Show REPORT OF CHIEF CONSOLIDA consolidated TED the chief consolidated mining company of eureka utah under date of jan 20 1914 has issued its annual report for that year a copy of which has been received at this office during the year the company shipped tons of ore of a total net value of after deducting railroad and smelting smelling sm elting charges the average gross value of the ore being 1471 per ton and the net average value being per ton of the tonnage handled as stated above the net returns to the company after paying all charges was in his annual report walter fitch prest dent and general manager says I 1 the expert geological investigation of the companas comp anys mine and mining lands has been continued throughout the year and has resulted in a clearer comprehension of the complexities which exist as a consequence of the numerous faults crossing the section the development work of the past year has added a number of new and some of anese have very good promise the capacity for production has been increased A few months since ore was discovered in a neighboring mine owned by the may day mining company making into a part of three claims owned by your company situated about a mile from your mine A short time lease was given to the may day company and some of the ore mined through that companas comp anys workings this ore was of excellent grade and yielded good profit but on account of the lowering of the prices of the metals its mining has been for the time discontinued A two years option of purchase has been taken on the mine in the west tintic gintic mining district about twenty miles from eureka owned by the boston tintic gintic mining company this mine has been worked in a small way f for or many years and has produced a small tonnage of good ore and at one time had a of high grade ore we have hopes by doing proper development work to prove up enough ore to justify its purchase by your company work was commenced there in december power equipment installed and sinking started in two places on fairly promising leads of ore had it not been for the loss of market for a time and the very great drop in the price of one of the metals rendering it necessary to slacken production of the ores the past year would have shown th the e largest product yet made and would have re resulted suited in a considerable addition to the cash re P 4 serve after the payment of the usual dial t 1 bends the drop in the price of silver since 59 h the breaking out of the war from cents received for the companas comp anys pr products in 1913 to 49 cents at the time of this report and the lowering of the price 0 of f lead half cen cent t per pound eff effects acts a loss of one de earnings awnings to this mine based on a normal product of for the year we look ifor jor a reaction in these prices but can form ino i no opinion as to when this may be expected it i this condition is extremely unfortunate ind arid has led your directors to omit the payment anent ot of the dividend which under ordinary f conditions wo would uld have been paid in february in order that the companas comp anys forking working capital and reserve may not be further impaired A t aside from this qualifying condit condition ion f which 15 is presumed to be temporary it is safe to say that the companas comp anys business has been been improved and broadened by the developments of the past year and the results gained 9 allied during the six years of its existence ind and its present status justify the efforts that have been made to establish it |