Show utah copper report I 1 Is s gratifying Gratify grat i fy ing in the first quarterly report of utah cop per for 1920 was issued on the it makes a most gratifying showing in decreased cost of production doubling of net profit from production of copper only and the large increase in net surplus as compared with the last quarter of 1919 the average cost of copper production including all charges but federal taxes was per pound as compared with a per pound cost of for the last quarter of 1919 deduction of the credit for gold and silver content per pound and miscellaneous income of from the total cost of brings the per pound cost of copper production down to net profit from copper production amounted to as compared with for the last quarter of 1919 net surplus totaled as compared to for the last quarter of 1919 the report of mr air Ala macneill cNeill and colonel jackling to stockholders reads as follows we submit herewith report showing results of the operations of your company for the first quarter of the calendar and fiscal year 1920 the foll following owing tables show the gross production of copper contained in concentrates for this quarter and the preceding quarter FIRST QUARTER 1920 january february lbs ibs v arch T SOG lbs ibs lbs ibs total tal A lbs ibs average mont monthly lily production n lbs ibs october FOURTH QUARTER 1919 nn lbs ibs er DS december lbs ibs lbs ibs ar avar total rage in ii lbs ibs monthly jd jf y p production ion lbs ibs the total quantity of ore milled during the e quarter was tons and the averse average grade was per cent copper as compared with tons and per cent nt copper for the fourth the quarter of 1919 he average extraction was per cent being e an improvement over the previous quarter carter when the average was per cent ent production costs reduced the average cost per pound of net cop produced including and all plant depreciation fixed cluing ciudin and general charges but ex g federal for taxes es and without credit gold and was 13 cents silver or miscellaneous ane ous income cents lit for t or the as compared with 16 previous quarter calculated the altron ild balne Tn in the way tile the value of the sold gold apo 70 concentrates totaled and the a 4 cal laneous income b 1 n ned ed are ar to noo these items colnot equal to 1264 1 con ivr cents per net pound produced for or ta th G filial lelal results th quarter of the operations belill ng 6 qua agaj arter ter as compared pared with the pre are shown below TV 1920 ath 1919 net p profit from copper production 5 miscellaneous Miscal laneous income including P pay a y ni e ii t tor for precious metals metal ag income f from born nevada cons copper company dividends income from bingham ha in and garfi f e I 1 d railway dividends dividend income from dr garfield chemical alag mfg corporation dividends total net profits 26 9 disbursements to stockholders 24 50 0 net sural surplus us earnings and tonnage handled the earnings for the first quarter are computed on the basis of cents for copper as against a price of cents for the fourth quarter of 1919 the high carrying price for both quarters is due to the large sales of copper and the corresponding decrease in the amount of copper inventories inventoried invent oried as t unsold and carried at per pound the regular quarterly disbursement of per share was paid on march 31 1 there was removed during the quarter a total of cubic yards of capping being an average of cubic yards per month as compared with cubic yards and cubic yards respectively for the fourth quarter of 1919 an ali average of tons tolls of ore per day and an average of 2581 tons tolls per day of other freight was transported by the bingham garfield railway making a total of tons per day as against tons per day for the previous quarter this decrease was due to the severe weather conditions that prevailed throughout the quarter |