Show WALTER FITCH AND THE CHIEF george L walker a well known mining writer of boston in writing in an eastern exchange of the chief consolidated mine at eureka utah and walter fitch president and general manager of the chief consolidated mining company has the following to say the company actually earned 76 cents a share net for its stock in 1916 and closed the year with surplus of cash and its equivalent or 54 cents for each of the outstanding shares its income for the year was and its operating expenses including construction st resulting in a net profit of the company paid in dividends or 20 cents per share purchased the properties of four mining companies and other groups of claims adjoining its own grounds comprising altogether about acres paying for the whole and added to its previous treasury surplus the grounds purchased last year make the chief consolidated mining company the owner of an immense territory acres which constitutes approximately two thirds of the whole tintic gintic mining district on three sides its property is surrounded by producing mines which are estimated to have paid so far nearly in dividends not more than 10 or 15 per cent of the area owned by chief consolidated has been developed or even explored so far and yet from the companas comp anys own workings more than worth of ore has been sold up to the end of last year approximately half of which has been net profit since organization the company has paid in dividends invested more than in additions to to its mining property and put into equipment besides accumulating cash surplus the success of chief consolidated adds one more to the long list of mining successes achieved by walter fitch the president of the company mr fitch laid the foundation of some of biggest private fortunes by as in developing and managing for anally m years the champion iron mine in michi after that property was sold to the oliv oliver 0 iron company of the united states steel st corporation mr fitch became general mi m 11 ing superintendent of the united stat state es smelting smelling Sm elting refining mining company 4 few years later he returned to michigan t to direct the underground mining operations 01 calumet hecla and its subsidiary corn com banies after leaving the united states smelting Sm elting eltin company mr pitch fitch made a personal invest gation of the several more important mining districts in utah and was particularly impressed by the great unexplored portion of the tintic gintic silver gold lead area he finally left calumet hecla returned to utah and purchased control of the little chief mining company and after taking into partnership a number of his old friends among the mining men of michigan he went ahead persistently and systematically on a well laid plan to acquire the immense area now owned by chief consolidated his geological and engineering knowledge convinced him that a great mineralized zone extended through this ground for a distance of more than three miles and he has confirmed his advance judgment by developing so far three immense deposits of high grade ore in a relatively small section of the chief consolidated ground mr fitch determined at the outset to devote his entire time to chief consolidated he built a bungalow on the hillside above the city of eureka moved his family there and has made it his residence for several years past being on the ground almost constantly st mr fitch says that his sons all three of whom are mining engineers have been as large a factor in the success of chief consolidated soli dated as he has the work of acquiring property has been bee instead insa carried out with a business ability of raising huge amounts of new capital for this purpose one group of claims has bell been bought after another at advantageous prices and paid for out of earnings of the mine from the beginning of his undertaking the realized from froin only has haas been re stock to the pub sale of chief consolidated other or 0 lie tile the co company has no bonds mr that indebtedness and it is understood asso associates fitch his family and personal chief chie of cent hold approximately 60 per ds total outstanding capital capita the indication that ana there is now every to is de chief consolidated property silver er large develop into one of the very gold producing mines of the country |