The Salt Lake herald-Republican. [volume] (Salt Lake City, Utah) 1909-1918, 1909-11-10
NEVADA CON. CAN
SUPPLY SHELTER
Economy of One AdminlStra-
ton Feature Which Led
to Big Merger.

The consideration OF greatest NtisHt
perhaps. which led 70 the absorbing OF
Cumberland Ely by Nevada Console
dated was the demonstration, following
the temporary closing down Of Cumber-
land Ely. that the Nevada Consolidated
steam shovel workings could easily sup
ply the tonnage of ore required to feed
the Steptoe smelter and concentration at
full capacity; and that reserves are be
ing developed so rapidly that the situa-
ton in this regard viii not be changed
even after the contemplated enlarge
ment of smelling facilities shall have
been accomplished.
Other important reasons presented by
President James Phillips, jr-, in his
annual report are the advantages to be
gained by complete control and owner
Ship of the Nevada Northern railroad
and the probable reduction of operating
expenses which would result from per
feet unity of administration.
Noting that the ore reserves in Ne
vada Consolidated ground were in
creased during the year from 2O,0OO,OOO
tons to 29,O0O,O 600 tons, nearly 80 per cent,
Mr.. Phillips says:
Development is Remarkable.
I'm this connection it should be borne
in mind, too. that a comparatively small
area of your entire property has been
prospected. The extraordinary ore-body
aggregating 100000 tons of copper
tenor Of about 215 per cent blocked out
on a single claim-the Ruth-is espe-
cIally worthy of attention, for such a
reserve of ore constitutes in Itself a
great mine, though it may be years be-
fore we move a single ton from 1t. From
the history Of the past year, combined
Of
now in progress, we are confident that
the coming year will disclose a very
large increase in ore reserves, and, in
fact it is reasonable to believe that, for
many years to come, very material ad-
ditions will be made each succeeding
year to this proven area.
'sThe average percentage of extraction
Of copper and the precious metals in
your concentration and smelter is gradu-
ally improving. and the installation of
new reVerberators and converters has
secured increased economy in the cost
of production, while the completion of
our new construction in January will
effect a further material saving of eX-
pense.
with respect TO the net surplus for
the fiscal year, it is proper TO advise
that only during the last three months
of that period did the product attain a
total in excess Of 100000 pounds per
month. During the last quarter the
production was 14265.7SS pounds. While
the operations of the last quarter were
still less than normal, the earnings were
on a basis of considerably over $S,OO0,O0O
per annum.
Production Is Increased.
During the fiscal year which ended
Sept. so, your company produced
34,527S23 pounds of refined copper For
the month of October, 1909, the actual
shipments of copper have exceeded
100000 pounds, and by January, 1910
there is every reason to expect that the
monthly production of blister copper
will reach 100000 pounds. Never be-
fore in the history of copper production
in America have such results been OBJ
tanned in the same space of time, and
when it is borne in mind that only two
years ago We were just emerging from
the prospect stare of our development. !
feel that there is every reason for graft
ficatiOn.
"The inclusive cost Of all the copper
produced and marketed by your COM
pany during the fiscal year was less
than ~ cents per pound.
THE profits during the fiscal year
have fully justified your board of d.
dividend at the rate of BIZ cents e
share, involving a disbursement Of
ST50, 000 This dividend is payable OF
Dec 81, 1903. The early action with re-
gard to the dividend was taken with {
view to afford the bondholders the full
est opportunity to convert their bond:
into stock and participate in the divi
dend distribution"
Results for Year.
The results for the year were as fol
lows:
Tons Of ore treated dry. 1,Os5, SS
Average copper assay. 2.S4 per cen
Percentage of extraction
copper :. .................7O.7 70 per cen
Ratio of concentration. 1904 to
Assay value in gold. .019 ozs
Assay value in silver. .072 ozs
Percentage of extraction
gold ..................55 20 per cen
Percentage of extraction
silver e. ..................5S Sc. 81 per cen
Average gold and silver re-
covered per ton of ore in
cents q. ....s-...-....... 2S.l
Average copper in concen-
trates o. .16. 60 per cen
Ores and Bullion.
8 Smelter settlements yesterday, (
o reported by Mccormick & Co: {
g Ores. $4,000: bullion. $4,000. {