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Show : QUARTERLY REPORT OF 01 COPPER I55UE0 Financial Results of Operations Opera-tions Show Deficit in 1919 of $1,955,410.60. Decrease in Production Due to Curtailment to 50 Per Cent Basis. j A report, iHu;'J in Nv York, M;iy 7, showing tiio results of tho operutlons of the Utah Copper company fur the first quarter of tl.e calcii'lar and fiaoal year of 1019, arrtvetl ycntunlay. ! The follow ln tables show tho groan 1 production of copper conUtinoc.1 In con- centratcs for thla quarter and the precc-d- i lng quarter: j First quarter, 1919 i . January m.Sf.S.MS lbs. ; February 10,:i:t0.u4D lbs. 1 March 8. 281,227 lbs. Total L'SJ71,0S9 lbs. jWerao monthly production. 9,657,030 lbs. Fourth quarter, 1918 October lS.G-4n.472 Iba. i November K,,4t;s,042 loa. ; , IDecemuur 13,217.178 lbs. I Total 48.303, fi12 lbs. I Average monthly productlon.lt, lul,31 lbs. j In addition to the above, there was a, ; total of Hii.Olii pounds of copper con- I tained in ore shipped direct to the smelter I . j and 254,104 pounds of copper contained in precipitates from the leaching plant, , making h totftl gross production for the , 1 quarter of 29,il,209 pounds, as compared with 49,208,076 pounds for the previous I quarter. Ore Milled. The total quantity of ore milled for the quarter was i,52o,o00 tons, and the av- , erage grade was 1.27 pur cent copper, as , compared with 3,017, 4w tons and 1.23 per i cent copper for t lie fourth quarter of 191S. I The average extraction was 74.70 per cent, ! ! being an improvement over the previous ! : quarter when the average was 64.43 peri ; cent I Tho average cost per pound of net copper cop-per produced, including plant deprocia-. deprocia-. tlon ami all fixed miscellaneous income, was 13.72 cents per pound, as compared 1 with 16.42 cents for the previous quarter, ' calculated In the same way. Federal taxes are excluded for the reason that earn-trigs earn-trigs do not justify the setting up of esti-i esti-i mated reserves for this purpose. The ! value of the gold and silver in ore and concentrates totaled $219,900.76 and the ;l miscellaneous income amounted to $119,-; $119,-; 0S4.9y. Thee items are eqmtl to 1.22 ;i cents per net pound of copper produced. : Financial Comparison. I The financial results of the operations ;, for the quarter, as compared with the i preceding quarter, are as shown below: 1st quarter. 4th quarter. 1919. 391S. i; Net profit from j operations 12,943.03 $1,377,133.21 ! Other Income, ! rents, etc, in Utah 119,034.93 254,214.95 Income from Ne-, Ne-, vada Con. Topper Top-per company dividends 375.1S7.50 750,375.00 Income from Bingham & Garfield Iiy. company divl-, divl-, dends 750,000.00 Total net profits prof-its $ 4S1.324.40 $3,331,723.16; Disbursements to stockholders stockhold-ers 2,436,735.00 4.001,225.00 i Xet deficit... $1,955,4-10. GO ? 729,496.34 Doficit. The earnings for the first quarter are computed on the basis of 12. S9 cents per pound for copper, as against a basis of 20.44 cents for the last quarter of 1918. The low carrying price is due to the very small sales of copper made during the period, and the large increase in the amount of copper inventoried as unsold and carried at 13 cents per pound. The regular disbursement to stockholders of : $1.50 per share w as -paid on March 31. The decrease in production was duo to the fact that operations were curtailed to approximately a 60 per cent basis. A further reduction of output does not seem to bo immediately advisable, but if the betterment of Industrial conditions is too long delayed this may become necessary to further limit the accumulation of metal stocks. Cost Is Lower. The operating cost per pound of copper cop-per for the quarter is lower than it has been for many months. It is anticipated that further and gradual improvement In costs can be made which will justify continued con-tinued production at reduced capacity until un-til such time as an increased demand for copper at fair market prices will warrant resumption of normal output. There was removed during the quarter a total of 379, 2G4 cubic yards of capping, being an average of 120,421 cubic yards per month, as compared with 925.000 cubic yards and 30$. 535 cubic yards, respectively, for the fourth quarter of the year 191S. I This reduction In stripping was because of I the program of curtailment w hich was inaugurated in-augurated on January 1, 1P19. i An average of 11,173 tons of ore per day and an average of 2:i47 tons per day j of other freight was handled by the Bingham Bing-ham & Garfield Railway, making a total of 13,520 tdtis per day as against 33.202 j tons per day for tiie previous quarter. The decrease was caused by the curtailment An operations of tho Utah Copper comr ! pany. |