Show AS LARGE TONNAGE OF W NE-W fORE EXPOSED The directors directors' mooting meeting which was scheduled to take taka place in NewYork Now New York several several weeks ago ogo has been a longer drawn out affair than was promised Gen General n- n eral oral Man Manager g r Gray who left lert Ely Iy In time Ume timeto to attend the eastern meeting promised to return after ater only onh a B fow few hours hours' conference confer confer- enc ence in lii the cast eat cast but he be has his not yet ye-t re returned ro- ro turn turned to Nevadas Nevada's greatest copper camp and there 1 is Js nothing nothinG to indicate Just how howlong howlong howlong long his business will wi detain him hm In the tho east Until he returns to to Ely Ey no announcement an an- regarding tho comp company ny plans for th tho erection of eta oCa a mill ml plant plant will wi be bean bean- n- n While in the east Manager Gm Gray has hu given out Olt very vcr encouraging reports relative relative rela rela- Ia- Ia tive tho to tho the conditions of or the immense es- es tato of the company lb Ho has laid special stress stress' on tho the excellent results obtained in the original Groux holdings including new work at the Morris Morrs and Bunker Hill IJ properties where tho the Principal pal ore oro extraction has hoa ha been een going on The Tho find made In In tho the properties by bY tho the Nevada Novada Consolidated steam stem shovels Is Js promising in ln that it makes makos it certain certin that at at- at least some of the ore can be mined wih with shovels from tho the surface surface Ono One of or tho the directors director of tho the Copper Copper- mines mine Erastus T. T ToUt Tefft is 18 quoted as sayIng say cay So- So Ing In that the tho turning turing point pint in the affairs of tho the company for the thc better beter has been reached reche Ho stated further that since July 1 of or this year Mr the tho developed ore has hae been ben increased ed by tons and that re reports reports re- re ports of further increased Increase tonnage ma may be b 1 looked for or He lie states there thero is 18 an nn Increase In- In crease in lit earnings from shipments and that all al the financial requirements of the company for for a considerable time have been arranged for so 80 that thit no publia of offering offering or- or fering of the tho 7 per cent convertible bonds will vIll bo be wJ necessary I The developed ore of or the Giroux company company com coin pany was wat last reported in the statement for December 31 31 1911 when President In his annual report gave the total of or developed ore as tons that will wi average 2 per cent and tons that tha t will oJ a average vergo per cent An addition additon addi addi- tion ton of ot tons to the known ore oro reserves reserves' means mens a considerable addition additon to the amount of af dividends which the tho shareholders shareholders share share- holders will wi a receive vc In regard to the tho coat of ot producing copper cop cop- per Mr lr Cle Cole in the report referred to stated the directors director expected to produce the metal at a cost coat cost of 9 cents cent a pound and and that was based on production from underground workings b by a caving system stem With lh the ore oro being mined d with wih steam shovels the c cost st of copper ought to be a great gret deal less les so 10 it is no wonder onder that recent earnings have been greater ter I |