Salt Lake Tribune | 1918-11-21 | Page 12 | Ray Con. Report Tells of Deficit

RAY GDfJ. REPORT TELLS OF DEFICIT A deficit of nearly $200,000 is shown in the statement of the liny Consolidated Copper company, for the quarter ended September iJO. Kxcerpts from the report follow: The sross production of ropper contained con-tained In con centra toy for this quarter, as compared with the second quarter of is as follows: THIRD QL'AEtTKH OF ?18. ) Tounds Jul- 7, 04?, IP! Auprust 6,;i.'i2,lM September 6,!Ki4,30J Total "0,;i5S.oSf) Average monthly production G,7St;,l?ti SECOND QUARTER 19 IS. Pounds April 6. NiiT.TPO .M n v T.HflJ.liril June . ." 7,372,66-1 Total 21,963,-114 Average monthly production .... 7,rs2l,l.S Tn addition to the copper derived from the concentrating ores there was a total of S21.610 pounds of copper contained in the ores sent direct to the smelter, making mak-ing tiie tola i gross production from hot h sources for the quarter 21.1S(),l!t!i pounds, as comparer! with 23,3ii-,3iiS pounds for the previous quarter. The decrease in copper production is due. in part, to the smaller shipments of surface carbonate ores, but principally on account of the damage done by floods of railroad connections, necessitating the shutting down of t lie mill for six days during the quarter. During the quarter, there were milled , S45,40i) dry tons, averaging 1.602 per cent , copper. This tonnage corresponds to a j daily average of 9, IS it tons as compared with 9,690 tons for the previous quarter. The financial results of operation for the quarter, compared with the second quarter of 1 0 IS are as follows: THIRD QUARTER 1913. Xet operating profits ? 7S9,699.Sf Miscellaneous incomo 93,648.48 Total 8S3.S48.3-1 Disbursements to stockholders 3,182, SS4. 25 Net surplus of deficit for the quarter $299,535.91 SECOND QUARTER 1918. Net operating profits $2,13.427.17 Miscellaneous income 122,790.31 Total ?2,2f5,2!7.48 Disbusements to stockholders 1,182,884.25 Net surplus of deficit for the quarter 51,072,333.23 Deficit. The average carrying price of copper for the quarter was 24.15'! cents, as compared with 25.968 cents for the previous quarter. The decrease in carrying price has been occasioned by non-delivery of copper from the refineries, necessitating the carrying of a larger proportion of unsold copper during this quarter than the previous one.