Show M mining nl ng company report v A P ur S CHIEF CONS QUARTERLY stockholders of the chief consolidated mining company with holdings in the tintic gintic district utah are in receipt from president walter fitch of a report covering the period from july ast 1st to september the third q quarter of 1917 it shows tons dry mined yielding after smelting smelling sm elting transportation and sampling charges deducted a total of the net profits after paying all charges was for the three months the report shows cash on hand the total development work was feet this is inclusive of feet at pinyon peak and feet in the the metal contents of the ore mined was as follows gold 2458 ounces silver ounces lead pounds and zinc pounds assay values of the ore were of an ounce gold to the ton 2928 ounces silver 1086 per cent lead in lead ores and per cent zinc in zinc ores the average gross value was a ton the smelting smelling sm elting freight and sampling cost was 1425 a ton leaving an average net of a ton the dry tons mined are classified as lead other ore and tons zinc ore a total of treasurers Treasur ers report receipts and expenditures are as follows RECEIPTS 1 july 1 1917 cash on hand ore sales three months accounts receivable due from smelters shelters sm elters total 58 disbursements operating costs three months excess profits tax three months machinery and equipment mining claims supplies houghton expense august ath dividend due for labor accounts payable october 1st ast balance on hand total presidents observations president fitch says in his summary of conditions the operation of the mine was limited as in the previous quarter by the inability of the smelters shelters sm elters to take but a part of the possible product the outlook for increased shipments is not promising and not even as good as formerly there acears to be no immediate relief of this conditions in sight our greatest hope is the development of some economical plan of treatment other than by direct smelting smelling sm elting the experimental work in this line is being followed up and the unit referred to in the last report will soon be in operation and it is hoped that results may be favorable enough to admit of its fuir further ther extension it has been necessary to set aside each month a large amount as additional reserve for taxes in anticipation of the federal excess profit tax which it is expected will be particularly heavy for our company these charges higher wages and increased cost of supplies have made the cost of operating considerably higher much new ore and some of very excellent quality has been opened up and at this time the mine is in better shape than at any previous period NEVADA CON QUARTERLY the report of the nevada consolidated copper company a majority of whose stock is owned by the utah copper company shows for the quarter ended september a deficit of against a surplus of 1 for the second quarter of the year and a surplus of for the first quarter net earnings of compared with for the second quarter and for the first quarter dividends amounted to and was deducted for depreciation etc earnings are based on 2076 cents for copper for the quarter earnings for the first nine months are based on cents for copper and show available for dividends as compiled from the companas comp anys quarterly reports as compared with for the same period of 1916 this sum is equivalent to a share earned on capital stock 5 par value against a share last year during the third quarter production of copper amounted to pounds as compared with pounds for the preceding quarter the report states that dry tons of nevada consolidated ore averaging per cent copper were milled as compared with dry tons averaging per cent copper for previous quarters of tonnage milled 78 per cent was supplied from pits and 22 per v cent fr f underground workings for ruth mine i addition dry tons of consolidated CO C per peri mines nines ore were milled cost of copper produced including ste sp toe plant depreciation and all charges e capt ore extinguishment and after r cred credi miscellaneous earnings was 1178 cents pound compared with 1102 cents a pound e for previous quarter excluding the itera item 0 a depreciation cost was 1093 cents co cos pared with 1019 for the previous quarter 1 unsold copper on hand and in tran trails is carried in the inventory at 1312 13 cents pound this is the first quarter sin sim r march 1916 that the company has had co per available for delivery dud and unsold T th accumulation of unsold copper is cespon ible for the low average carrying price f fi the quarter and taken together with i creased operating expenses accounts fi the decreased earnings shown r CHINO COPPER QUARTERLY the chino copper company another d the jackling shows in its r port for the third quarter total profits 0 equal to a share on capital stock 5 par value brings the total for the nine months up t equal to a share against 1082 a share for the corresponding peri 7 of 1916 the income account shows total profi pro for the quarter of as agal agair for the quarter ended june 30 dividends for the third quarter amount to and for the second quarter showing a deficit for the third qui qua ter of as against a surplus of 1 for the preceding quarter earnings for the quarter are based 1714 cents a pound for copper as again 2786 cents for the bekind quarter production of copper in concentrate concen trat from milling open Jons was pounds compared v v th pounds ands the second quarter nj pounds pounds the first quarter 0 3 treated totaled 9 6 tons an avera average z of tons dail N fi this was 1087 tor tol a day more than the second quarter arid and established a quarter for tons of oe o e treated in the in since operations started the r report e port adds earnings for the quarter under discuss dis cussi I 1 basis of 1714 cents cen fa are computed on tho copper as against cents for t the h e sec and an quarter unsold copper on hand at 13 transit is carried in our inventory cents per pound this is the first quart qu for over a year in which there has been bee an of 0 co substantial increase in the quantity per available for delivery and unsold |