Show achl chief ef con earn earnings in 9 s reduced chief consolidated mining t company operating the biggest ore shipper in the tin tic district only earned a net profit of 18 from its operation during the second quarter of 1920 ending june 30 according to the companas comp anys quarterly report although the earnings were insufficient to meet the regular dividend for the quarter the directors made the disbursement because of the companas comp anys strong condition the dividend which was 10 cents per share totaled 88 and was paid on august 2 A 29 cent drop in the price of silver continued high operating costs and high freight and treatment costs are assigned as the reason for the decline in the companas comp anys net profit according to the report of manager cecil fitch development work done was in excess of that performed during the previous quarter As this work was well advanced the company has now reduced it approximately one half cutting down this development work permits the hoisting of a greater tonnage of ore this increased production coupled with the reduced expenditure produced the desired earnings according to the belief of officials in the sinking of no 2 shaft lime beds have not yet been reached consequently the progress is still slow the same difficult conditions affect this work as before in the property a drift on the 1750 level is prospecting with encouraging results one of the favorable limestone beds according to mr air fitch the no 2 shaft says president walter fitch seniors report is a great burden as to cost but it is hoped that this work will be completed within the year and thus the current charges will substantially be reduced on july 30 the shaft had to feet to go to reach its objective the permanent water level the completion of this work without delay is thought by the company to be extremely desirable development extensive during the second quarter there was paid out for additional mineral lands approximately this payment covering several small additions considered important and necessary to buy to protect the company in its future operations for the second quarter of the year the following development was done chief consolidated mine drifts feet raise 2177 feet dinzes feet no 2 shaft 2048 feet mining alining company drifts feet and dinzes 2425 feet total for all development work drifts feet raises 2177 feet dinzes feet no 2 shaft 2048 feet total footage feet the total shipments of ore were 20 tons dry yielding after smelting smelling sm elting transportation and shipping charges the assay values of the ore shipped was as follows gold of an ounce per ton silver ounces per ton lead in lead ores per cent copper on copper ores 1284 per cent zinc on zinc ores 2429 per cent zinc on zinc lead ores 1677 per cent and lead on z zinc n lead cic 0 orea e 1314 per cent the average gross value per ton of all ores was smelting smelling Sm elting freight and sampling cost per ton was 1812 and average net value of cre ce per ton 2032 net profit after payment of all charges was average new york prices which were used as a basis of smelter settlements during the quarter wee gold 2067 per ounce silver per ounce lead per pound and copper operations described A general description of the operations for the quarter as given by J fred johnson superintendent is as follows development work was performed in the first zone on all levels from the to 1900 levels and in the second zone on the 1600 1800 and 1900 levels nothing new was developed in the third zone ore was produced from all the ore channels and from all levels on the second ore channel leasers leaders have developed some new ore of good value on june 30 no 2 shaft was down 1395 feet and concreted to 1377 feet in the plu property drifting is being pursued says the report on the 1750 level to cut the fault which is now about feet from the face of the drift assets of the company are given as follows alining mining claims machinery and equipment mine investments current assets liberty bond investments cash total |