| Show CHIEF CON RAISES DIVIDEND RATE AND MAILS OUT REPORT WITH CHECKS following b ei eighteen b lateen months of retrenchment in the matter of dividend disbursements the chief consolidated advanced the rate from five to ten cents a share when checks were mailed out for the second quarterly disbursement on the first of the month accod accompany p any the checks was a comprehensive report of operations for the quarter and a financial statement which had a tendency to b gladden the hearts of stockholders after deducting deduction 11 all char charges b ff es for the quarter net profits were shown to be as compared with for the first quarter of the year the metal recovery from them the ores handled during the quarter showed a total of 1222 ounces of gold ounces of silver pounds of lead and pounds of copper was produced assay values of the ore per ton toil were gold of an ounce silver ounces lead 1595 per cent copper per cent average gross values per ton toil of all ores was smelling smelting sm sni elting frei freight 9 lit and sampling b per ton toil 1885 average net value of ore per ton toil 2918 total production was tons toils to meet the imperative need of keeping development work up tip with production there was a still further increase in the amount of work done A total of feet of development was accomplished feet of drifting feet of raising and feet of sinking marked progress has been made in the study of the geology of the region contiguous to no 2 shaft where the formation is very coni complex plex this work it is said by general manager cecil fitch will be continued perseveringly until ore in quantity is discovered mine conditions are assuring A moderate amount of work is being done in the apex standard enough promising features are being encountered in exploration of the water lily section of the companas comp anys territory to justify the expense of carrying on this exploration says mr fitch general manager fitcha report is in part as follows the number of producing points throughout the mine together with the quality of ore have been fully maintained the freight and treatment were also the same as in the previous quarter A reduction of the freight rates did not become effective until the beginning of the current quarter there was a slight improvement in the price of lead this however is about on a par with the cost of production at the grand central mine the development work is being increased as rapidly as possible and the installation of equipment equip mert necessary for its reopening is is progressing satisfactorily the hope and possibility of again aan making a productive mine out of this property depends on the willingness 6 of your company to apply to it the same large expenditures for development work which have haire produced such successful results in the chief to meet these charges there has been set up tip a reserve fund of finances in splendid shape president walter fitch sr briefly comments on the excellent condition of the company and the slight improvement in the earnings the reduction in freight rates on tintic gintic ores is bound to have an extremely stimulating effect on oil the mineral industry mr fitch says the balance sheet of the company for the quarter end ing june 30 is as follows assets property mine investments current assets liberty bond in 1 vestments cash total liabilities consist of capital stock gross receipts from ore sales amounted to this sum less operating costs tax reserves development of subsidiary property but exclusive of depletion a total of 1348 makes total net earnings for the year of which was increased to by interest after payment of dividends 52 is left which with the surplus from january 1 1922 brings b the total profit up tip to with current liabilities of and reserve accounts of the liabilities of the company aggregate |
