Show SIX MILLIONS FOR DIVIDENDS nevada consolidated of ely nevada has huge tonnage in ight copper curb and mining outlook at the annual meeting of the nevada consolidated copper company held yesterday the full control of the company by the guggenheim interests was assured through the election of S R guggenheim and J N steele to the directorate of the company succeeding james phillips jr and C hartman kuhn the other directors were reelected when asked for his reason for not remaining as a director of the nevada consolidated soli dated copper company james phillips ja said 1 I have had the matter under consideration for some time past other properties in which I 1 am interested demand my attention these holdings include many important copper properties in alaska which have been in course of development for several years recent railroad development means that these properties will eventually be large shippers of ore 1 I have the utmost confidence in the future of nevada consolidated copper the results have s surpassed ur passed our most optimistic expectations an analysis of the annual report will give the shareholders a clear and truthful idea of what has been accomplished shed the company is now in a position to produce pounds of copper a year at a cost around 6 cents a pound which at 13 cents a pound would mean earnings available for dividends of close to a year or double the present annual dividend requirements under the present administration the mine has been developed to a point where it is self sustaining and where shareholders can feel sure of substantial returns on their investment total ore reserves of tons conservatively estimated with a net cost of per pound last year guarantee the property a long life and large earnings even on a basis of the low prices for copper prevailing this year with continued development along careful and conservative lines there is every reason to believe that future reports will be as gratifying if not more so than the one just issued mr phillips stated that he was still the largest individual holder of the shares of nevada consolidated he added that in view of the fact that the mine and plants had been brought up to their present high state of efficiency and completeness he felt he could retire with the feeling that the company was resting on a solid foundation and that a bright future for the property was assured regarding the possibility of nevada consolidated soli dated becoming a part of the proposed copper merger mr phillips said 1 I believe an amalgamation of the large copper properties would result in a solution of the copper problem it would strengthen the position of the copper industry and work to the benefit of producer and consumer alike it is my opinion that nevada consolidated will become a part of a copper merger that will embrace the important mines and that the shareholders will get full value for their holdings when such a merger is carried through the nevada consolidated copper company has issued its full pamphlet report for the year ended september 30 1910 there was produced pounds of copper which at yielded from gold and silver produced there was received making a total gross revenue of net operating profit after mining transportation and selling expenses and depreciation was pope yeatman consulting engineer gives the following report on ore reserves during the past year the ore reserves have been considerably increased but this has been principally due to the determination of greater depth of ore but of lower grade than the upper portion of the deposit and the development of ore on the hecla connecting the liberty and copper flat sections the copper flat and liberty areas were but slightly increased |