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Show QUARTERLY REPORT Total Gross Production for Period Aggregates 54,-999,468 54,-999,468 Pounds. LESS THAN YEAR AGO Substantial Increase in Ore Available for Delivery and Unsold. i . Tim tb.irty-eii.-hth riu.irui iy report of I ho Lt&il Copper cornpnny, cocerln;? t ho threo months ending September 20, was received yestci'ltiy iit til; local omeos of the company and follows In ilola.il. Tr.o report r.-08 Issued hy President C MacNe.Ill and Managing Diri'clor D. C. Jnck UllK. The totaJ gross production of copper lonlaincd In v-oinf.nt rales for tho quarter quar-ter ami 'the pre edlns uimrter, by months, 19 nhtm n as follbw: Third quarter Jul)', 18.127.114 pounds; August, 14,7:tt;,012; S.-pteinber, 17.550,:; i x ; total, M, 702, 514. or an iivonJKt; monthly production of ls,2ii4,lSl pounds. Second 1 1 ' i it r t nt- April, 17,2:11,512 I.oumle: Mav. ia,2i'.2.S5; .lone, 1'.).iOO.o79; total, fct'i. 4o3. -I'iT.. or an averayo monthly production of IS, SOI, 155 pounds. In adultioti to the above, there as a total of 2:;t',,l'24 pounds of copper contained con-tained In ore- shipped direct to the smeller, innUlnsr the total (.toss production produc-tion tor the iiuartor 5(,0:).4ix pounds, :is rorn parol "Hit :i;.S 15,0i9 pounds for lite previous quarter. During tho period in question a. total of :l,4S!i.4(Wl tons of ore was treated, be-inf be-inf ill.ooo tons more titan for the preceding pre-ceding quarter, when 3.298.400 tons were milled. The average Ktade of tile ore woa 1.805!) per cent copper, as compared Willi 1.3SS1 per cent copper for the second sec-ond uuarter of the rear, and the average e-.lrac.tlon was .OK per cent. lite pel -ceiiuie. of recovery was low, partly he-ennsa he-ennsa of Ihe unsettled operating conditions condi-tions In the mills, owing to the various Improvements tlmt are being made, but principally because of tho unusually lonnajre treated and the comparatively compara-tively low copper content In the heiHlln.crs. Average Cost. - Tlie average cost per pound of net copper cop-per produced from concentrates during i ho quarter, after allowing for smelter oedttcUons ind crediting miscellaneous income from V'tah operations only, In-rludinK In-rludinK Ttlnsrhom & Garfield railway earnluss. was 10.880 cents, which is art Increase of 1 .81)6 cents as compared with the second ntiartor of 1917. when the average av-erage cost was 3. 464 cents. Tills comparatively com-paratively hiih cost was clue party to the heavy charge made against operations for Increased state and federal taxes; partly to the Increase in wages ivhjcli become effective on July 1, and partly to 1lie low tfrade of the ore. Owinff to uncertainty un-certainty as to the interpretation of new taxation laws, no cltanae has been made in the. amount set osldo for taxes, the total for all sueh purposes being for this os in the previous quarter. Sl.-lo.noo. These charges will be subject to revision In the annual report. The follO'.vlnB tabulation shows the financial results of the operations of the company for tho quarter, as compared with the second quarter of the year: Net profit from milling operations, third quarter, SI, 030.2:1.66: second quarter, ss -sR 367 x(; other income, rents, in I tan, third quarter. $U$.4:S.M; second quarter, 518010 27; Income from Nevada Consolidated Consoli-dated Copper company dividends, third quarter. Sl.150.5bTS: second quarter, Sl,-000.510; Sl,-000.510; income from Bingham & Garfield Itatlwav company dividends, third quarter, quar-ter, J476.000: second quarter. $475,000; to-lal'net to-lal'net profits, third quarter. J I0.riii3.541 . 1 1 : disbursements to' stockholders. third quarter. Jfl. 407.050; second quarter, 5,6X.'.-715- net surplus for second quarter. M.-x7Vs.ll; M.-x7Vs.ll; net deficit for third quarter, 3.tSS.T34.S. .... This apparent deficit for the third quarter of .Vi.66:i.7.74.S2 is fully explained In the following' paragraph: Earnings. The earnings fot" the third quarter are computed on h basis of 14.0.30 cents for copper, as compared with 2 , .977 cents for tho previous quarter. The unsold copper on hand and In transit is, according to established custom, carried in our inventory inven-tory at 13t? cents per pound. This is the first quarter for over a year in which there has been any substantial increase in the quantity of copper available for delivery and unsold. This accumulation of unsold copper, which is inventoried at 131.4, cents per pound, is responsible for tho low nverasre oarrylns price shown for the quarter, and. taken together with in-orase1 in-orase1 operating expenses, accounts for the decrease In -calculated earnings. The Increase of unsold copper Is due to the faot that during thts particulac quarter negotiations between t he cooper producers and the United States government were in progress to determine upon future handling of copper sales, and, as a result, salos at definite prices were practically suspended, not only to the government, but to other users. Since the end of the quarter, the price having been fixed by the government at 2oU cents, the government govern-ment committee is daily placing contracts with the vartous producers, and your management is advised by its sales agent that all copper due for delivery to the end of the year has been sold, ami therefore there-fore the unsold copper appearing in thts report Is a purely temporary condition. The earnings for the fourth quarter will therefore show, in addition to those arising aris-ing from production of that quarter, the profit from the sales at 23U cents of the-unsold the-unsold copper carried In title quarter at 1 lua cehta. Cash Dividends. The regular quarterly cash dividend of ?".5 per share was pa'd on September 30. During tlie quarter there was also paid a Rrl Cross dividend of ."i0 cents per share. During the period there was removed a total of 1, CC0.H77 cubic yards of capping, cap-ping, ns compared with 1 ,1 29,1 $8 cubic vards for the second quarter of 1917, being be-ing an Increase of 11,47S cubic yards. The average per month was 410.22fi cubic .ards, as compared with l6,y?9 cubto yards for the previous quarter. The operations of the Bingham Garfield Gar-field railway were regular and satisfactory. satisfac-tory. An average of :J2,010 tons of ore pr day was transported and an average of ?,0f2 tons of other freight was handled, making a total of xr,!71 tons per day, as ompared with "5,371 tons per day for the preceding quarter |
