TAXABLE EARNINGS OF PORPHYRIES ARE VERYSMALL Review of Operations Last Year Shows Companies Dipping Into Surplus In a review of tha reports of the totalled Jarkling porphyrt previously pubilehfd in 1 Tha Telegram, ths It oat on News Ilureau aays that three of ths porphyries Utah, Ray and Nevada Consolidated having is-nued is-nued lhlr reports for tha last quarter of It.'t. It Is poaalbls la gat an npproslma-lion npproslma-lion of the year's reaults. In none of their reports laat year waa mention made nf anv rearrea for federal taxes, and In all truth, this item evidently will not csuss of-flrlall of-flrlall muh worry, as taxable earnings on the !; biutlneao were of very am a 11 pro- po-tltm-'j Only the very strong cash poaltlon of 1'iah t'pir company haa enabled tt to maintain It dividend of 14 per share on the 1. tt. OS all area owiatandtng. The company produced 104.IK.9il pounds of copper laat year, juat la per cent of capacity. ca-pacity. Ita cost averaged UH cents per pound, sgsinat no average satea price for Its copper of 11 . centa (the company combining Ha actual seJee figurs wliu Ita unaold copper. Inventorying the latter at II eenta per pound). Net earnings were equivalent to J.et p?r share, which, sfter tha fa dlvid-nd. left n deficit o I4.7SS.441, , nea'nat M deficit In th year previous of , S1.44 (4 In short. Utah tn two years I haa dipped JniO surplus totka ,IIH mt mmmt- f$i:00.(f to pay dividends. Ray Consolidated earned 41 cents per I share on Its 1.I77,(S ah area and paid dlvl- ; den da of fl Per share, showing a deficit of Mf&.t. The compsny produced 4l.US.Sl poumla of copper al a coat ol 114 cenu par pound. Kevads Conanlldsted was tho only tn nf the tr-l to tipetala at an actual loan, This loan amounted to $7f.0, the average sell Ing price tor copper showing 17.14 cents per pound snd Coat 1 7 . S cent a. Nevada Con-oflldatd'a Con-oflldatd'a deflrlt after dividends amounted t SI.S43 III. making nearly M.-OSS.ttS M.-OSS.ttS the company has paid out of aur-plus aur-plus to maintain dividends In tha past two year. Tha tahV below Shows production, cost snd ssrninga for all thrss la , tho past year: Prlco Net Prod. lbs. Coat. roe. per ah. Dlv. Ttah . .104.41, Ml 11. to IT etc ) 00 .0t Ray . . 4I.U1.UI if If 17 He ,41 1 Nev. C 4I.S1I.0HI 17 So IT I4r .7s Operated at deficit of fl1l SI. In the table below la shown tha deficit after dividends of each company In ths pa at two years. Deficit after dividend ?o. i no. Vtah 94.TZS.441 1. 44. 144 Rav Ill Ml 1.411 FIT Nevada Con 1. Ml. Ill 1.771.130 Totals M ill. 131 14.111 1M Mines ths beginning of January. Jfi. ttiesa ihre producara have paid In dividends divi-dends from surplus earnings over 111. 000,-- 000,-- -0. a TreaTTiient of stockholders sbidi only rich treasuries plus frugal use of wsr profits could hsve made possible. Directors of theae eompnntes. Including Chioo op-er company, meet for dividend action on March IP ft ah snd Ray sre the only meiibers of the quartette still paying pay-ing dtv'Uends. The former pays 11.10 per share quarterly and Ray 31 centa. par share. i:ibkrty bovimi. JiltW TORK, Marok I. Liberty bonds ol oaed : S4S i 1st IS 14 70 1st 4 V. S Victory 3-&S 0T.4O Victory 4,s "rJJVV ,T''