw? ore. The ore re- v. r .-. are estimated .-i 706.082 tons, which estimate Is confined lo the Belmont, irin. Thla flgun compares with 443,000 tone estimated In the preceding report. Values not sp-nlhed. No tonnage was allowed rot the LUlle Belle. Del Monte and Bhafl veins, owing to insufficient development done on these lodes. in inne. 1911, the decision waa reached to erect a new reduction plant of 600 tone dally capacity, al a - out of $436,000. I'ji t" the present lime $'Jfl..''.04 has been expended on this mill The nverage, grade re treated, of both milling ore and melting or-, tea sn.;.i, compared with ; 1.93 for the preceding year, and ji'.os for 1910. A laie decrease in the cost of production was made during the year. In the period rn question, the capital atoi k of the company was reduced from i ,000 shares to 1600,000 harrs and tii 600.000 shares of the Btock of Hie enmpanj In Ihe hands of s trustee for tiie benefit of treasury were cancelled |