| OCR Text |
Show CUMBERLAND-ELY. We quote, in part, from the annual report of this company as follows: "Up to February 1. 1909, 198.611 dry tons of ore had been mined, of which 177,589 tons have been milled and show an avorage copper contents of 3.10 per cent. The production at the present time Is at tho rate or 1,200 tons a day The concentrator has now been In operation long enough tc demonstrate, beyond a question of doubt, the practicability ot concentrating Cumberland Ely ore successfully. suc-cessfully. The average extraction has boen 71.19 per cent, and during De-cembor De-cembor and January. 73 33 per cent and 76.13 per cent, respectively. Equal success has been attained in the smelting of the concentrates, and to February 1. 1909, 7.332,118 pounls ot copper have been produced The comparative statement of assets as-sets and liabilities of the company on November 30, shows that $1,190,521 has been expended during the year in development work of the mine, and this company's proportion of the cost of the construction of the Steptoe Valley Val-ley Smelting & Mining Company's plant." These figures are satisfactory as far as they go, but it would have been more satisfactory had something more definite been said as to the coat ot production. The company is now producing apparently ap-parently at the rate of n trifle under 17,000,000 pounds of copper annually. Assuming a cost of 9 cents a pound, and a profit of 4 cents, this would ro-sult ro-sult in a total annual profit of $672,-000. $672,-000. or about 50 cents a share. The company closed the year with metal on hand to net value of $353,-489. $353,-489. but with cash of only $37.Vdi. Against this, it had account payable of $250,488. |
