The Salt Lake tribune. [volume] (Salt Lake City, Utah) 1890-current, 1909-07-06
POLICY CHANGED BY
THE G0LDF|ELD CON.
But Present Rate Dividends
Will Not Be Affected, Says
the Secretary.
Special TO The Tribune.

Special TO The Tribune.
GOLDFIELD. July S.-By an official
statement issued last night by Mr.. A,
II. Howe. secretary and treasurer OF the
Cioldfield Consolidated Mines company, the
estimated June production is as follows:
Tons produced, 1910; estimated net val
ues recovered, 1000; estimated total
cost OF production. S15O, 900: estimated net
profit. s39T. 900. The relatively small ton
mage was caused by shortage OF power
lasting for five days. due TO the recent
wash out at the power company's plant
which Is now repaired. Mr.. Howe. Tor
the first time, went into detail regarding
the production policy OF the big concern.
He said:
ION June I, in pursuance OF an action
taken at its last directors meeting, the
Goldneld Consolidated Mines company In
augurated mining policy calculated to
greatly lessen its monthly net earnings
not however: to the point of detrlment
The policy simply contemplates the min
ing of ore OF the lowest profitable grade
concurrently with the mining of high and
medium grade ores thus Immediately
availng itself OF the low grade values In
preference to leaving them in the ground
for future production. All ore found In
our slopes having value sufficient to
afford profit in treatment will henceforth
be stopped at the same time the higher
grade ores are taken out, irrespective OF
the relation such values may have TO any
fixed or arbitrary basis OF earnings. While
this policy results In a considerable re-
duction In the value of the ore milled and
consequent lesseninE OF monthly reve-
nue., it follows that It's effect will be TO
save TO stockholders values which would
either be lost or which would later In
volve n repetition OF mining expense to
produce. 1t is deemed wise TO accomplish
the production OF this ore under an orig
pense That this policy will materially
enlarge the productive capacity of the
property and greatly lengthen its life,
must be apparent to the most ca. casual I6,a OBJ
II they watch our figures from month to
month. will readily discover that a con-
tinuous production such as we announce
for June will serve TO pay the companys
maintain dividends al the established rate
OF 80 cents per share quarterly; and we
believe for n longer time than by leaving
the low grade ore FOR future production
Diamondfeld district. couple OF miles
north and east of town Is again to the
front stronger than ever. Yesterday ore
was encountered on the ground of the
Goldfield Belmont. northeast OF the main
workings OF the Daisy. The values are
said TO be around 500 In gold 10 the ton.
The strike is believed to have been made
on what Is known as the Graham vein.
which transverses that section from north
east TO southwest. and the same ledge
where the Daisy got the goods. The Bel
mont Is owned by practically the same
Pittsburg capitalists who control the Bel
mont at Tonopah
The values on the Morrison. at Dia-
mondfieId secured only n few days ago,
are said TO be holding out splendidly and
the Morrison Will probably be in the ship
ping class before the end OF this week.
All OF Diamondheld Is excited over the
recent strikes and easers are working
harder than ever, The rich orc found
on the Golden Daisy has done not 1T
tie to spruce matters up in that district.
The Nancy Donaldson, near Diamondneld,
is down SO feet and the shaft will be
dropped rapidly TO the 300 level, whore
work will commence on a likely looking
ledge.