The Salt Lake tribune. [volume] (Salt Lake City, Utah) 1890-current, 1910-11-06

b''i'ieioS ''>-'.-'s..T S,l0S.lI
Surplus ............s l72,e5, 81.
Equal TO 44.75 per cent on ~
capital stock, as compared With IN
cent on same stock last year
President James Phillips, Jr,s N.
to the stockholders follows:
II IS with a lively sense OF enl<-
that | submit 10 you at this anrmI {
Ing tho report OF the consulting ~
II is impossible. I take II. 10 H.
the record OF successful accoupls2,
so amply yet conseryatiyely wl-
therein. without realizing thai IN d.
OF the Nevada Consolidated lbsa +
been no dlsappointments. that
promise of the management hs
kept, and that every engineering /,
ecy has been fulfilled.
During the fiscal year which ea5,l
tember 30. 1910, The company r,,i
62.772 ,342 pounds Of refined coppq.
net cost OF 6.i2 cents per pound +
cluding the funds set aside for b,
ments and depreciation. 7.05 es:1
accomplished this In the face Of az
OF exceptional severity, when mtrtf
eratious were at times seriously -
and considerable trouble was exps.s
In handling frozen ore from u {
What can be accomplished When n,/
ments and other conditions ara na7
pitious, may be gathered from ths 4
OF our operations in July when
pounds OF copper were produced d F
indicated net cost OF about G
pound.
In the matter OF ore reserves. ii 4
tion to the tonnage of payable n
been remarkable, amounting 10 q
crease for the year OF nearly 50 D<f
The exact figures Of the new tunn1
veloped are II 50o.55 tons. II NJ
mated that the completed plaa!
have an operative capacity OF abo4
tons OF ore day, BY improypat
the concentrators introduced thf
the capacity Of the smelter has ~
creased to 5000 tons, and duhfE
months. i, e.. from April to JUL
sive, the average daily tonDseo \
approxlmated that figure.
While the changes In the stata7
assets and liabilities for tho ~
through transactions with v@d
stockholders are generally famlhs
perhaps proper TO state that The %
In the property account repfes1
cost of the Cumberland Ely Cog7k
pany property: exclusive Of 10
ments and quick Assets, IGN
written off TO surplus TO cover
tracted to September 80, lslV,
crease in investments Represents
lowing stocks and bonds purhaea
time Of buying the Cumbenand 10
per company property,
Nevada Northern Railway oondas
Stock in Nevada Northern Fsl'
way .--,,..s..s.-s ..,,,.'. =
Stock in Steptoe Valley smelubS
e Mining company ,...''''"'
..X7
All the surplus earnings Of ths
Valley Smelling & Mining conyx
declared as dividends. 1utins -
you will note that the StepW,
set aside for depreciation ol pi
Its earnings. 1894. .62s, bnnghs w
clation reserve up to siss,ta.
been considered advisable 70 a.;
date OF the fiscal year from
80 10 December 81, as msi'es -
venicnce In accounting sho
During the current year ths w
compapy secured and now nou, ~ ~
trolling interest in the cep,sI. -.
your company. and henceiortn ~
relations OF the two compani1, ~
closer than they have been ~ ~ 4
In closing this report, osn"' ,sa
trnt tbe directors feel that M
Consolidated. with the Utah Coys
nanv has worked a revolution
production In America. These ~
panjes were pioneers In . nO,' u1 4
pai.e pan thn mining. smelling sno ,'
~ ~ 'S Sowersde copper deposits ns'I
81 ..t,.I,. u,ortcd because never
dnemed eouaS navsble. and their uuy
eren e,,enase ms served TO create . -
end vnry nrof,table industry ~, srss.
tiop OF the property and tss 1ss, tss
dcnosits warrant my beliei .,y, IAN d
nany win Weld highly sst's's''
for years 10 come Icing elr
Pope Yeatman. consu,,, ou 81
serves: ,he ore q
have been considelap,i J,p 10 "
this has been prlncipa'55s 55snth Of 81
of greater "Tpr Timer pef
Or lower grade than 'Ie ccInpmsst
the deposit and the de'.S ,Ss LlHu
On the Hecla connectips1 THE CoppI
Copper Flat sections, hut sllEf1
and Liberty areas "e'e
creased. ,o5 ard ~
The ore now deyeIopeI, FOLLOWS:
mated assay value IS do
;e.osN
I9Os estimate ....';...,r ;.,nr
Tons developed du''"e fLsp@ Z
year .,....'''-''
ds,e N.slsEs
Tons developed to oa'o s.lslN
n'''' " n.iaa
Balance ,,...-'-., NJ ~
Jnpsyable on account Tols
slopes .'.e'''''
,ro,oI ore reserves 10 m ssQk9