Show FEDERAL AND TINe CO COS CO'S S 'S REP Rf TO UK AUG 31 31 The Federal Mining and amid Smelting corn com company's pany's pony's general balance sheet as of ot August J 1 1913 compares compares a as follows Assets s el 19 1913 1912 1912 I ln In 01 62 I Mat and sup Cash on hand band 61 Total otal t Liabilities Liabilities- sl s- s l Pfd fd stock Corp Corn stock Acct Acet pa pay Diva pa pay Sur Stir Total P 9 Property account carried at the par value of o outstanding capital stock rc- rc of or the actual value of ot the property prop prop- I crt erty Pre President Day says sas A considerable do do- crease In operating tn profit and ami tonnages I with wih a corresponding Increase an In him miscellaneous J laneous earning will wIl be noted on on account account ac ac- ac- ac count of ore extraction at nt Mace mines of o. o this company having In 11 October 1912 the tho ore bodlos bodio within Its Is lines Jnes being K practically exhausted Green MIM- MIM I Clveland cland Mining com company 1 In which Federal owns 50 per cent stock then leased the entire entre Mace Jace plant Green Hill II dividends received b by Federal Federl are In Included In- In In miscellaneous earnings s Of this total tone tonu were first ca class or shipping ore which carried from 25 per cent to r per r cent lead lelI and aera averaged averaged aver aver- a aged ed 37 per cent The rhe Jr first t class clas hipped hippe from Wardner averaged a 49 9 per percent percent cent from Mace acc per el cent lead and from Morning 29 per cent lead led Development Dc work for tor the year ear at the producing mines minea mine amounted to 1624 feet AS ns against feet feel last Jast year ear of ot driftIng drifting drift drift- Ing rising sinking and crosscutting as shown by the tho following table Our engineers engineer's estimates of the reserves re reserves re- re serves CS follows s folo Mining Concen Concern Grand or ore orO trotes 1st class clas total all Al re rca rel ton tons t tons n ore are tons Sept Sept 1 1 1913 13 Sept 1 1 1912 Increase 20 95 As fore foreshadowed In iii 11 my last report the I option opton on tenths seven c of the tha Cleveland i group of Idaho Investment In company compan was taken up up- nt the time specified Negotiations ton lions were then begun for Cor acquisition of the Green Greem Hill JI ground gound and the remaining three three tenths tenths interest In the Cleveland group Kroup Th These e ne negotiations were successfully successfully success success- fUI fully terminated In the or organization of the consolidated Green HI Hlll Mining Mining- company compan to which company Federal Federal Fed Fed- Fe eral fral Its Hs tenths seven Interest In Inthe Inthe the time Cleveland Cle group roup and the owners thereof thereat deeded their three tenths tenths tenth Interest In tho the Cleveland group also all al of the tho Green Hi ground Subsequently nty Federal Federl leased erl to o the Green Hlll Hill-Cleveland eland Mir Min InS ing ng company all mining and milling plant of f the M Mace e mines for foran an Indefinite term until the ores In the ground belonging to the tho new company compan are receivIng receiving ing lag a a. a rental of payable out of ot the frH profits rons of the te new compan company com corn pan pany b before for any dividends were declared Federal also sold fold to the new company all al operating materials and supplies on en hand which were albo paid for tor before dividing dl profits Ownership of ot the Green Hill HI company hIe lies e 60 O Per er cent with the Fedra Fed Fed- Fe oral eal ra com company Al and nd 10 60 50 per cent with the Gr Green cn nm The die owners of each ach one half Interest share sharo equal equally in the directorate and In Inthe Inthe Inthe the management of the new corporation Operations under the auspices of Green Cleveland Hill-Cleveland company were begun November November No No- vember 1 1 1912 |