Show FIRST NATIONAL MAYI MAY I EARN A SHARE Cant Can't Produce Copper Cappel at Less Cost Than 1 10 0 1 2 1 2 Cents Says Expert Expert Tho Tile First National Copper company has ha Issued its is first annual report report coy cov- co cring the year ending December 31 1 1908 The Tho report states that tho the entire capital stock of ot tho the Consolidated Consolidated Con Con- Copper company compan is 15 now owned by First National The Tho former has ban ha 7 OOOO of ot first mortgage bonds outstanding and owes in a addition dlton 72 in current accounts accounts Against th this s sIt 03 It has accounts and bills bila receivable amounting to and in cash During the year under review the tho smelter was WI operated only 62 52 days In which time It treated 16 60 tons of or ore tons of Trinity ores and 1697 tons of or other custom ores The Tho exact amount of or copper produced is Js not stated as the company had hal accumulated accumulated ac- ac cumulated tons of ot low grade matte which had not been converted According to tho the statement of ot tho the management mining costs cost will wil average about bout 2 a a ton smelting a ton ramming 15 16 cents cent a ton and convertIng convertIng convert- convert Ing ng about three quarters of oC a cent a Q pound of or copper Add dd to this the ex ex- pense ense of shipping the bullion bulion to the seaboard converting it S. S selling soling tho the copper opper and other othor eastern expenses which will wIl probably amount to 13 12 1 cents cent a pound and it does not seem eem possible that hat First National will wi be able to produce reduce copper from oro ore yielding 48 4 pounds of or copper and 75 cents In gold and nd silver siver to the tho ton at a lower cost than han 10 lOt cents a pound even after oter ItIs it itIs ita Is a operating operatinG Its smelter to full tul capacity and nd treating 1 1200 to 1 1250 tons of ot ore oreally daf daily ally says cays the boston Boston Commercial Figured Fig Fig- Fg red on this basis therefore First National could could earn arn about 75 cents per share hare on Us Its Is stock with wih copper selling at t 1 cents provided it I were prepared prepare to o run Its smelter to Its Us full ful capacity on n Its Is own ores |