| Show CHIEF consolidated management ISSUES THIRD QUARTERLY REPORT in the third quarterly report of the chief consolidated mining 6 company issued to shareholders in printed form about ten days ago 6 it was shown that ore production for the period was dry tons which yielded a profit after transportation sampling is melting and operation costs of present conditions and outlook for the future were discussed in the report and the management while detailing the necessity for again passing the dividend reported optimistically for the future of the enterprise eter prise the situation was outlined by president walter fitch and general manager cecil fitch president fitch said we are compelled again to omit the quarterly div ident formerly paid on november 1st ast because of the insufficiency fici ency of the earnings to permit of it A new discovery of ore wa was made in our old no I 1 mine and one small and rich shipment was made subsequently to ithe closing of the last quarterly accounts the work in connection with this new discovery has not so far developed any promise of a large ore body but some quite rich ore has been encountered and it is hoped as the develop development mentis is made that this may prove to be of importance and deduce the losses that have so far been for some time incurred at that mine the earnings from this breand ore and a num number berof of leasers leaders we hope will be sufficient to co cover the expenses now being incurred in the endeavor to restore that mine the mine which your company owns almost completely made quite fairly good profit during the quarter and in the event of our being able to free ourselves from loss in the work in our no 1 mine these earnings in a good measure will of themselves make possible the renewal ot our dividends so that we are quite hopeful that these can be renewed sometime during next year and we hope that they may occur at the beginning the development of the new eureka lily mine which your company controls is ds now running into profitable ore and will we firmly believe contribute liberally to our com banys income the usual semiannual semi annual payment of bond redemption and interest have been paid general manager cecil fitch states ithac our new volatilization mill is rapidly approaching a profit making condition and should from now on and in the future be a substantial contributor to the earnings the plant has gotten through with its construction costs and the work in the past few months has been given to the making of metallurgical adjustments to give more perfect results these with the delays that have occurred in making them have been the means of using up profits already made in iri the periods when it was lin operation |
