The White Pine news. [volume] (Ely, Nev.) 1906-1910, 1909-11-10
HEAD Of NEVADA CON.
so STATES IN REPORT
Copper Costs for Whole Period Of Their Operation
Under II Cents --Gold and Silver Near Pay the
Steam Shovel Costs; Annual Reports Nevada Con

President James Phillips, Jr., in
his report to the stockholders sub
mitted at the recent meeting, had
the following to say: During the
past year your property has emerged
from the era of promise into the era
of fulfillment. During the fiscal year
which ended September 30th, your
company produced 34,527,S2S lbs. OF
refined copper. For the month OF
October, 1909, the actual shipments
of copper have exceeded 100000
lbs. and by January, 1910 there is
every reason to expect that the
monthly production Of blister cop
per will reach 100000 lbs.
Never before in the history of cop
per production in America have sucn
results been obtained in the same
space of time, and when it is borne
in mind that only two years ago we
We're just emerging from the pros
pect stage of development, / feel that
there is every reason for qualification
For the details of the technical
operation of your mines and smelter
l would refer you to the very full
ana 1ntructive report of Mr.. Pope
featman, your consulting engineer
and would direct your attention ther
In especially to his estimate of the
average cost of mining and treating
the ores, believing that in this re
gard the production of copper at EIy
cost less per pound than in the large
majority of American copper cen
ters. The inclusive cost of all the
copper produced and marketed b,
your company during the fiscal veal
was less tnan 7 1s cents per pound
The profits during the fiscal yea,
nave fully justified your board of df
rectors in declaring an initial
quarterly dividend at the rate OF
81 cents per share, involving &
disbursement of $750,O0O. This
dividend is payable on December 81.
1909. The early action with regard
to the dividend was taken with
view to afford the bondholders the
fullest opportunity to convert thefl
bonds into stock and participate In
the dividend distribution.
In discussing the proposed pur-
chase of Cumberland Ely President
Phillips says: Briefly, the adyan-
tages which appealed most strongly
to your board of directors and the
largest stockholders were: (I) Thai
tne purchase secured to Nevada Con
solidated the absolute individual
ownership of the Steptoe Smelter. the
worth of which has now been ampl,
proven, mad makes it possible to con
tinue treating the full amount of g.
600 tons of ore daily instead of A.
600 tons; CD That the control and
practical ownership of the Nevada
Northern railway is thereby also
secured to your company; and (3)
that a perfect unity of adminsistra
ton, with conseqent probable re-
duction in operation expenses. is
assured. Since the temporary cess
alton of mining operations on the
part of Cumberland Ely, your gen
eral manager has found not the
slightest difficulty in keeping the en-
tire Steptoe plant, including those
units which were used by the Cum
berland Ely, In full operation on Ne
vada Consolidated ores. In this con-
nectfon the extraordinary develop
ment during the past year in the
total of Nevada Consolidated's proven
ore reserves had great weight. These
reserves have grown nearly SO per
cent since your last annual meeting.
At that time your consulting engineer
stated the reserves at 20,0OO,0OO
tons, which total the development
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