Salt Lake Telegram | 1913-04-18 | Page 13 | Annual Meetings of the Porphyries Are Held in East

ANNUAL MEETINGS Of THE PORPHYRIES ARE JELL) IN EAST The annual meetings of the Chiao Copper, Nevada aad Ray Consolidated stockholders were held ia the east today. to-day. No change ia the personnel of the officials of these companies was mada and up to lata hour no aa-nouacement aa-nouacement relative to dividends for Chino and Ray had been made. It seems to have beea tha impression that each of these companies was expected to announce the data for its initial dividends, and this may be decided within a few day after the directors ateet. Chiao mad a splendid showing, the report for the year ending December 11, 1812. being to the effect that 776,088 pound of copper bad bean produced pro-duced at a coat of 18, 64 cents per pound. The gross earnings amounted to 14.344,262 and the operating ex proses were I2.13S.098. The net prof its from operation wsre 12,212.169, and the income from other source was 1188,133, making the total income 12, 337,302. The total surplus at the end of th vesr was $2,461,331, equal to $3.10 per share. During th first quarter quar-ter of this vaar tha earnings have been materially increased, while operating aad construction expenses bar been reduced. At tha eloae of 1912 the net profit at tha Ray Consolidated amounted to 11,929,262. equal to $1.33 a share. Daring Dar-ing this period only four or five sections sec-tions of tha mill plant were operated, as compared with seven sections bow ia operation. The lowest grade ores from the upper or oxidized tones ware treated, while now the management ia extracting a better grade of porphyry from the Ray territory and some high grade copper from the Ray Central ground. Last year Nevada Consolidated earned $1.41 per ehare. This compare with $1.7$ during the previous year. The total income during 1912 was $4. 823.839. With the listing of 843 add! tional shares of Nevada Consolidated, application for which has just been made to the New York stock exchange, there will have been listed the full 2, 000.000 share capital. There is oa deposit with a New York trust company $6.16 for each ehare of Cumberland K!r Copper company that was not exchanged for Nevada i on solidated stock on th ban of three and a fourth for one. The Cumberland-Ely compaay, which operated under a Maine charter, haa been dissolved as of April 1. Nevada Consolidated late ia 1909 la creased it capital stock from $8,000,-000 $8,000,-000 to $10,000,000 for th purpose of taking over, with the 400,000 share ot new stock, the Cumberland-Ely com-nany, com-nany, with 1,300,000 share. Ia August, 1910, Nevada bought the assets of Cumberland, Cum-berland, exclusive of cash and accounts collectable, which purchase gave the buyer in addition to mtnitrg lands full stock ownership in the Steptoe smelter.