Show ou re reports orts of leading mining mi ni ng companies compani es UTAH COPPER ANNUAL REPORT tile the utah copper company operating at I 1 bingham utah has issued its annual report or the year 1915 through president C al macneilia MacNei Wa cNeill lI it shows a net profit for the rear bear applicable for dividend or other purposes t poses of or 1103 per share is compared with for the year 1914 the report follows year at both the magna bagna and arthur plants of tons of ore the unsold copper on hand at the end of the year was inventoried inventories invent oried at 1350 cents per pound the net cost of copper produced for the year deducting miscellaneous income was cents per pound as compared with cents for the previous year it if the total net earnings of the bingham garfield railway company which amoun amounted tea to in IM 1 A A tm wl I 1 LIM 5 4 lit tj 4 R ai UK photo by Ship shi lers salt lake city the arthur mill of the utah copper company the gross production of copper in concentrates cen for the year 1915 was pounds after making sni smelter elter deductions the net production amounted to j pounds of refined copper in addition there were produced ounces of gold for g C which the company received 20 per ounce 1 ii l also ounces of silver for which the d j company received cents per ounce this production of copper gold and silver was the result of the handling during the 0 of a cent per pound of copper were taken into consideration as a deduction from the cost of producing copper the net cost per pound would have edve been cents no deductions duct ions however 2 were considered from these costs for dividends received on the stock of t the he nevada consolidated copper company owned by your company the net operating profit amounted to miscellaneous income received during the year from outside investments including dividends received from the nevada consolidated copper company and the bingham garfield railway company and from interest rentals etc amounted to 2 the total income therefore amounted to interest paid during the year amounted to leaving a net profit for the year applicable to dividends or for other capital purposes of 17 or 1103 per share as compared with per share for the tl ie year 1914 dividends paid during the year amounted to per share 75 cents per share for the first quarter 1 per share for the second quarter 1 per share for the third quarter and per share for the fourth quarter aggregating leaving surplus earnings for the year after payment of dividends of the usual amount for depreciation of plants and equipment being a sum suin equal to 5 per cent on the total cost was set aside and amounted to this resulted in passing 1 to earned surplus account the total dividends up to and including the dividends paid during the year under discussion aggregate on december 31 1915 the outstanding capital stock of the company was shares the surplus from sale or securities account has not changed during the year and amounts to the account should not in any way be confused with the item shown as earned surplus which on december 31 1915 aggregated attention is called to the fact that this earned surplus in part represents the working capital of the company prepaid striping and other permanent capital expenditures derived from earnings X A ats jv 4 Z t vy all e aw A 4 1 14 liu steam shove mining at copper flat mine odthe nevada consolidated attention is particularly called to that portion of the managing directors report in which he discusses the state of ore development at the close of the year and from which you will note that there was added to the developed tonnage an amount of ore largely in excess of the tonnage mined and treated during the year the operating report gives a detailed description of the physical property equipment and conditions surrounding its operations As before stated the entire capital stock of the 13 bingham ingham garfield railway company is owned by your company there are no bonds outstanding the entire net earnings of the railway company accrue to your company and properly apply in reducing the cost of producing copper the entire operation of the railway has been most satisfactory 1 the physical condition of the road and all of its equipment and appurtenances have of efficiency 1 been kept up to the highest point chency increase in earned surplus for the year is shown in the f following lowing ol portion of tho financial statement net profit for year less dividends paid surplus after dividends 11 gog 9 reserve for depreciation of plants and equipment net undivided profits for 30 year represented hy by the following net increase in current assets net increase in prepaid ore expense net increase in investments increase in property and equipment less depreciation for 1915 increase in net assets for year |