Show CHIEF consolidated QUARTERLY REPORT DENOTES MASTERFUL management the chief consolidated mining company which now owns and controls a greater acreage of mineral producing territory in the camp of tintic gintic utah than any other company and which is adding to its prestige and great earning capacity all the time issued its third quarterly report repart on the first of the month it was mailed out with checks for the regular quarterly dividend of loc a share this report shows that the company made a net profit of during the quarter as compared with net profit of for the second quarter production totaled tons of ore that yielded after smelting smelling sm elting transportation por tation and sampling charges compared with production of tons in the second quarter that yielded cents after the same charges average net value of ore for the third quarter was 2203 a ton a decline from the average for the second quarter of 2918 a ton sampling freight and smelting smelling sm elting costs declined also these costs totaling 1575 a tun ton in the third quarter com compared paVed with 1885 in the second average gross value of ore mined in the third quarter was a ton and in the second quarter a ton president walter fitch sr in his report to the stockholders says there wis was a reduction in production values and car earnings aings during the past quarter as compared with the preceding period recent purchase of new mines the important happening during the period covered by this report was the he purchase by your company of the mines and all of the property of the gemini mining company and that of the ridge and valley mining company and also a controlling number of shares of the eureka mines company followed in the present month by the purchase of the controlling number of shares of the eureka hill mining company the whole for a cost slightly exceeding a a half million dollars of which amount was paid down and your companas comp anys notes given for the balance payable in four quarterly payments two of these mines have between them paid four to five million dollars in dividends and we believe they to gether with the other two under the more intensive and ana penetrating methods of your companas comp anys organization may anay yet be made to yield much more profit As was the theca case of the grand central mine considerable expenditures have to be made by your company in rehabilitating these gemini prop pro arties to get them into service as producers the berni has already commenced the production of ore in in a way the four properties embraced in this new purchase pua of its i join the chief mine and will ultimately become a part ot workings grand central strike is important general itile manager cecil fitch in his report notes t af importance of a new strike in the grand central mine n the g which he says say s an important discovery of ore will in it grand central near the south end of the us jais re is expected make north into the latt latter r property an d port states that development foot footage age t was increased lid cites number of ore working places well maintained a an also the reduction in tonna tonnage e metal content and profit deuced that smelling smelting sm elting freight and treatment ent charge was r e about 17 per cent tile the new ore was developed during tile the quarter er I 1 n g a grand central property which mine has now e regular producer the grand central mechanical equip whole 1 ment has all been either replaced or repaired and the is now completely electrified usual amount of wo continued in the no 2 shaft the water lily and apex standard also a small amount in the at the gemini as well as other recently acquired properties the work of modernizing the equipment and instituting a campaign oi of intensive development is being pushed with all possible expedition general supt bupt J fred johnson reports a total of 14 feet of development work for the quarter an increase over the total of feet in the second quarter ore was produced and development work performed in the first ore zone on all levels from the to the 2000 and in the second ore zone on all levels from the 1400 to the 2070 some stringers of ores ore have been cut in the 1200 level drift which is being driven to intercept the second ore zone operations of the grand central gemini ridge and valley and eureka mines properties which have been acquired during the past year by the chief company are reported by supt bupt paul hilsdale I 1 production of the grand central mine has been increased and new ore bodies opened in both the east channel neland and the west or centennial channel the strike made in the last few weeks near the sideline was made in the east channel new equipment and development work of overhauling the equipment of the gemini mine has been undertaken on an extensive scale ore ship ments just started are going out at the rate of about 50 tons daily forty lessees lessels are working in the property lessees lessels Les sees will be started to work in the eureka mines property this month in the ridge and valley mine mine according to supt bupt hilsdale a drift is being driven for a water line connection and preparations made to to fo no 4 A hoist and compressor are to be placed at the eureka hill mine and the shaft reopened to the 1100 level at this property a very considerable amount of preliminary work must must be done before any production can be expected however a few lessees lessels are working on ore through the centennial eureka and the bul bullion lion beck shafts I 1 the balance sheet of the company sept 30 1922 is as follows assets property mine investments current assets deferred charges cash total assets 4 liabilities are as follows capital stock SS surplus and profits bills payable current liabilities reserve accounts total |