Income and Profit and Loss Statement
For the Year Ended December 31,1931

Production of Gold and Silver....................$1,403,104.20

Less: Freight and Expenses on Bullion...........       80,918.67

Operating Income  ..........................................$1,322,185.53

Deduct: Operating Expenses ................................     916,654.38
 

Operating Profit   ...........................................     405,531.15

Deduct: New York Administrative Expenses .................       69,245.08

Net Profit from Operations .................................     336,286.07

Other Income   ..............................................      134,805,39

471,091,46
Other Deductions ...........................................       20,108,31

Net Profit Before Federal Income Tax and Provision for Reserves 450,983,15
Federal Income Tax ........................................       29,657,06

Net Profit for Year.........................................     421,326,09

Appropriated for Reserves from Earnings :

Depletion (based on valuation of mine, March 1,

1913)   ......................................$      7,217,93

Fire Insurance   ...............................        9,859,46

Transit Insurance.............................        4,698,30       21,775,69

Profit for the Year Carried to Surplus........................     399,550.40

Surplus:

Surplus—January 1, 1931  .....................$2,002,773.03

Deductions—

Dividends Paid and Provided for. . . .$375,000.85

Depletion   (on  appreciation  of   Mine
Valuation)    ......................      7,217.92

Additional Federal Income Tax, 1929         24.51      382,243.28  1,620,529.75

Surplus—December 31, 1931   ................................$2,020,080,15

NOTE—

—During the year 1927 the United States Government authorized
a readjustment of our depletion account due to certain new dis¬
coveries. Entries recording depletion as they affect the older
portion of the property are still carried in the general accounts.
Entries recording depletion on the new discoveries will be made in
a supplementary memorandum ledger account wherein is set up
the values allowed by the Treasury Department and showing the
actual depletion sustained and allowable for each year. These
depletion entries are made for income tax purposes only.