Salt Lake Tribune | 1919-08-20 | Page 25 | [Illegible] of Report Made

Ails of l REPORT HE i - ,i ther Income" Due Main-t0 Main-t0 Excess Allowance 'tr Treatment Charges. :y t . repl,rt of the Utah Copper com-, com-, ' 1 ,he auarter ended June 30 there Vtiio statement that "the value 1'' -a 'and silver in concentrates and ''fce'Janeous Income for the quarter (Si'ted to 6.4 cents per pound of cop- P'uce lncIua:0n of this unusually Rv0t!ier'income"-1.23S.15S-was the ' ' bie to show a surplus over divi-i,nnts divi-i,nnts of S2, 436,735, says the "tlT eau! The direct cperat-":' cperat-":' "n er the quarter was J1.043.76S. 'rr0n,rB "other Income" for the past fl compare ,ods the Bureau says: ' ,ua;r!irf September 30. 191S $139,038 "".nrted December 31, 1918. . 254,214 t ,fl" ended March 31, 1919...- 119.084 !r" ''mdedJune SO, 1919 1.233 lo' 1 rredlt of 6.4 cents per pound of R 'I the June 30 quarter was so tm-f tm-f rat Ve asked Charles Hayden. ,2 if the executive committee, for 'Station. Ho promptly replies as '-Ktem of 5.4 cents per pound of cop-. cop-. ctated I" our report, comprised ras income for the period, the Tirhlch consisted of the following: S 11,., the course of the war. early n 'i; iti? the governmental agencies in i . L;'o' price fixing agreed to raise the ::-T; copper from 23 cents to 26 cents f w rm the imposed condition that tne companies agree to pay a portion ifclift advance to the smelting com-r, com-r, - in the form of higher treatment : to cover the increased costs of IE and refining due to war condl- ijWately following the unexpected Srement of the armistice and the K'ent relinquishment of price con- iZ the government. It developed that ) i w overestimated and had set up in L'irounts an amount in excess of the t reou!rd to meet these additional S'mtilt As S00n' therefore. as EVioMt of such overcredlt was ascor- ifl and the tonnages against which L 'should apply were determined, we U '"ie necessary adjusting credits on ' f books. As we did not want to dis- jrd misstate our per pound cost of Wsrtion for the quarter, we showed tocvdft as miscellaneous Income, foi'coiformltv with our established pol- L n tills respect we were careful in , Dirr'put " 'J've our costs as actually KprH without credit for the value of lltprfciQiis metals or these miscellane-b miscellane-b minings."