Show diets clief s record for last three months 0 off officers acers of company submit re ports showing ore prodoc tion earnings development work and other information net profits of the chief consola dated mining company alter after all charges for the second quarter of 1922 aggregated 91 67 aa as com compared pared with 90 06 tor for the first quarter of the year ore values according to the report which la to being mailed to stockholders maintained their high average A total ot of 1222 ounces of gold 1 ounces of silver 6 I 1 pounds of lead 17 pounds of copper was produced assay I 1 values of the ore per ton were gold of an ounce silver 37 23 ounces lead 15 1 35 per cent copper 1 26 per cent average gross values per ton on all ores was 48 03 smelting smelling sm elting freight and sampling per ton 18 85 average net value of ore per ton 29 18 total production was 32 tons to meet the imperative need of keeping development work up with production there will be a still further increase in the amount of work done A total of 13 feet of development was accomplished 8 5 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 corn com plex this work it Is said by mana mans ger cecil fitch will be continued perseveringly until ore in quantity Is discovered A moderate amount of work is being done in the apex standard enough promising features are be ing encountered in exploration of the water lily section of 0 the corn com pany s territory to justify the expense of carrying on this exploration says mr fitch general manager fitch s report Is in part as follows the number ot of producing points throughout the mine together with the quality of ore have been fully maintained the freight and treat ment were also the same as in the previous quarter A reduction of the freight rates did not become ef of until t the h e beginning of 11 the current quarter there was a blight slight I 1 improvement in p r movement in the price of lead th this is however Is about on a par with the cost of production there was vias a large increase la in the production of this metal and ol 01 silver over the previous quarter duo due to the added tonnage which it will be noted was again increased over the previous quarter at the grand central mine the development work is being increased as rapidly as possible and the inseal lation of equipment necessary tor for its reopening is progressing satisfactory ly IY the hope and possibility ot of again making a productive mine out of this property depends on the will dingness of your company to apply to it the same largo large expenditures tor for development work which have bave produced such successful results in the chief to meet these charges there has been set up a reserve fund of president walter fitch ritch sr brief ly commends on the excellent condl tion of the company and the slight improvement in the earnings the reduction iri id freight rates on tintic ores is bound to have an extremely stimulating effect on tho the mineral la in austry mr fitch says the balance sheet of the company for the quarter ending june 30 ie Is as follows assets property 2 43 mine investments 08 current assets 96 liberty bond investments 24 cash 54 total 4 26 liabilities consist of capital stock gross receipts from oro ore sales amounting to 1 1730 46 45 this sum less operating costs tax reserves development of subsidiary sub property but exclusive of depletion a total of 1 72 makes total net earnings for the year of 76 75 which was increased to 72 by interest after payment of dividends 52 is left which with the surplus from january 1 1922 brings the total profit up to 2 46 45 with current liabilities of 79 and reserve accounts of 01 the liabilities of tha the company aggregate 26 25 |