Show CHINO E EARNED NE n A SHARE SHAnE DURING THE YE I IR I R Report port of Chino Copper company fo tor year yur ended December 31 1918 1912 shown shows net net earnings earnings' of 23 or per share cm compared areo with or or 80 per cr share in p previous ous year yer There were re produced produced pr pro pro- Gl 61 pounds of ot cooper at t a acost acost e cost coat of ot cents per pound In 1913 1012 1912 1913 production w was s v s a pounds and cost cents The e Income account compares as as' a follows fol tol- fol- fol lo lows 1913 1973 1912 Copper produced 5 Receipts from cop 61 Oper exp expo 34 Net Ne op 01 pe T Other Income Total income 26 Interest charges Surplus Dividends Dividends' I 0 Surplus Prey Prevo surp u credit credi P. P and ad 7 I. surplus Equal to to 7 p per r share sharo on shares share shar outstanding compared with on o shares previous year Ut Tho The general nerl ralance sheet of the Chino 1 Copper J company as a of ot Dec December 31 1913 com compares res as a follows j Assets 1915 1913 11 1912 Property Exp for Cor const conet const equip Develop of or or property Investments Stripping Expense I Mat Ma t sup on hand band Accounts c etc II Value or copper on hand ore at mine dumps etc Cash Cal 33 Total Ll Liabilities Cap stock 4 First FIsL bonds Notes pa payable able Aceta payable ta taxes cs Ins etc 1717 Frt treat tret ref i-cf Res for depres re hs e Burp Surp from 1243 Profit and loss Iou surp Burp 3 Total Charged to surplus for 1912 President MacNell MacNei says sas No No pronounced attempt was aa mode mOe to develop Increased tonnages but nevertheless less sufficient drilling was wa done to indicate indi Indi- cato cate an nn added development of or ore ere In excess excess ex ox- cess of an amount treated for the lear yar ar which results in an available a tonnage of over tons as of January Januar 1 1 1914 of ot an average grade above abye 18 per cen ring the year gross production of copper amounted to pounds thenet thenet the thenet net net production pounds This output was as produced wl with h tl the plant operating oper oper- of or five for lor forthe forthe only four tour sections out fUng the first five months of ot the year Yc Total tonnage milled for the tho to year ear tons tone Is equivalent to an average for the tho year yer of ot tons tone per day averSe Operation of the plant for or the last lut save of or the year ur has clearly demonstrated an average I considerably in excess of tons per perda day Average net cost coat of ot copper produced during the Y year r. r including Including all aU operating expenses of every ever kind mining transportation tation milling smelting melting and selling and crediting all al' al miscellaneous Income was aa cents per pr pound Our MI sales s and deliveries of copper for lor tho the year car were ere elvere made at the gross price of cents per er pound or at after r deducting delivery r. r charges chare 15 cents In balance blance sheets sheet and statements of income for the year yeat eat our copper is I valued f nt et t cents which is is the rc resultant figure from the estimated price which was u used In the various month monthly statements ta an and quarterly reports The difference between the higher price prie of 1 cents received for forthe forthe the he cop copper r and th the figure of or cents at which our Income was v computed is due to I to a lower valuation the I u U D u U D inventorY Inventor price of or our unsold copper I which stood at t the end of ot the year ear 1913 at at- 15 cents cent per pound There Thera w wa was set net let aside aide a as U depreciation of ot plant and equipment equip ment the th sum um of being an amount equaling 5 per per cent of the most moat of all aU equipment and improvements Improvement During the te year er 1913 bonds outstanding of ot a par value alue of were offered for or conversion resulting In an Increase In n the outstanding capital stock of or shares chares The total Issue capital stock to k of the company at the close dOle of or the year 1913 amounted to shares Th There Thue ro re remained remained ren re- re n alne outstanding on December 31 31 1913 bonds to th the amount of at 36 OO All An of or these the bonds hAve nave been called caled for Ion tion ton on July Jul 1 1 1914 11 un under er the terms of or the he mortgage and nd the right to convert them hem Into the stock of ot the company will continue only until and Ing ng said Md date With these these bonds bonda all con con- vex ted the otal outstanding stock on July 1 1914 ln amount to shares The Tho greatly greaty Improved financial result rema for forthe the he year yer Is the best indication that the methods employed both as a to mining and anI are continuing to prove successful suc sue and satisfactory and while the costs cosh of production per pound during the year ear 1913 were somewhat higher than In Inthe inthe the he previous pre year it app appears an from the tho operating report that the entire property Is s In position to treat tret I Its full ful tonnage continuously under conditions which In Inure insure In in- sure ure lure uniformly Improved results for the future An increase of or 30 per c cent nt In the output of copper per annum over the tho production of the year ear just Juet ended ende can cn be exp expected with the present perfected and completed plant plant |