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Show RAY CON. REPORT IS GOOD SHI September Average Is Five Thousand Tons of Copper Ore Daily. EARNINGS 'INCREASED Steady Improvement . in Cost of" Production Is Shown ' ' Wilh Time. The report of the Ray Consolidated Copper company for the third quarter of the year has reached the west In Its entirely, en-tirely, brief excorptu of which have been received since the report was issued a j fev duys ago from tho Now York head-! head-! quarters. This report follows; Production. First quarter. Pounds. Jamiarv 2,413,700 Pobrnarv 2,237.223 March 2.472,011 TotOl 7.122.94-; Average monlhly production 2,374,314 Second quarter. Pounds April 2,710.908 May ' 3,078,85(5 June .3.102,310 i Tola I .' b',952,071 Average monthly production . . . .2.9S4.025 Third quurler. Pounds. July 3.103.105 Ancust 3.055.490 Soptcmber 3,135,103 Total : ;...9,295,S1S Average tnoiilhlv production , ... .3,095, BOO Tonnages Handled. The tola.) production for the- first nine months of the year was 25,370. S35 pounds. During the past, quarter the tolal net tonnaRc of ore treated al the mill was 429,411 tons, as compared with 374.G00 Ions for Ihc second quarter, and 301.074 for the first quarter. The total for the nine months was 1.105.694 tons. Of the lonnago treated during the quarter OS per cent came from tlV territory tributary tribu-tary lo No. 1 shaft and 32 per cenL from the No. 2 shaft. 24 per cent of total was produced from development work. Average Aver-age dally tonnage for quarter wis 5007 tons. An avorage rate of 5000 tons per day was riwhd during quarter and maintained during September. The average nssav of ore treated during dur-ing fiua.i'ler was 1.014S ppr rent as compared com-pared with 1,72 per cent for preceding quarter. Tho lower crade of the ore. amounting to about Ol per cent, taken tocelher with the fact that tonnage was still derived in large part from upper levels of mines and thcrciw runtaincd considerable quantities of oxldi.cd material. ma-terial. Is refloated in a somewhat lower percentage of extraction applying to third quarter than to either of previous quar-tons quar-tons of iho year. Avorage extraction for quarter was 07,020 per cent. a compared with 09.37 per eonl for previous quarter. Average extraction for first nine months of tho year has been 03.35 per cent. Concentrates Produced. The tolal production of concentrates for quarter was 25.920 tons, containing an average oT 17.93 per cent copper. Rallo of concentration was 10.50 tons of ore Into one Ion of concentrates. Avorage cost per pound of net copper produced during quarter, after allowing for smelter deductions, deduc-tions, and after crediting 'earnings of Ray & Gila Vallev railroad asaltist operating costs, was 10.027 rents, as compared to 9.954 cents for preceding quarter. Avorage cost per pound so derived for first thrcc-quartery is 10.0(7 cenls. This cost includes all operating and general charges, a5 well as 124 cent." per ton for second and third quartern, or approximately approxi-mately 0 0 of a cent per pound on third quarter's production, for extinguishment of mlno development expenses. The constant Improvement In operating operat-ing costs and conditions is shown by faet that on recovery of 21. G5 pounds of copper cop-per per ton of ore treated for quarter as compared to 2C.9 pounds per ton recovery re-covery for the previous quarter, the per pound cost of production Increased only very slightly. The defielency of something some-thing over two pounds per ton In recovery is, of course, due to ore containing approximately ap-proximately I wo pounds less copper per ton than it did for Ihc previous quarter, and at tho same lime being somewhat more difficult to conccntrale on' account of oxidized contents, as previously explained. ex-plained. The financial results of operations for ihc quarter were as follows, tho disburse earnings of the Kay & Gila. Vallev railroad rail-road being Included under the heading of operating profits: Direct operating profits for quar- " tor -. $010,745 Miscellaneous income, rents, etc... 9,904 Tolal net profit 050,712 Sale Price of Metal. The above earnings are computed on the basis of 17.12 cents per pound for copper, or approximately 0.5 cents per pound less than was actually received for copper sold during the period. The total net earnings for the first three quarters of the year wero 5l.-137.70R. "During entire en-tire nine months tho copper production has been carried at less than the markot price In order that the Inventory price of copper In transit might bo brought down to 125 cents per pound. Tho entire stock of copper In. transit or unsold Is now carried car-ried at that price. At the close of the quarter no copper due for delivery from the refineries romalned unsold. The sixth section or TIavden plant has been put In operation, and the seventh section Is now well along toward completion, com-pletion, leaving only one to finish, and this last one Is also partly completed, all the materia and apparatus required for It being on the ground- Tho power plant and all other accessories acces-sories are completed, with the exception of unimportant details, and on the whole the additional expenditures nocossary to finish entire plant will be comparatively sma'l ..... At mines Installation of new compressor at No. 1 shaft has been completed and plant at that shaft Is now finished. Plant on No. 2 shaft Is complete, with exception excep-tion of installing of additional crusher and set of rolls In coarse crushing plant at that point. The surface mproemouts. Including hoist, ore bins, crushing plant, etc.. at No. 3 3haft on original Rav Central Cen-tral territory arc about 50 per cent completed com-pleted and all material necessary to finish them is on ground ready for assembling. Work of sinking this shaft has progressed pro-gressed more slowly than, was expected. This has been due largely to the fact that this abaft i3 deeper than any workings work-ings In vicinity and Is therefore draining tho entire surrounding territory, and more difficult 1s experienced and handling han-dling water than was anticipated. At end of quarter there remained sixty feet of sinking lo complete this shaft. It should be finished In November and production pro-duction of ore from the relatively high grade bodv In Ray Central territory will be started In December, or. In any event, not later than January 1- Development Work. In development work thero was driven a total of 37.715 feet in drifting, raising and sinking. This brings mo total workings work-ings in the mines at the end of September Septem-ber up to 2G4.000 feet or about fifty miles. Rate of lonnago production has neon somewhat disappointing, nlthouch appro::- imatclv In accord with prediction In last quartcrlv rcnort. wherein It wa rpeeted a rate o' 5000 tons ncr da'- would be reached In A'igust. This rat" was reached toward the nd of August, nnd maintained during September. As additional stop-lug stop-lug ground is now becoming available. It Is expected rat of tonnage Increase will bo somewhat, more rapid during fourth quarter than It has been in Immediate past. The grade of ore produced during quarter quar-ter was not as high as we expected, but the reasons for this were operating rather than physical ones. Certain sloping areas from which w had expected lo prouuee considerable tonnages' of good grade ori did not bocomo availa.blo for actual work a:j rapidly as wo anticipated and It was necessary as a consequence to produce the mjor part of tonnage from areas previously working near upper zones of ore deposits, and In ore bodies known to be low grade. All conditions pertaining to operations of properties as a whole, Including labor situation, continue to be generally satisfactory, satis-factory, except as to grade of the ore. and this Ir. now Improving and the outlook out-look is that It will Increase to an average aver-age of nearly 2 per cent by January 1. Boston Mining Stocks. James A. Pollock & Co., bankers and brokers, furntah the following, received over their private- wire yesterday aflcr-noon: aflcr-noon: BOSTON COPPER RANGTS. l&'alcs. n. I,. ICIs. Algomah 31 3, Butte St. Balaklava I ?.a, :ii :ii Butte St Superior ... 3.47S 491 4SJ 4SJ Calumet .fc Arizona.. 350 S5 79 79 ClUef Con 175 IS IS IR Copper Range 2,420 5S 57 57 Daly West 1 Si 4 Davis Daly 25 2 2 2 10a.st Butte 590 15S 15 J 153 GIroux Con 435 4-J 4? 4? Granby Con S95 77 752 70 Greene Cananea .... 0S7 9! 92 9? Hancock 15S 2Gi 2Gk 2Gi Indiana Copper ...... 110 172 17J 17A Inspiration Con 20 mi 20 Lako Copper 520 33 3l5 31Q La Rose 2?, 2 21 Mason Valley 350 12 J 12 12' Nova da Con 355 23 I'll 22J Nlplsslng S S North Butte "... 1,063' 37 30 362 North Lake : 33? 3 3 Ray Con ISO! 221 222 22 Superior St Boston . 3S5j 2S! 23 21 Trinity I 0 I u' C U S Smelter com ... 7C0 473 403 401 preferred 51 j 511 51 Utah Con 320 135 13 13 Pond Creek 600 211 27 27 BOSTON CUTIB CLOSE. I Bid. Asked. Arcadian 5 2.8751$ 3.00 Bcgole 1.75 2.00 Bingham Mines 4.75 5.00 Butte & London .51 .53 Boston Ely 1.00 1.12J Bohemia , 2.75 3.00 Calaveras ; 2.75 3.00 Helvella 75 1 00 Kerr Lake -. 2.75 2 S7S Keweenaw 2.00 2.125 Massachusetts 6.25 6.75 Nevada Douglas 3.87J 3.95 OJibway 3.00 3.25 Stewart 1.55 ! 1.625 Tuolumne 2.8711 3.125 Victoria 2.50 I 2.75 Winona 4,1241 4.87J Wyandot 1.50 I 1.75 Hoton Copper R.00 S 50 Oneco 2.001 2 12J S YV .Miami 5.25 5.75 Butte Central 7.12J 7. 375 Ohio Copper 1.62s 1.75 South Lako 0.75 7.00 Greene 9.023 9-75 Mayflower 13.75 ' 14.00 Old Colony 9.25 9.50 American Zinc 31.00 31.50 Pond Creek 20.87J 27.25 Utah Apex 1 .75 2.00 Shannon ,- 14.50 14.S7J Miami 28.00 28.50 Ncvadas in San Francisco. James A. Pollock & Co., bankers and brokers, furnish the following, received over their private wire yesterday after-noon: after-noon: I. Bid. Asked Gold field I I Jumbo Extension S .20 $...... Vernal ,10 Booth I .06 Blue Bull , I .OS 1 Silver Pick I .07 Lone Star I .05 I Oro , 011 .05 Atlanta 17 ( .18 Florence " .70 I .75 D'flcld R. B. Cons 04 I Goldfield Daisy I .05 Combination Fraction 10 j Kewanos 04 I Coldflcld Consolidated' 2.47JU 2.50 Comstock Ophlr I .45 Mexican I 1.82i Consolidated Virginia .... .34 I .35 Savage I .07 I Sierra Nevada I .36 Exchequer .04 Union 13 .15 Challenge 05 Chollnr - I J .05 Tonopah ,1 Tonopah Nevada ......... 0.27J Tonopah Extension 2.C5 MacNamara ; .1 Midway 42 Tonopah Belmont -. ,., 9.12 Tonopah North Star 34 .35 West End Con 1.G25 Rescue . -17 Jim Butler .74 Cash Boy I, .07 Monarch Pitts. Extn...... . .24 j Tonopah Mrgcr I .90 .91 Manhattan I Manhattan Consolidated ..! .14 I....... G. Wedge j .09 Dexter I .03 I , White Caps .10 I .u Manhattan Big Four .13 I Other districts I Pittsburg Sliver Peak I .S8 ', San Francisco Oil Stocks. James A. Pollock &z Co., bankers and brokers, furnish the following, received over their private wire yesterday after- noon: . I Bid. lAskcd'. Caribou i$ 90 1$ C'laremout .. .60 Illinois Crude ' .14 Monte Cristo ,95 1,23 New Pennsylvania ....'....I .52 I; Palinet ' .10 .'J0 Premie: J .35 .15 Silver Tip , I .50 ! S W. & 15 18 Turner 80 W IC OH . - . 2.0d |