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Show II REPORT IS ISSUED BY THOLES E Adverse Newspaper Corn- It ment Is Responsible for Unusual Procedure. ,r. MINE IS ALL RIGHT Federal and Stewart Compa- J ; nies Show Good Financial Finan-cial Conditions. 1 f Special to The Tribune. B WALLACE, Ida., Sept. 10. In rofuta- 3 tlon of. a statement published In a west- II crn newspaper, tho management of tho ! Hercules Mining company last week ij made public, for the first time In lta hls- j iory, certain figures from Its production J record, which show that, Instead "of the !( the property was never In better condf- II tlou. The figures given out for publl- II cation, which show the Aujrunt produc- 3 tlon, tho rocord month In tho mine's his- flf lory, aro as follows: Tons. i Concentrates 1,169 1 ; Slimes 907 Kg , Cruilo 1,731 f fi ' Total 3.S07 l tavcs-ln wore said to have been the 18 " main cause for the Hercules curtailment 111 of production during tho sprint;. The ll . . cavos-ln referred to wore comparatively m - small affaire, but the manager, Kugenc IH Tl. Day, and staff, anticipating the ini- l ' pending danger, prudently withdrew his IB men and all machinery and allowed the n threaten ins mass to settle and block ll Itself, with little disadvantage resulting If in the operations. Tho spring Hood IK waters which hampered shipping faclll- ) ties wero responsible for the low produc- jjl tlon of ore during tho spring months. Tho tremendous quantity of water which J Ij had accumulated In tho upper worklnger I IB if l"o lo the miniature cloudbursts which & 111 fell all over tho district, contributed to 3 3 If tho unusual conditions. Only a portion il HI of the works caved In, and this Is now t V I m being mined for what oro remains In it. m ' Tho No. r long tunnel is far from coni- jjlflJ . plctlou, having reached a. depth of about fllijj ' fiOOO feet, with probably 2000 feet yet C a to bo drlvon. This will require at least t another year, including tho necessary III Federal Earnings. tt9 The foregoing figures aro of Interest, jtjfj inasmuch ns tho Hercules company, ii5 which 13 a partnership and not a cor- tlin poration, makes public no figures con-jiS con-jiS Ij I corning the operation of Its mine except jjSK as required by law in Its annual net Mil profit statement. ajijl Figures available to stockholders of the pBll Federal Mining company show $916,000, Few! or 513t'000 'J1 excess of dividend rcqulro- IkuB ments, for tho first eleven months of IftlcII tno nscal yea1" ending August 31. At a Sill II nito of 6 per cent ton the 7 per cent yijM ' preferred stock, this wuld amount to jljjj $720,000. Dsciis6lng the report, one of W rill tho officials of the company said: KlSjJ But for nn accident at our Green IUjj Illll-Cloveland property, which ho- Hvjll cossltatcd closing tho mlno for ton jj( . ' days, I believe wo should havo yjjj passed the million dollar mark this $ ) ;. year in spite of tho prevailing low IijH price of lead. Wo may yot do It, !8H t however. We arc very much encour- aged to note an Improvement In the f$ . price of lead, which Is now quoted ( at 5-1.75 per hundred, as against an flm y average for the last live or six Jul ' months of approximately $1.38. J2jf t There are al this time only 13 per jjjjl cent back dividends duo on the pre-. Ml "' ferred. which could be paid out of : this year's earnings, but the directors ; evidently did not think It advisable t'o h i do so at this time. li l The net earnings of tho Stewart Min-l Min-l t lug company, according to the. setnl-t, setnl-t, annual report just released from the local lit office, were J20S.070. The Income for the It! ' period was ?5 11,110 and the expenses ifll were as follows: Mining and develop-AM develop-AM ment, ?203,2S0: ore transportation from g mine to mill. 513,770: sorting ore. 53213; :n milling, 533, 060; administration and gen-Is gen-Is oral expense. $27,377: taxes, $01S0; do-IS do-IS I ' preclatlon. 54320. To tfils Is added 512,-i 512,-i I 0S2 for legal and litigation expenses, 411 leaving 520S.070, of which. 5123,830 has iff ( been disbursed to stockholders In dlvl-jlfi dlvl-jlfi ' fiends. ll J Stewart Balance. Iff I The balance sheet of December 31, ) 1312, showed a surplus of 5530.3C3 In if I tho Stowart treasury, -which, with the 19 j .. net earnings to June 30, made the re- Jll i f-crve on July 1 approximately 735,000. Jill Tlie net earnings for July wore 570,000 and for August they are said to have been approximately 5100,000. w that there is now on hand about $900,000, . less the dividend of 5123,836. The Monitor Mining company, whloh owns and operates the Monitor mine, near tho Montana line, in tho Mullan district, Is planning to run a long lower tunnel to tap the oro bodies at approximately 2000 feet vertical depth and provide facilities for developing other properties adjoining, according to announcement made last week by tho management. Tho Monitor in the last few years lias shipped a, number num-ber of cars of high grado copper ore. carrying car-rying additional values In gold, and the Richmond ami St. Lawrenco properties, located on a parallel vein and adjoining tho Monitor, havo excellent showings of high grado copper, according to reports of engineers who havo mado examinations examina-tions recently. Tho Monitor has a 700-foot 700-foot shaft, which cuts the main vein, and had shipped a car from the lower level when the forest fires of 1910 destroyed tho buildings and machinery, causing a suspension of operations. Tho tunnel will be run from a point near the Chicago, Milwaukee & St. Paul railway tracks, and englneors have completed a survev for a water power plant, which .will bo located near tho portal of. tho tunnel and will generate amplo electric energy for -tho- A largo Installation of machinery' Is under, un-der, way at tho property of tho Silver Mountain Mining company, operating near Mullan. The property lies on the South Fork of the Coeur d'Alene. Tho tunnel In which tho present work In being dono is now In C50 feet and has tapped the ledge which contains about four InchcB of first class oro at present. The -formation Is reported to be St. Regis quartzlte. It Is proposed to drift 300 or more foot this winter In tho further development of the property. James IS. Hoskens of Coeur d'Alena Cltv Is purchasing supplies to bo taken out to the Little North Fork Copper company's claims on Little Copper creek, whero It is Intended lo keep a force of men busy all winter. The company owns ton claims and considerable work hns been done, more than 515,000 having been, spent on the property. It is planned to contlnuo sinking and drifting operations this fall and winter, tho ledge being reported to run from 12 to IS inches In copper, which has assayed from 58 to 530 a ton. Fi-ed May. manager of tho International Mining company which Is operating on Pine creek, has returned from an extended ex-tended visit in the east, having looked up a number of the largest stockholders in the company relative to financing the operations during the coming year. Several Sev-eral of the principal stockholders live at Winnipeg. It Is planned to work a crew of men at the property during the winter win-ter and drive the crosscut tunnel to Intercept In-tercept the ledgo and also do some drifting drift-ing on tho ledge, which will bo encountered encoun-tered in about 200 feet. The showing in tho property has been most encouraging, good milling ore having been encountered In the upper workings. The. annual meeting of the stockholders of tho Liquidator Mining company will be held here on September 25, The purpose of the meeting Is to elect trustees and lo receive, and act upon the reports of tho officials In charge. Tho Liquidator group lies Immediately east of the Hecla group at Burke, and Is one of the promising properties of tho district. Considerable development work has already boon dono on tho property. The National Copper company last week filed with tho county auditor a certification certifica-tion of tho records of Its meeting on July 29. last, when by the authority of a majority ma-jority of tho stockholders, tho stock issue was increased from 51.250,000 to 52,000,000. Oro and Bullion. The ore and bullion report for Saturday, given by McCornlck Co.. was as follows; fol-lows; Oro received, 539.000; bullion shipped, 590,000; total, $129,000. |