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Show J CHIEF CI SENDS OUT lit REPORT Shows Ore Shipments of 39,629 Tens; Net Return of $290,907. Showing totai ore shipments of 30.629 tons which after the payment of railroad ami smelting charges yielded a net return re-turn of $-90,907. Cii:, the annual report of tlio Chief Consolidated 'Mining company r,as been issued. It is beins mailed to t stockholders. It shows the average gross ! value- of the ore was 14.71, that the smelting and railroad charges were $6.77, and that the average net value was $7.49. The net profit to the companv after the payment of all charges was $76,322.43. At their meeting in Houghton, Mich., ; the directors decided to pass the regular semi-annual dividend. Manager Walter , Fitch says: "The expert geological investigation of the company's mine and min- ing lands has been continued through-f through-f out the year and has resulted in a clearer I comprehension of the complexities which I exist as a consequence of the numerous faults crossing the section. "The development work of the past year has added a number of new stones, some - of these have very good promise. The capacity for production has been increased. in-creased. "A few months since ore was discovered fn a neighboring mine, owned by the May Day Mining company, making into a pan of three claims, owned by your company, situated about a mile from your mine. A short time lease was given to the May Day company and some of the ore mined through that company's workings. This ore was of excellent grade and vielded good profit, but on account of the lowering lower-ing of the prices of the metals Its mining has been for the time discontinued. "A two years option of purchaso has hen taken on the Scotia mine, in the West Tintic mining district, about twenty miles from Eureka, owned bv the Boston-Tintic Boston-Tintic Mining company. This mine has been worked in a small way for many years and has produced a small tonnage of good ore and at one time had a stope of high-grade ore. We have hopes by doing proper development work to prove np enough ore to justify its purchase pur-chase by your company. Work" was commenced com-menced there in December, power equipment equip-ment Installed and sinking started in two places on fairly promising leads of ore. "Had it not been for the loss of market, for a time, and the very great drop in the price of one of the metals, rendering it necessary to slacken production of the ores, the-past year .would have shown the largest product yetmade and would have resulted in a considerable addition to the cash reserve after the pavment of the usual dividends. "The drop in the price of silver, since the breaking out of the war, from 59 cents, received for the company's products prod-ucts in 1913, to 49 cents at the time of this report, and the lowering of the price of lead, one-half cent per pound, effects a loss of earnings to this mine, based on a normal product of $130,000 for the year Vve look for a reaction in these prices, but can form no opinion as to when this may be expected. "'This condition is extremely unfortunate and has led your directors to omit the payment of the dividend, which under or dinary conditions, would have been paid in February, in order that the company's working capital and reserve may not b6 I further impaired. "Aside from this qualifying condition, which is presumed to be temporary it ia safe to say that the company's business' has been improved and broadened by the i developments of the past year and the results gamed during the six years of its ! existence and its present status justify- , the eftorts that have been made to establish estab-lish It. I |