Show Th UAL REPORT Of OFRAY RAY nAY CON CONI SHOWS S port t of Ray Ry Consolidated for year hows h n nil nel l pr profit nt of or r hue compared with iu 19 in inaus aus us year ar or per pr share hare Pro Pra- 0 ri to pounds pound or of ir ofir ir T r.- r. al t L a cost of ot c cents ts per par Cr p production in 1912 wa nd cost coat 98 cents per pound poun feme me account compares compare as follows r rating I f r revenue v u n i r 4 11 1918 1912 12 tor r 1 pr produced uce anc r raU aU silver aUr r pro pro- pr- pr a rating expense ni I and milling ht an and treatment bg C commission operating perating proM profit 4 p Income Income Pest eMt on bonds bondi otc etc et ote for or year ur 1 Jance anoe sheet shows v surplus of quick m r of OO co compared pared with 22 tyer t.- t. 62 2 a yer year ago Igo i Ident Aldrich a rays i closing months of the year ear wit wit- rd practical completion or of all aJ con- con and equipment for the treatment SOO tons tOM of ore dall' dall dally daily Its 3 of of copper were made at gro gross or I of cents per pound or after aCer ting feting del delivery delry ry charl charge l cents cents Difference between this price and the theof lot ot of 1994 cents centi at which income ute i is due to reducing to a lower lowe on the Inventory Inventor price of our un- un topper opper which IC l stood at at the en end of rat at 14 I cents per appreciation charge amounting to 26 6 Swag wa was made against general Income 19 9 t the first year such a depreciation 0 tae bu been ben made for the thc reason n Oil all previous years cris the tIe exp dl- dl fo new flew construction for aTtI Improvements or on ot the thc plants affY times greater greter than any pos poe I pre latton which could have o ac- ac r This d depreciation charge which tUto tito to 5 S per cent of the cost of ot the creates a reserve for the of ot the Improvements acIn ac- ac i ac-i In 11 1 advance of the exhaustion of pt t the i paid In Arizona during 1913 ted td d t to an Increase of otner- otner near near- OO 00 over the taxes te tes paid during 1912 to sixth one-sixth of a cent ent per of copper produced during the year yer sang D Director Jacklin 1 says s 's e. e were mined during th the the- year yer 2 tons ton of at oro ore averaging per opper ppe total developed tonnage reg re- re r. r rK fag K g U iE The limits of tho Urn dies lee lea have bave vc b by no means been det de- de Cr laterally or as u to depth dept and t particularly true In n tho w western terp where at several points pint drilling ions one development were Crin r In ort ore or It Is reasonably certain cetin moderate amount of drilling would ore re reserves reser e much greater greter than thap entity anty of the ore t that t has ha been since the be beginning t of ot mining ore for the year nar- nar was wa cents per ter ton against in 1912 pits 11 of completely mining out some fome pat nal al small lU areas tB fully bear out our ourt t tion n of recovering a very ver high kigh per re e of ore reserves and Ind copp copper r conis cons con- con is s cl calculated from drilling and other Representative areas to so 10 ft t ted ed d during th the year have shown Ions Mons up to 60 per pur cent of total tot eU copper content treated for the year yea was wa dally avern average e of or tons and andIn andIng ping In Ing daIY with aVerle tons for 1952 re ge e copper COPPe content of or the ore was wap per er cent compared with 1677 per perr per r 1912 11 recovery reco er was 1 66 09 per cent cent 28 23 pounds of ot copper per ton com com- Ith 23 9 for tor th the previous year Yer tries were affected adversely by b a arable Te rable amount of oxidized ore are com corn tImes from upper of levels leyel and al also alo o ular op operation rato of the mill during half of the tho year while Improve Improve- ere pere in progress s. of f milliner was wad u cents cent per ton with in previous year er this to to Intermittent operations of or th tl the hUe we were ere e. e In d t to absorbing expense o of these raf-nt raf Into operating costs w er r pound pound-of of copper opper produced product was wan com compare are da c cents nt in tn ear These Thue co costs l include charge cent cen per per ton of ot ore are treated or pent ent per pound pound of copper for ex e. nt of Cf mine development axIs ex ex- J Is 1 ri and end ful fully and finally fal foment p ent Is 11 operating as efficiently lb b desired k fo for 1914 IE is that tha th parr perot per par ot r Increase in copper most almost an as great eRt over oer 1913 as waIt was wan vs ease It e that year ar over 1912 1922 There h. h b b. b a mark marked decrease e Lof of producing copper during the ur |