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1918.1919
Liberty Bell Gold Mining Company
ANNUAL REPORT
AND
STATEMENT OF ACCOUNTS
Liberty Bell Gold Mining Company
ANNUAL REPORT
AND
STA TEMENT OF ACCOUNTS
OF THE
LIBERTY
BELL GOLD MINING
COMPANY
ARTHUR WINSLOW
J. J.
CAIRNES HENRY L. RAND D.1.
PARSONS . President Vice-PresidentSecretary and Treasurer Assistant Secretary
CHARLES A. CHASE H.
G.
McCLAIN .Manager, Denver, Colo.
Superintendent, Telluride, Colo.
DIRECTORS.
ARTHUR WINSLOW, BOSTON, MASS. HERBERT KEAN, ENGLAND.
ROBERT C. MORSE,
J. J.
CAIRNES, ENGLAND.HENRY L. RAND, BOSTON, MASS. BOSTON, MASS.
COMPANY OFFICES.
NEW YORV LIFE BUILDING, KANSAS CITY, Mo.
131 STATE STREET, BOSTON, MASS.
3
DIRECTORS'
REPORT.
The Directors herewith present the Eighteenth Annual Report and Statements of Accounts for the year ending September 30, 1919, including the following;
1. Report of Mr. Arthur Winslow, President. 2. Summary Table of Receipts and Expenses. 3. Tables of: Operating Expenses.
Special Accounts.
Tonnages Mined, Trammed and Milled. Development and Deadwork.
Tonnage Estimates. Ore Proceeds.
Values and Percentages Saved. Principal Supplies Issued. Mining Property.
Construction and Equipment.
4. Review of Tables by Mr. Charles A. Chase, Manager. 5. Report of E.
J.
Woodworth, Accountant, including:Balance Sheet.
REPORT OF MR. ARTHUR WINSLOW
President.
The principal reason for the much reduced profit balance was the grade of the ore milled. Had this remained the same as during the preceding year the profits would have been larger by about 1\400.-000. Next in importance was the small tonnage handled. During the first half of the year the mine supplied little more than 8,000 tons per month, at very high cost. and, in April, the mill was practi-cally shut down on account of shortage of power, all causing heavy deficits in operating.
,
Only during the last five months was the tonnage adequate. This caused the high per ton costs of the pre-ceding year to maintain. The cost figure of 1\8.26 per ton is. however, reducible by about 40 cents on account of extraordinary depreciation allowance which was made to bring the buildings and machinery valuations on the books down to safe scrap figures. High taxes and royalties continued to maintain the large figure for general expense.After the conclusion of the fiscal year, operations in mine and mill were continued until the end of January. 1920, when all of the accumulated are of the old workings was about extracted. These four months yielded profits of about 1\127,000. This, together with the profits of the fiscal year and the extra depreciation allowance, make a total somewhat in excess of the prediction of the last annual report. During the year dividends were paid of 18%, aggregating 1\120,200.
Attention is called to the review of tables by Mr. Chase, the Manager. The percentage of recovery, it will be noticed, was reduced from 96% to 93%, but the actual value of the tailings remained the same, and was very small.
Shortly before milling operations were discontinued, discovery was made in the eastern end of the mine of a vein or veinlets in the roof or hanging wall containing ore of very high assay values. Re-ference to this discovery is made in Mr. Chase's report. The ore streaks are very narrow, from a fraction of an inch to a foot in places. They are also irregular and not persistent, more of the nature of lenses. The character and extent of this ore is now being determined by development work at a number of different points. Ore is being accumulated for milling in the spring and a number of months of operation seem assured. It is possible that enough ore will be proven to maintain operations for a year or two. This unexpected discovery is probably a climax to the several surprises which, in offset to its vicissitudes, have marked the history of the Liberty Bell mine.
ARTHUR WINSLOW, President. March 13, 1920.
SUMMARY OF OPERATING RECEIPTS AND EXPENSES.
TOTALS
RATE PER TON
1919 1918 1899-1919
RECEIPTS
Ore proceeds (110,700 tons)
Stamp bullion Cyanide products Concentrates
Concentrate cyanide bullion Slag ..
Tram receipts .. Rental receipts .. Commissary profit Interest and Dividends Profits on Investments $949,966.66 $8.58 $12.71 $947,988.12 1,978.54 8.56 .02 11.96 .75 $6.65 2.50 3.48 .62 .04 .01 $3,191.05 3,649.05 2,437.42 13,903,79 1,187.50
MANAGEMENT AND SUPERINTENDENCE
Salaries .
Office, travelling and other expenses Insurance
Depreciation. . . .
Interest paid , .
Maintenance and repairs . Taxes. Employees Fund . Royalties $22,293.10 11,935.66 5,457.60 1,693.65 2,580,73 48.63 45,000.00 1,576.09 25,388.70 . 24,368.81 16,091.02 8,277.79 .08 Dr. .05 .16 $958,244.45 $8.66 $12.66 $6.81 $115,974.16 $1.05 .~1. 30 $0.65 488,479.17 4.40 4.32 2.42 $4,57136.76 4.11 4.00 31,342.41 .29 .32 24,141.05 .22 .19 .24 281,671.34 2.54 2.80 1.68 $,851.09 .05 .33 .25
1,031.21 18.75 10.17-per ton cencents. 4,819.88 .03 .03-per oz. bullion
$916,122.81
$8.26 $8.97 $5.24 $42,121.64
$ 40 $3.69 1.57
Less loss on Boardinghouse.
Total receipts .
Average receipts per ton milled
EXPENSES
General expenses (110,700 tons) Mining (111,100 tons)
Operating .
Development work (2,638 ft.) .
Tramming (111,100 tons) . Milling (110,700 tons) . Treatment and shipping costs .
Stamp bullion .
Concentrates (55 tons) Cyanide bullion (172,816 OlS.)
Total operating expenses. Average cost per ton milled
BALANCE profit.
Per ton milled, profit
TABLE OF OPERATING EXPENSES.
FOR THE YEAR ENDING SEPTEI....iBER30, 1919.
General Expenses TOTAL COST
TABLE OF OPERATING EXPENSES-Continued.
Mine, Tram and Mill Operating
MINE OPERATING (111,100 tons)
Foreman and shift bosses.
Stoping (388.860 sq.ft.) Timbering .
Hauling and mucking Other mine expenses
Development and deadwork .
Drifting (2451 ft.) .
Station Cutting.
Crosscutting (19 ft.) .
Sinking (223 ft.)
Depreciation ..
Maintenance and repairs ..
CABLE TRAM OPERATING (111,100 tons)
Foreman and lineman. . .
Loading station (labor) .
Discharge station (labor) . . . .. . . . .,I•.
Depreciation. . . .
Maintenance and repairs. . , .
Supplies. . . .
MILL OPERATING (110,700 tons) Superintendence .. Crushing
Concentrating Stamping Regrinding
Settling and agitating .
Filtering Precipitating Pumping Cyanide ... Lime Tools .. Sundries
Assaying and melting Heating
Lighting Depreciation.
Maintenance and repairs .. Lubricating. Tests Watchmen Cleaning $25,872.31 216.80 218.78 5,034.52 TOTAL COST $14,214.05 174,047.10 57,288.36 70,337.13 69,227.33 31,342.41 29,630.54 42,392.25 $488,479.17 $2.294.85 8,186.45 5,586.30 4.636.28 2,816.52 626.65 $24,147.05 $3,420.00 5,239.42 9,375.52 35,569.66 20,382.90 9,204.50 14-,337.41 9,558.85 10,243.40 42,103.73 7,340.67 512.75 86.59 11,029.06 17,339.30 2.853.31 39,512.49 35,062.31 2.127.16 384.96 2,328.10 3,659.25 $281,671.34
TABLE OF SPECIAL ACCOUNTS.
BOARDINGHOUSE OPERATING
Labor .
Provisions .
Fuel and light . Rental
Other expenses
. Receipts from boarders
STABLE OPERATING. . . ...•...
Recei pts charged to various accounts
$16,557,45 46,196,27 5,835,65 2,400,00 2,109.61 $73,098,98 57,007.96 $4,412.32 3,450.83 LABORATORY OPERATING . . . .•. . .. . .•. . . • • .• • .• . . . $4,935.62
Receipts charged to various accounts ~~4;;,;;52;;;6;;.;;50;
MACHINE SHOP OPERATING ...•.•...•••..
Receipts charged to various accounts . Rental collections
COMMISSARY, total receipts
Merchandise on hand Oct. 1, 1918 Purchases, clerk hire and expenses.
$10,012.05 6,604.89
Less inventory of Sept. 30, 1919
$16,616.94 0.00
Total costs
Profit from operations Oct. 1to Dec.31, 1918 ...
Commission from D. W. Danielson Jan. 1to Sept. 30,1919 ..
$18,743.77 17,263.56 $18,051.49 16,616.94 $1,434.55 1,002.87
$16,091.02 Loss for theyear
$961.49 Inventory
$409.12 Inventory
$1,480.21 Inventory
$3,649.05
TONS OF DRY ORE MINED, TRAMMED AND MILLED. 1918 October , . November... . . December . January. . . , . February .. .. . . .. . . . . . March . . April.... . . May.. . . June . J~y , . August . . . September . . . . . . . . . .. . .. . . 1919 Total 1919.. . 1918. . 1917. . . 1916. . . 1915. . 1914.. . 1913.. . . 1912... . . 1911... . . 1910 ·.·· .. ·· . 1909 . 1908 · ···.··· . 1907.. . . 1906.. . . 1905. . . 1904 . 1903.. . . 1902.. .. . 1901. .. 1900. . .. 1899... . .. Grand Total
DEVELOPMENT AND DEADWORK.
Drifting .. Crosscutting Tunnelling Upraising Sinking 1919 2,451 It. 19 " 223 "
MINED TRAMMED
MILLEl>-8.800 8,800 8,700 9,400 9,400 9,500 7,900 7,900 7.800 8,900 8,900 8,600 8.400 8,400 9.500 8,100 8,000 7,100 1,800 1,800 2,100 11,300 11,400 11,600 11,000 11,000 11,000 11,200 11,200 10,400 12,500 12,500 13.000 11.800 11,800 11,400 111,100 111,100 110,700 91,300 91,300 90,700 142,900 142,900 143,100 164,800 164,900 165,300 173,500 173,400 174,100 174,683 174,658 173,840 179,178 179,363 179,216 175,052 174,103 175,340 155,593 156,587 155,950 134,321 134,373 133,899 126,436 126,310 125,681 116,138 116,068 116,353 102,429 102,229 102,104 92,221 92,323 92,900 28.235 28.216 27,379 45,380 45,559 45,811 83,169 83,129 83,373 67,181 67,441 67,439 53,370 53,231 54,197 22,369 22,324 21,500 16,357 16,109 16,026 2,255,712 2,255,623 2,254,908 1918 2,862 ft. 1917 4,522 ft. 4 " TOTAL 21 YEARS 1898-1919 67,735 It. 1,659 " 3,183 " 15,953 " 751 " 211 " 150 "
3,073 It. 4,676 It. 89,281 It.
Totals 2,693 It.
TONNAGE ESTIMATES.
'Ore stored 6.394,860 sq. ft. yielding
Ore in Sight and probable, about 77,000 sq. ft ...
2,255,712 tons dry
38,000 I
TABLE OF ORE PROCEEDS.
STAMP BULLION
Total number of shipments
Total weight of amalgam, ounces troy Total weight of bullion, ounces troy Containing gold, ounces troy Containing silver, ounces troy Average value of bullion, per ounce Gross total value . Charges
Net total receipts from stamp bullion Net receipts per ounce troy of bul1ion
CONCENTRATES
Total number of shipments (Nos. 1,045 to 1,047 inclusive) Total weight shipped, tons dry ...
Ratio of concentration: tons of dry ore to one ton concentrates Total ounces gold .. . .
Total ounces silver .
Average value per ton dry. . .
Gross total value .
Charges .
Net total receipts from concentrates . Net receipts per dry ton of concentrates.
CONCENTRATE CYANIDE BULLION
Total weight of concentrates treated, tons dry Total number of shipments
Total weight of bullion (mint weight after melting), ozs. troy .
Total ounces gold .
Total ounces silver ..
Average value of bullion per ounce Gross total value
Charges .
Net total receipts from concentrate cyanide bullion Net receipts per ounce troy of bullion.
CYANIDE BULLION
Total number of shipments (Nos. 461 to 494- inclusive) Total weight of bullion (mint weight after melting), ozs. troy .. Total ounces gold
Total ounces silver
Average value of bullion per ounce Gross total value
Charges .
Net total receipts from cyanide bullion .. Net receipts per ounce troy of bullion
CYANIDE PRECIPITATE
Total ounces gold Total ounces silver Gross total value Charges
Net total receipts from cyanide precipitate
SLAG
Gross total value Charges
Net total receipts from slag .
1899-1919 795 2,648,981 690,916 261,053 408,520 $8.15 $.1,633,402.93 ____________ cc:-"C3:-::'0,392.16 $5,603,010.77 $8.11 1919 55 752 $22.48 $1,978.54 1,031.21 $947.33 $10.76 1918 3 88 37 2,349 39 2,349 22,430 $29.10 $68,342.74 23,877.54 $44,465.20 $18.93 1,368 34,956 58 36,647 999,037 $40.11 $1,401,968.13 463,115.15 $938,852.98 $26.86 2,237 24 52,410 3,307 37,642 $1.72 $90,019.70 ,1,521.56 34 172,816 39,221 130,358 $5.48 $947,988.12 4,819.88 36 226,757 4-4,512 176,161 $4.78 $1,084,700.08 6,068.23 $88,498.14 $1.6'> 494 3,201.371 294,44-2 2,619,300 $2.41 $7,732,462.96 66,064.78 15943,168.24-$5.46 $7,666,398.1& $2.39 $1,078,631.85 l\4.76 3,972 59,705 $121,153.01 6,906.67 $114.246.34 $14,853.1.1 1,414.43 $13,438.72
SUMMARY OF ORE PROCEEDS AND EXPENSES.
1919 1918
Stamp bullion, gross value. . . . .. . .
Concentrates, gross value .
Concentrate cyanide bullion, gross value . Cyanide bullion, gross value. . . .. . . Cyanide precipitate, gross value. . . . . . .
Slag . $1,978.54 68,342,74 947,988.12 1,084,700.08 1899-1919 $5,633,402.93 1,401,968.13 90,019,70 7,732,462.96 121,153.01 14,853,15
Total Ofeproceeds. . . . . . .. Total expenses (less boardinghouse and other like receipts)
$949,%6,66 907,845.02
$1,153,042,82 817,973.95
Profit balances . . . . . .
Expended on mining property and construction (less depreciation
already charged to expense) about ...
$42,121.64 $335,068.87 $116,060.20 (credit) $33,923.19 (credit) $14,993,859.88 11,459,901.26 $3,533,958.62 $30,114.29 ORE MILLED. (110,700 tons)
Gross Values per dry ton m;]JeJ, a.nd percentages.
1919 1918 1899-1919
GOLD SILVER VALUE VALUE VALUE
RECOVERED OZS. % OZS. % Dollars % Dollars % Dollars %
In stamp bullion 2.50 31 In concentrates .001
°
.007 1 .02 0 ,75 6 .62 8In concentrate cyanide bullion .... .04 1 In cyanide products .... .354 96 1.177 78 8.56 93 11.96 90 3.49 44 Total recovery .355 96 1.184 79 8.58 93 12.71 96 6.65 84 LOST In tailings .015 4 .317 21 .65 7 .60 4 1.26 16
J
Total contents .. .370 100 1.501 100 9.23 100 13.31 100 7.91 100I
PRINCIPAL SUPPLIES, MAINTENANCE AND REPAIRS.
1919
AMOUNTS VALUE
MINE(111,100 tons)
Powder .
Fuse and caps . Carbide (candles practically discontinued) Timber and lumber
Coal for heating .. Buildings and heating plant Cars Locomotives . Drill plant Electric Plant. Hoists Bins Skips Power 237,250 Ibs. 240 tons
,CABLE TRAM (111,100 tons)
Rope and couplings.
Buckets and trolleys Towers and stations
MILL (110,700 tons)
Crusher. . . . Shoes. . . . . . Dies... . .
Screens .
Coal for heating . Cyanide ..
Zinc. . . Lime .
Lead acetate and litharge
Tube mills
Tube mills pebbles Tube mills liners
Batteries Agitators
Pumps and compressors Filters, Moore plant ... Zinc boxes.
Buildings and heating plant Electric plant ..
Concentration ...
Concentration Treatment Plant Settlers
Pipe lines . .
.Classifiers and sizers Power 180 pes. 425 pes. 2,160 tons 136,400 Ibs. 44,248Ibs. 782,600 Ibs. $55,879 8,590 2,026 15,957 2,280 918 5,436 6,359 18,609 8,531 905 324 979 24,637 928 1,111 900 1,208 2,549 1,833 274 12,104 41,500 6,896 6,532 2,495 413 7,919 338 7,883 386 2,400 7,926 311 4,091 2.822 3,553 4,491 1,202 831 1,530 42,878 1918 VALUE $47,669 7,083 1,611 15,969 1,994 745 7,112 6,885 21,498 6,243 3,359 92 2,417 18,664 35 1,131 756 1,618 2,555 1,678 169 11,527 44,156 11,085 4,620 3,160 3,492 5,484 380 8,980 1,716 3,110 6,836 355 3,895 3,250 6,074 4,745 2,048 776 186 35,221
MINING PROPERTY.
Bear Creek water right . . . . . . Bieda lode and mill site .. . . .. . . .. . . . Courthouse claim . . . . . . Deer Trail water right . . Diamond King . . Dynirno group. . . . .
Elgiva group . . . .. . .
Gold Run placer . Gold and Silver Chief group. . . . .
Keystone placer. . .
Liberty Bell group . Miscellaneous claims . Navajo placer . . .. . . .. . . . . Nellie Hoffman claims
Overlook group .
Robson group .
San Miguel water right . . . .. . . St. James placer . . . . . . Seattle placer . . Stilwell Tunnel . . . . . . Tariff claim . Ute group. . . . .. . . .. . .. . .. . . White Beaver group. . . . . .
Total expenditures to date
Less depletion total to date . Ledger values September 30. 1919 .
Total Expenditure $6,490.55 399.25 973.80 15,876.49 76,687.25· 19,013.90 1,390.30 11,550.14 167,911.85 3,480.00 99,708.39 9,731.72 1,452.41 3,069.16 42,686.46 800.00 4,025.00 28,103.43 8,317.83 12,038.24 74,726.81 3,745.10 254.33 $592,432.41 Less Depletion $6,380.50 392.49 957.32 15,607.79 75,389.41 18,692.11 1,366.77 11,276.02 165,070.06 3,421.10 98,020.91 8,701.72 1,427.83 3,017.22 41,964.03 786.46 3,956.88 27,627.81 8,177.06 11,834.51 73,462.14 3,681.72 250.02 $581,461.88 Ledger Value Sept. 30, 1919' $110.05 6.76 16.48 268.70 1,297.84 321.79 23.53 274.12 2,841.79 58.90 1,687.48 1,030.00 24.58 51.94 722.43 13.54 68.12 475.62 140.77 203.73 1,264.67 63.3& 4.31 $10,970.53
CONSTRUCTION AND EQUIPMENT.
'Bear Creek pipe line .
Deer Trail pipe line . .
Mill .
Mill boardinghouse .
Mill electric plant. .
Mine boardinghouse .. : .
Mine buildings. . . .. . .
Mine drill plant . .
Mine electric plant . .
Mine equipment " .. . .. . .
Mine fife line. . . _ .
Mine heating plant . .
Mine ore bins. . . . .
Railroad spur . .
"Telephones .. .. . . ...•...•..
Telluride office buildings '. . . .
-Tram... . .
Total expenditures to date on above account Less depreciation, total to date
Ledger values, September 30, 1919 Previously written off to Profit and Loss Total of construction and depreciation since
organization. . . . '. Total Expenditure $6,343.14 5,113.55 344,575.74 2.643.27 20,147.13 66,780.25 34,864.24 26,195.24 25,376.14 72,676.94 387.11 3,559.42 . 19,945.75 608.82 1,890.34 13,900.28 54,749.57 $699,756.93 13,433.93 $713,190.86 Less Depreciation $5,730.10 4,709.38 308,601.92 2,480.71 18,035.78 59,165.31 30,667.64 23,236.83 22,523.80 63,452.12 324.55 3,235.58 17,734,45 339.95 1,674.91 12,501.58 50,142.32 $624,756.93 1,629.85 $626.386.78 Ledger Value Sept. 30, 1919 $613.04 404.17 35.973.82 162.56 2,111.35 7,614.94 4,196.6G 2,958.41 2,852.34 9,224.82 62.56 323.84 2,211.30 68.87 215.43 1,398.70 4,607.25 $75.000.00
REVlEW OF TABLES.
The physical conditions of the past year were sufficiently similar to those of the preceeding year for the tabulations presented to give a good comparative idea of the year's operations. The outstand-ing facts were that, although the grade of ore fell abruptly, the unit cost of operations fell enough to leave a margin of profit.
In the last annual report I emphasized the importance of the modification of mine practice by which provision was made for the picking of a large amount of waste rock from the ore before milling. But for this change in practice, operations must have been brought to a close early in the year. The amount of waste discarded was15,000 tons, which is properly to be added to the reported mine tonnage in considering the costs of mine operations; the mine cost per ton for the total tonnage broken would thus be reduced by 52 cents, a more satisfactory figure.
The sharp drop in the grade of ore from the previous year now appears as a forecast of an interest-ing chapter in the history of the mine. In my review a year ago I mentioned the richness of the stapes tributary to levels Band C and the comparatively low grade above those levels. We now find an upward extension of the rich ore in a branch vein rising from the hanging wall of the main vein, at or near the upper limit of the rich areas previously mined. The importance of this branch vein was not recognized until three months after the end of the year reviewed, but as our present knowledge of it explains the remarkable drop in grade of ore, mention of it seems proper at this time. The new vein, though narrow, is richer than the stopes heretofore mined and contains the so-called secondary silver minerals in quantity. My tentative hypothesis is of enrichment by downward percolating waters in a loose vein of moderate original value. . The main vein was prospected at somewhat greater depth in two places, a shallow winze in the east end, and a deep one below X level. Neither yielded encouragement. The latter winze is now one-half way through the beds of Telluride conglomerate. In other parts of the district some ore has been found within and below these beds. T0 the east two levels, C and E, reached the Smuggler Union vein. Upward the vein became narrow and very poor.
Metallurgical work followed the lines described last year. The waste being discarded, the cleaned are was so heavy in sulphide that dilution with the lighter are from X level was necessary to permit the mill to treat even the tonnage sent to it. At that the tonnage of concentrate increased 40% from the previous year. .
Labor was 40 cents per shift higher on the average than in the preceding year.
Silver sold for 1\1.053per ounce. The drop of 1.06 02.per ton in the silver contents of the ore shows strikingly the impoverishment in silver above the branch fissure.
Hydro-electric power service was again below the demands of the industry and milling was sus-pended for a month for lack of power. The power company operated a steam plant for several months to supplement its hydro plant and the great additional cost of its operation was saddled on the mines as a 25% increase in power bills for much of the year. The great increase shows in both mine and mill expense.
Referring to a few tabulations particularly;
The increase in salaries was principally on account of a careful inventory prior to the expected suspension of operations. Depreciation charges were greatly increased and taxes continued on the high level of the previous year. Employees Fund disbursements were low. Royalties were at maxi-mum, based on 87,600 tons; the discarding of waste saved materially in this item.
In considering the principal items of mine expense the large tonnage of waste broken and dis-carded is to be borne in mind. Stoping charges include the construction cost of five waste-picking stations and their operation. The hauling charge includes the cost of moving waste to and from these stations. The re-claiming of X level, under water for some time, and its operation increased other mine expenses; a new pumping equipment was provided.
The high consumption of explosives reflects the hardness of the ground mined. The lower consumption of timber is largely a gain incident to contract mining; a gain which the contractors ab-sorb largely. The higher charge for coal is a book adjustment.
The estimate of tonnage in sight and probable represents the ore mined during the four months since the end of the year reviewed. Since the end of year 1919 we have discovered enough ore in a
branch vein to justify expectation of several months operation after May tst, next, when electric power for milling will probably be available to us again. A more definite estimate cannot be made now. In view of the expected suspension of operations our contracts for electric power was surrendered, .and, from January 31st, we have had only enough for the mine.
Mill operations showed favorably despite the big increase in charges for power and deprecia-tion. Cyanide consumption fell with lower grade ore. Lime consumption rose more than in pro-portion to the increased tonnage, in order to insure proper settling. The consumption of pebbles (in-cluding steel balls) increased with the tonnage of concentrates which were re-ground. Zinc was lower, principally as a result of the great success of the earlier separation of much of the concentrates on the new primary tables, following the stamp batteries; this permits precipitation of three-fourths of the total bullion from solutions above $25. per ton in value; this was a noteworthy improvement in practice. The high charge to assays and melting is due largely to the unusually long operation of the clean-up blast furnace which proved most profitable.
Boardinghouse losses gained, despite an increase of board from May 1st. The cost of food per man-year rose $50; and the cost of labor $22, as a result of the new wage scale, which became ·effective the beginning of the year.
One fatality at the mine marred the years operation.
Acknowledgment is made of cheerful co-operation by Messrs. McClain, Anderson and Weinig
In achieving the favorable results shown.
CHARLES A. CHASE, Manager.
REPORT OF E. }. WOODWORTH ACCOUNTANT
UBERTY BELL GOLD MINING CO.
131STATE ST .• BOSTON, MASS. DEAR SIRS:
In accordance with your request, I have audited the accounts of the
December 15, 1919.
LIBERTY BELL GOLD MINING CO.
for twelve months ended September 30, 1919, and submit the following statements showing the financial position of the Company at that date, and the results of operations for the year.
Balance Sheet at September 30, 1919.
Exhibit A: Statement of Income and Expenses for the year ended September 30,1919. Exhibit B: Statement of Stocks and Bonds owned September 30, 1919.
Exhibit C: Statement of Surplus for the year ended September 30, 1919.
I verified income from investments and sales of ore, and examined properly approved vouchers-for all disbursements.
I verified Cash in Banks by reconciliation with a certificate obtained directly from the bank. The amount represented in the account with the Bank of Telluride was received by the Company sub-sequent to September 30, 1919.
Inventories of materials and supplies were taken by employees at the mine, and are efficiently audited at the office of the Treasurer.
Stocks and Bonds were personally examined, including $20,000 of United States Liberty Bonds, which, at September 30, were held by the State St. Trust Co. as collateral security for a note of the Company, since paid.
Outstanding Capital Stock was verified from the Certificate Book and Stock Ledger, supported by a list of stockholders supplied by the secretary of the company.
Very truly yours,
E. J. WOODWORTH,
Cash in Bank and Office ... Bank of Telluride
Stocks and Bonds
LIBERTY BELL GOLD MINING CO. BALANCE SHEET September 30, 1919 ASSETS INVENl'ORIES Store Laboratory Machine Shop Stable Accounts Receivable . Notes Receivable .. Unearned Discount Mining Property.
Construction and Equipment Treasury Stock, 6440 Shares
Employees Fund, Deferred Expense .
i
President's Reserve Fund Accounts Payable Notes Payable. Reserve for Insurance Reserve for Taxes, accrued Capital Stock, 140,000 Shares.
Surplus (ExhibitC) $37,961.52 409.12 1,480,21 961.49 LIABILITIES 1,4·00.00 344,287.18 $43,784.26 53,973.92 247,906.25 40,812.34 6,998.80 6,000.00 67.50 10,970.53 75,000.00 64.40 16,264.61 $503,842.61 50,000.00 54,990.60 20,000.00 21,494.88 11,669.95 345,687.18 $503,842.61
Exhibit A:
LmERTY BELL GOLD MINING CO.
STATEMENT OF
INCOME AND EXPENSES
TWELVE MONTHS ENDED SEPTEMBER 30, 1919.
INCOME
Ore Proceeds
Mine Commissary Profit Tram Receipts
Rentals.
Interest and Dividends from Investments Profit on Sale of Investments
Less Loss operating Boarding House
EXPENSES OPERATING EXPENSES: Mining Milling Tramway Operating. Ore charges .. $458,848.63 242,158.85 19,510.77 5,851.09 GENERAL EXPENSES:
Management and Superintendence Maintenance and Repairs Insurance
Interest, General
Taxes.
Royalties.
Depreciation of Construction and Equipment Employees Fund .. 34,228.76 48.63 5,457.60 2,580.73 45,000.00 25,388.70 75,472.96 1,576.09 $949,966.66 $2,437.42 3,191.05 3,649.05 13,903.79 1,187.50 24,368.81 16,091.02 8,277.79 $958,244.45, 726,369.34 189,753.47 916,122.81
Net Income from Operating Less Depletion of Ore Reserves
Balance to Surplus ..
•
42,121.64 40,041.38"
Exhibit B.
LIBERTY BELL GOLD MINING CO. STOCKS AND BONDS
September 30, 1919.
'Par Value
$20,000 Edison Electric Ill. Co. of Cumberland. Md.
20,000 Electrical Securities Corp. 6th Series .
30,000 Fort Smith Light & Traction Co. s's. . . 20,000 Birmingham Railway Light & Power Co. e's .
20,000 Wisconsin Edison Co's 6'5 .
15,000 New York Railways -t's . . .. . . . 15,000 Cedar Rapids Mfg. & Power Co. S's .
10,000 Southern Pacific Co. Con. S's .
20,000 U, S,Liberty, 2nd, 4%:'5 , .
20,000 U. S.Liberty, 3rd, 4%:'5 . . . .. . . . 20,000 U.S.Liberty, -tth, 4%:'s
10,000 U.S.Liberty, 5th, 4%,s
10,000 Shawingan Water & Power Co. 6's 10,000 100 Shares Southern Pacific Co.
13.300 133 Shares Kansas City Railways Co. Pfd. 6,700 67 Shares Kansas City Light & Power Co. Pfd.
$260,000
f
l
.. @ $95.00 .. " 100.00 ...•... .. 94.17 . " 104-.00 . .. 95.00 .. .. 74.04.. .. . " 87.50 . " 104.8772 .. .. 100.00 . " 100.00 . .. 100.00. .. 100.00 .. .. 97.50 . .. 102.37Y, . .. 80.00. .. 80.00. Book Value $19,000.00 20,000.00 28,250.00 20,800.00 19,000.00 11,256.25 13,125.00 10,487.50 20,000.00 20,000.00 20,000.00 10,000.00 9,750.00 10,237.50 10,640.00 5,360.00 $247,906.25=-===-=====d
Exhibit C.
LIBERTY BELL GOLD MINING CO.
STATEMENT OF SURPLUS
For the Year ended September 30, 1919.
October 1', 1918, Balance before adiustrnent .
Adjustments in accordance with requirements of Federal Income and Profits Tax Law.
ADDITIONAL
Depletion of Ore Reserves . . . . Depreciation of Construction and Equipment " . .. . . , . Accumulated Depreciation of Construction and Equipment, to September 30, 1917.
$30,420e5~ 41.547.43 110,988.38
$645.363.72
182.956.40.
Adjusted Balance of Surplus. October 1, 1918
Net Income for the year ended September 30, .191:9 46~~4:07.32
2,080.26 Less-Dividends Paid .... - , . September 30, 1919-Balance 464.487.58 120 •.200.40 $344,2.87.18
PROGRE55'0ECTION5<iHOWING '(OHDITIONOF GEVElOPMENT. 0cPTEMBE.R·30"" IS19
•
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LEVE.L:I.~ 'r10Rl1.DNTAL· ...\"IDVE.Rl"lCAL·clGAl.E..\ ADO'
~~;;;;;;;;;======-~==;=;=========~===================.--Ore Stoped 6,394,860 sq. ft. yielding Pinched and Unworkable Vein.
Ore in Sight and Probable, about 77,000 sq. ft.
2,255,712 tons, dry.
LONGITUDINAL SECTION IN PLANE. Of VEIN
38.000 ..
HOR1ZQNTAL' AND-YE.R'ICAL- ~CALf.· J;=·4CC'
Vf.RTlCA L·D 1:)1AN C[:.' MrA~URfll' 01'1'~"JLOP!. -Of'V till. Tonnage and Development for the Year
Ore Mined 111.100 tons dry from 388.860 sq. ft.stoped. Drifting 2,451 ft. Sinking 223 ft. Crosscutting 19 ft.
Total 2,693 ft.
LE.VEL
tA~T eND Exn'NJION IN rOOT WALL ver»
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