Show NEVADA CONS HAS DEFICIT December Production Decrease Cuts Earnings Below Needs Boston March The Nevada Nevada Con Consolidated Copper Cooper company makes the fol following following following lowing report ot of operations for the quarter quarter quarter ter ending Dec 31 fl 1909 19 Net earnings of ot mine and income Investment Adjustment previous years year earn earnings earnIng lags ings 1332 Ing accrued bonds outstanding Interest on 2570 ing In Dividend Divided No 1 Net deficit for quarter The production of copper for tor the quarter quarter ter amounted to pounds of which the tr October production was No November November November I vember and December 3 I pounds During December the production production tion was materially curtailed by very ad adverse adverse verse ton weather conditions causing the ore oreto ar arto oreto vers to freeze In the cars while In transit from Vie he mine to the concentrator thus ser seriously serIously the delaying unloading decreasing the output and necessarily increasing cost cst The grade of ore treated during the quarter quarter quarter ter averaged 2 per pr cent Pays First Dividend During the quarter the first dividend of which amounted to 73 37 was paid 3 The payment of this dividend and the Oi Interest accruing on the outstanding bonds makes a total of which shows anet a anet anet net deficit for the quarter after paying Interest and dividends of 01 It I should be noted however that during December the production was decidedly decided below nor norThe normal inal mal The mine Is still closed down The Ruth mine has not yet been started in operation although It is fully The opened up for a large production railroad is operated opeN ted in a most satisfactory manner and to handle a materially larger daily tonnage than yet et produced The Thc work at the smelter and mill mi is most satisfactory and during the quarter cop copper copper copper per shipments shipment to the refinery amounted to pounds Since the annual of November 1 last out of a total of 2785 bonds tz outstanding 75 have been ben converted in into Into Into to stock leaving a balance balanc of 50 bonds outstanding In accordance with wih the pro proVisions provIsions provisIons Visions of the bonds and mortgage these outstanding bonds have now b ben been en called cled for redemption at 11 1024 Acquires rland Stock The company com pan has acquired 1299 shares out of or a total of X shares or per lIe cent of the capital stock of the Cum I Copper company During the quarter all of the stock held for conver conversion conversion conversion sion of Nevada al Northern bonds has been ben issued in exchange for bonds The item of and stock is made up of 5 shares available for con conversion conversion version of outstanding bonds now called caled verion for redemption and shares from the recent increase In capital stock remain remainIng remainIng Ing lug which Is more than sufficient dent to acquire a the tue small smal balance of ot Cum Cumbe CUp be Ely stock outstanding should It I be presented for tor conversion The balance sheet of Dec 31 1909 19 is as follows Assets Asset Property and development Investments and capital stock Materials and supplies Accounts collectible I Metals on hand and in transit Cash Total Liabilities Capital a pi tal stock 1000 Bonds outstanding 50 I Accounts payable treatment on metals Surplus Profit and loss Total 1 |