Show 11 II H P mtv l 1 1 I 1 mi r 10 ml i n g M atthews 2 t I 1 TIIE THE NEW QUINCY AND ITS FINANCES FINANCE A balance sheet and income stat ment ot of the tha new quincy mining company ns as ot of december 31 1931 was being mailed to stockholders tuesday morning the statement Is a surn summary alary of an audit recently completed by the firm ot of vincent casella certified public accountants coun tants and shows among the assets I 1 of the company notes of the president A L hurley for I 1 on the debit side Is an account for payable to the international smelting smelling Sm elting company guaranteed by president hurley A footnote states that mr hurley holds a mortgage on all the companas comp anys property as trustee tor for all creditors it Is understood that the complicated financial relationship between new quincy and its executive began with an advance of a large surn sum in cash by mr hurley to be applied on bank loans of the quincy and that the assessments on the stock which totaled in 1931 were largely occasioned by a debt incurred by the purchase ot of the little bell mining property however neither mr hurley nor the directors of the company will at this time comment on the meaning of the obscure entries in the balance 6 sheet best during its life the new quincy has collected 35 assessments and 67 cents per share from its stockholders paid 20 cents a share in dividends and prod produced icv approximately a million dollars worth of f ore A strike of good ore was reported last november in the little bell territory ot of the quincy but the low price of lead and sliver silver since have prevented profitable operation and the mine at present Is inoperative the directors are said to favor a special meeting of the stockholders to straighten out the tangled financial affairs I 1 of the company and such a meeting may be called within the next three I 1 or tour four weeks A 2 cent assessment Is pending sales day was march but the stock liable to sale was so great in volume that the sale was postponed to april alth so that thata holders might have bale a chance to read the T r ru jt fi fi i M i i lance financial report following Is tho the bal I 1 anco sheet mailed to the share owners cash in bank ASSETS 6 I 1 development mining claims machinery and equipment note receivable A L hurley dated september 1 1931 due september 1 1932 with interest ter e st r at 7 per cent I 1 secured by a marag mortgage age covering mining in property Y and an assignment of va various ous stocks including shares ot of capital stock of new quincy mining company this note was given lor for the balance ot of A L curleys Hur leys account as ot of september 1 1931 which so account was credited with cash advances and charged with f cash withdrawals assessments I 1 on stock owned by him and notes bissu issued ed to him note receivable A L hurle hurley dated october 17 1931 payable on demand and issued I 1 tor or assessment no 33 of 01 2 cents on shares ot of new ne quincy stock authorized by wabe the directors to protect companas comp anys lien on the shares of stock accounts receivable three KI kings n g C consolidated 0 mining pally j company ca 1 total 58 liabilities taxes accrued 96 accounts payable account payable t to kil international smelting smelling Sm elting company guaranteed by A L hurley all AH future assessments up to 08 on shares of new quincy stock are authorized C charged h a r g a d against list above amount by an agreement whereby the international ter national smelting smelling Sm elting company obtains title to the above b I 1 vs mentioned chares shares ot of new quincy stock either A L hurley or the new quincy mining company has an option to repurchase the stock from the international by payment of all assessments sess ments charged against the account notes payable issued to A L hurley and now held by other parties these notes were charged to account ot of A L hurley 80 accrued interest on above notes reserve for depletion reserve for depreciation on machinery equipment and fixtures capital stock outstanding loc par value surplus per exhibit B 9 total assessments boarding house ore sales ea 30 cai miscellaneous 68 55 I 1 total income 1 expenses 9 net income surplus at beginning of year deduct loss on sale bale of treasury stock surplus december 31 1931 HONEST PRICES FOR SILVER SILVE R MOULD END PRESENT HARD I 1 TIMES letson baillet BaI Ilet the n national known mining engineer and industrial economist truly says the silver mines of the united states ca can pa pay y th the e war debts with new money it if they are e g given i ven the same chance to mine silver that they had when they paid the civil war debts to maintain the count rys credit mine new money and there will not be any interest to old mother nature but the bankers wont want that they cant get interest if the mines are allowed to pay the debt they want to lend their old money to the government on interest bearing tax exempt bonds and tax the people to pay it back just put a 2 per cent tax on the 51 billion dollars or of bank deposits ot of the country and see bee how quietly quickly idle money would be driven out into construction effort and into development of 0 natural resources the money would be put to work to produce new wealth instead of being hoarded to draw interest tax the man with the hoarded boarded bank balance and not cot the worker taxing the man in debt to pay interest man with idle wealth la is foolish in 1893 when railroads failed ailed and at other her business declined to conditions it was the outpouring ot of gold from the mines ot of cripple creek klondyke alaska goldfield california and canada that built the country back to prosperity did congress in the try to inflate an all old business tire by borrowing money at interest from the rich on bond issues can we borrow money on interest bearing bond issues and get out of debt did you ever hear ot of any one borrowing themselves out ot of debt aud and then taxing themselves rich there ls Is DUI on way that mat well ever get out out or I 1 debt and that Is by digging out the rations cat ions ined gold and p putting u eting it iti in circulation to start business industry i i end and employment trading old dollars make the country any richer one I 1 j has hag the dollar today and another has it iti tomorrow but the country annj more money r ro ci matter who has the dol j lar business gets worse b because us a a lew ew pennies drop out of circulation as interest I 1 end profit evely time it changes hands conditions are now approaching I 1 the time when we must either dig or starve STOCK SALES ron FOR FRIDAY now nov pluncy ac sliver silver king coalition 0 SATURDAY new mew quincy 2400 a ac park paris city con a 0 bc I 1 park utah 1000 1 I 1 f XI klaff ris coald n abo la 3 2 a 1 JG Y A y I 1 5 I 1 I 1 ra tee te e MONDAY A T I 1 silver an and I 1 11 0 |