Condensed Balance Sheet
December 31, 1927

ASSETS
Permanent—
Mines,   Real   Estate   and   Conces¬
sions   .........................$3,000,000.00

Less:   Allowance tor Depletion... 2,079,985.76$  920,014.24

Plant   Buildings,    Machinery   and

Equipment   ......................$1,481,594,48

Less:   Allowance for Depreciation 1,007,882.40      473,712.08 $1,393,726.32

Current—

Cash .......................................  $    33,023.37

Call Loan plus Interest (Secured)............        80,147.27

Sundry  Debtors   ............................          3,667.60

Bullion at Smelters and in Transit at Market

Less Allowance for Expenses   .............      222,502,80

Broken Ore in Stopes and Mill Bins—At Cost,        88,476.87

Materials and Supplies—At Cost.............      242,925.06

U. S. Securities at Market plus Interest......      489,595.89

Other   Marketable   Securities   at   Market   plus

Interest   ..................................    1,480,437.89   2,640,776.75

Other Assets—

Sundry Accounts Receivable   ................ $     14,229.90

Capital   Stock   of   Other   Company   (Nominal
Value   ....................................                1.00        14,230.90

Deferred Charges—
Prepaid Insurance,  Taxes and Expenses..................       239,306,32

TOTAL ASSETS .................................. $4,288,040.29

LIABILITIES

Current—

Drafts Payable  ............................. $    23,491,07

Accounts   Payable   ..........................        53,448,00

Federal Income and Profits Taxes............        40,890,96       117,830,03

Reserves—

Mine Fire Insurance ........................  $    63,854.06

Transit Insurance ...........................        21,032,75

Dividends—Payable January, 1928 ...........       100,000,00

Property  Replacement   ......................          1,019.72      185,906.53

Capital Stock—
Authorized and Issued—200,000 shares of a Par

Value of $1000 per share.................. $2,000,000.00

Surplus—

Earned   ........................ $1,373,013.74

Appreciation of Mine

Valuation   ........$1,500,000.00

Less Depletion Earned    888,710.01      611,289.99   1,984303,73   3,984303.73

$4,288,040,29