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Show UTAH COPPER iW SlWljP WELL Annual Report Is Evidence That Company Prospered During Dur-ing Last Year. Special to Tho Tribune. NEW YORK. April 22. The annual report, re-port, or the Utah Copper company for the year ended December 31 Is an encouraging encourag-ing exhibit. Tho roport embraces a stato-ment stato-ment by C. M. MacNcllI. Iho president, who In turn transmits to .tho stockholders stockhold-ers the general manager's report and that of tho certified accountants. lhe president reviews at longth tho acquisition acquisi-tion of the property of tho Boston Consolidated Con-solidated and Nevada Consolidated, and says: , . , "Simultaneously with tho conduct of the negotiations looking to tho acquisition acquisi-tion of the property of tho Boston consolidated con-solidated Mining company and tho Bharca aoovc enumerated of the Nevada Consolidated Con-solidated Copper company, your directors direc-tors ottered to the stockholders of tho Utah Copper company and to the shareholders share-holders of tho Nevada company, who might cxchangti their shares for shares of your company, the right to subscribe sub-scribe to additional stock at $o0 per share. , , 'The offering resulted in the snio of 73,437 shares. . , ... "Excepting a fow small subscriptions, all the stock han been paid for in full by the stockholders, resulting In an additional addi-tional capital of 53.671.850, which, since the closo of the fiscal year, has been re ceived by the company. "This additional capital will bo utilized In pnrt for tho enlargement of the mill ncqulrcd through tho acquisition of tho property of tho Boston Consolidated company com-pany to a capacity of at least 6000 ton3 per day and modeled after the Magna plants. Tho general manager says: " "The average price received for copper cop-per sold during tho period was 12.915 cents per pound Tho average cost per pound of copper produced, based on the net pounds of copper resulting nftor smelter deductions nnd allowances wore made, was 8.7S7 cents per pound, this cost Including all expenses of smelting concentrates and tho refining, transportation transpor-tation nnd disposition of tho motal.' ' For the fiscal year ended December 31 tho report states that tho underground development amounted to approximately 24,000 feet. Tho average price received for copper sold during the year was 12.915 cents per pound. Tho avonigo cost per pound of copper produced was S.7S7 cents per pound. Tho balanco sheet shows total assets and liabilities of $11,-0S3.815; $11,-0S3.815; increase. $913,531, and undivided profits, $2,913,627. an increase of $690,-355. $690,-355. The Hem, "undivided profits." as shown In tho balance shoot. Is commented upon in detail in the accountant's report, which shows that of this sum $1.562.69S has been rolnvcsted in the property of the company nnd that S1.3S0.92S. being Iho remained of Iho undivided profits, represents rep-resents tho net available cash working capital of tho corporation as of December Decem-ber 31 last. Tho retiring directors were re-elected. About 1. 100. 000 shares were voted out of 1.500,000 shares outstanding. |