Show VS r r 1 I v SW T 1 News From All gi ri g fN y gm WItti me Latest 7 11 MINI I 1 I iJ IiI I the Camps aad ST I III 14 Prices Flashed FIshed MARK I I I Li j J Quotation on LL LI From LL ECCLES TELiS THE O OF NEVADA NYADA i cowIN HIS REPORT f i kv V. V Eccles vice Ice president of oZ the Ne- Ne vada Consolidated Mining Company has just made a. a report on the operations at Ihla thitu great copper estate for tor tho first quarter o ot the current year eAr Tho production pro pro- during this period was as Os fol- fol i January pounds February pounds March pounds J Total pounds The report sa says s Under the tho agreement with the Cur Cum Cumberland berland Ely Copper th tho depreciation depre depre- n charge charge on ort the tho plant parit bc- bc torn t increased utter after Ji January bry 1 1 1910 from 3 per cent to 7 per cent resulting lh t an Increased of for tho quarter or a total of The und of copper pro pro- duc d. d If ft based on previous depreciation rate have been cen cents but I In Including eluding this increased depreciation chare the thc cost cost per pound of copper for the quarter is 7 79 cents after crediting the tho 10 V of copper with the te Income from the tho veda Northern railway Steptoe Valley and Mining company and Cumberland Cum Cum- berland Ely Copper company invest lents ments As the Nevada Consolidated owns all b but L cent of the capital stock sock of tho Cumberland Ely Copper th the reserve depreciation fund thus created Inures to tho benefit t tf the Nevada evada Consolidated Productions Somewhat Lighter f The production for the quarter fell below normal owing to the adverse weather conditions which continued con con- during the entire mon month of San Jan January uary and parly arly portion Of February This net interfered with tonnage but the tho were also affected The grade of ore ere treated average 1 99 per percent cent versus cent for the quarter ending December Decem ber 31 31 1909 and ond 34 per cent for the fiscal year ending September 30 19 During the past six abc months the a. grade grad l f ore has been lower than heretofore due lue to the thi following causes WIn In accordance with the original plant plans J It has been n to enlarge the pit for or Increased production and In this thie operation more or less low grade ore has een b-een encountered The grade was as somewhat affected due clue the Intrusion of overburden f f Owing to the necessity fOt Iron at the preference ha lieS been given to that portion of the pit having large Iron Contents which lower in lb S This latter difficulty will be gradually overcome with th the the- en en- en of the pit which Is uj- uj ins rapidly Your directors therefore consider the results for foi the quarter very gratifying Tho report then states tates that the Is operating an and Improvements Increasing the ca capacity ca- ca are rushed which will In Involve In- In volve b t Knall expense At the date of the report all th the bonds of the company had ben ber converted Into stock bonds tn the amount of and these were called for redemption April 1 1910 M tt There also aso ha been surrendered In for for Nevada Consolidated stock Block shares of Cumberland Ely out of A total of 1300 shares In January the lbs by which had ac accumulated ac- ac cumulated from rom the date of or starting the plant tant end and carried In ii stocks at estimated weight and content were worked up andra- andra of 4 In values developed and the board has deemed it lt the best beat policy to write off this shortage th the balance In profit and nd ios account i Th The following Is the tho financial statement state state- ment Profit and Loss LOBS for Quarter Earning of mine Earning from Investments and miscellaneous Total t earnings Dividend No 2 30 Net surplus for lees depreciation plant 34 4 ct charge tharo to prof- prof lt and loss tL Property and development 59 I Investments and ti cK Materials and supplies supplies- Accounts counts collectible T 2 Metals on and hi Iran Iran- i It lIiS gh f. f r j 43 07 i g Liabilities Capital stock Bonds outstanding Accounts payable 58 Unpaid treatment on metai metas Surplus Profit and t loss ss J |