Show OFFICERS RS ISSUE REPORT FOR LAST QUARTER ON UTAH'S G GIANT ANT INDUSTRY President C. C M. M MacNeill and Managing Managing Managing Manag Manag- ing Director D. D C. C J tackling Jackling Tell of Work Done Bone on Utah C Copper Mine During Closing Months of 1914 i lr Y iI 1 i iA f t A. A M r y c x m t Y A 1 J S 6 1 i ir a. a r rV V r th Ai r t Y r 1 D D. 0 O. JACKLING President C. C 31 I I. I MacNeill and Managing Director D ti D. C. C JAcklin Jackling have ha submitted sub the tho following g statement of results of operations of the Utah copper Copper opper corn com for fOT tho the fourth quarter ending December 31 1914 1 as follows The Tho total amounts of copper contained in conc concentrates for t this is quarter r an anthe and d tho the preceding three quarters of ot tho the year to together with mth a comparison of ot the pro pro- production productIon for forte the year 1914 with tho the year car 1013 1013 are given below Fourth quarter Second quarter 1914 1014 1 1 1914 Pounds Pounds October April 3 November r 19 l fa May 13 December June 6 Totals O Total n nY Y Third quarter First quarter 1914 1914 Pounds Pound Pound Pounds July Januar January 1036 6 August Augut February S September i March larch 1 Tot Total l Total 5 Average monthly p production pounds Pound Fourth Quarter Quarter- Third Quarter Quarter- Second 5 Se ond Quarter Quarter- First Quarter Quarter- 1333 e Gro Gross s production for year jear 1913 pounds pound Gross production for fot year car 1911 1914 pounds 1 Ore Assay Averages Higher The Tho total quantity of ore are milled milieu during the quarter was tons a as 85 compared m with 6 tons tonu for the ions quarter All AU of this tonnage was wa a treated at the tho Magna agua plant the Arthur plant having been closed down dOt com coni for reasons c explained in in the tho report covering oring the o operation for the tha third quarter of tho the year The Tho avern average average- o assay of th the J oro for tho ho quarter was 1506 n per cent copper aa as compared with 1436 6 per cent for tho the previous quarter Tho The avera average e extraction for the quarter was waR only per r cent ai as com coni p pared ared with per pcr ct cent nt for the third quarter of the tho year ar This is unusually to low w extraction was duo due to the tho fact that the oro ore tre treated tod coo contained a 3 considerable pore por or tion Lion of its ita values in in the tho form forra of carbonates of copper Owing to tho conditions existing near two of the tho large largo faults at nt tho the south end of tho ore exposures ure on some somo o of the levels o where carbonates overlie the sal sulphides hides in a 8 iD lagged jagged ed mann manner mattner r presenting a a. lind lied of contact similar to a sawtooth it ft t is impossible to mino mine the oro without tho the admixture of somo carbonates The sulphide ores there carry arr good values alucs and amI it is not good economics to s send nd this thi mixed mint material to the waste dumps whilo while comparatively oly unlimited td milling capacity is available and a small mall profit per pur ton can bo ho realized by treating it at nt tho the ant The era avOra allowance o cost per pound of net et copper opper produced produce dur during n the quarter after alter making allowance for smelter d deductions and without n crediting laneous income income was Wall 1731 cents as comp compared rc with for tho second d quarter and cants for the tho third quarter of tho the v year ear ar If the not net l laneous earnings in in Utah including hote e from tho the Bingham Garfield railway were credited to t tho ho cos cost of oC operations operation the tho net coat p per r pound for the quarter would bo 66 8 cents Th The earnings of the tho raU-a raU railway company available for such uch credit were increased on account of t that nt company not having had to pa pay In Inv terest on early of at l its ti bonds which were ero retired near tho end of ot the second quarter The Tho cost coH shown n i is very nry satisfactory whoa when tho the foot fact that on- on or op orations oration wore were conducted d on a otie oll one half half capacity basis for lor the entire quarter is 15 taken into consideration Financial Results of Quart er The Tho financial results of the quarters quarter's operations with those thoo a as compared of tho the previous quarter are shown below I Fourth quarter Third quarter rt r. r 1 profit from Crom milling operations q 91 Oth Other r income rents etc in Utah 50 28 23 Income from Nevada evada Con Copper Co d dividends 5 n Total 1 net profit k 1 1275 Dividends Dl paid paul O O ONe Ne Net Nei surplus for third quarter 6 Net deficit for fourth quarter H The Tho earnings for tho the fourth quarter are nrc on tho the ba basis ie of 1196 cents per pound for copper as against again t a basis hash of 1280 1180 cents per pound for the third quarter The reason reason for this low valuation is due to the tho desire Jound on the part of ot your management to have o all unsold copper at the end of the tbt year eam carri carried f fart nt at t it its 1 then market marcet value alne and aul way was occasioned by y the fact that at tho the time of the tho our cur in August tho the was way in earr unsold company carrying a n largo taro amount of ot copper u considerable amount of ot which was 1101 sold old at a sub substantial t r reduction from front the tho price at which it was then carric carried d. d Furthermore many f sales ales previously pro mado for lor foreign delivery in in August and September r canceled Tho The total amount of or copp copper r ou on hand and in iu transit soM r and unsold nt at the end cud of tho quarter was 1 07 7 pounds as compared with S 7 pounds at tho the end of the third thir quarter Tho unsold portion of the copper on lined hand nut and nud in transit was inventoried in in I at 1300 1350 cents per her poun pound tho the prevailing market mar price at nt the time timo and the Barite price at nt which it was carried at the beginning of or tho year carI car Satisfactory Progress Made I Satisfactory progress was made madG in stripping taking into consideration the tho I curtailment C of 50 per cent in op operations which w was s i in n effect throughout tho the 1 j period During the tho quarter there thore wall wale removed cd a total of ot cubic yards of cup cupping ing he as compared with 1 cubic yards ards for tho third hird 1 quarter of The total 1914 1014 amount of tr Gripping removed moved during tho the year 1914 waa I a cubic yards being nn an n mrvA of 9 V no t v ti i average KO o 11 1776 3 73 cubic yards ards per month I anti an average u of 14 cubic yards per quarter The Tho ira a o per mouth month during tho first tir t quarter was 60 0 f 1 ah uis arctIC r f tor or the tho second quarter cubic yards for t the he this third d quarter cubic yards and for lor the fourth quarter cubic cubi yards In Iii addition to the tho shown o bo in th the statement of fInancial rev rc suits there was received d froni th the B Il Garfield Railway company a tock dividend amounting to representing past earnings to capital expenditures A As the f of r T compau now no have l all been retired except OO its earnings s will from now OW on an ho Jaded added directly to the earnings o or t t tee o copper opper 1 any in in the form of dividends di which will result jn in a cOI id increase in tho he income of oC the tho latter equivalent equi to company a 0 correspond tug iua decrease in the ui net cost per pound of ni i I Iv 1414 V cop copper er rho business Of the th Bingham Garfield Garfield r railway lri durin the tho quarter w was lJ is quite satisfactory tho enforced tod c i t in J i 3 ts operations Jin tn ra n average c of tons of oro ore tons per cl cla day clayy of ot other freight h t for far the tho period in question question- as I Ithe the tho third thin Yenor quarter and and 20 train triin receipts w were rc ac nod as aD p per cr du day y was transported transport J tot total l ot of was handled tea rna D n 1 top compared with a total ot of J quart atri r 0 of t lp for tor tho the second q qu tons tou day per nl o h r redU reduced ii |