Salt Lake Telegram | 1921-05-01 | Page 26 | Financial Status of Utah Copper Discussed

THE FINANCIAL STATUS OF UTAH COPPER DISCUSSED Lean Copper Market of Past PastI I I Two Tw Years Makes Interesting Interesting In In- I I Changes An Increase l of 2 3 I PC per cent In Jo mill cry ery of tho the copper content of Its ore and a I further sharp decline In net working capital wars the outstanding features of the lUO 1920 report ot of Utah Copper company the I Boston News e nones Although l the says corn corn- pany like the e rest ren t of the I copper copper f fraternity er has uK found tt it difficult IU lt to show bow an any substantial St crease earninG In 1 plant In the last two yea years the Increase In In- with a a. consequent higher recovery have been a source of much encouragement Utah last year nar produced pounds r t Copper from tons or of ore The grade of ef ore declined tenth one ot of 1 per cent but the milt mill recovery was pEr cent an increase ot of almost 3 per cent over oyer the recovery of per cent In 1919 1019 and an VC increase M of over oer 16 per er cent over th the of ot per cent In 1918 1915 I Cost of f production last year was 1314 1114 cents per pound compared with 1233 cents In 1919 Th increase In expenses notwithstanding an Increase in recovery was due to the further curtailment In production and the smaller amount of precious metal cr credits It I it Is in during i tho balance the I year sheet heet of Utah Copper I company that the starvation times In the copper Industry have Sieve made their greatest Impress Net quick assets asset at the close of cC tat last jar lIr amounted to a decrease of almost over the preceding year and compared with net quick of ot at athe the close of 1917 the decrease Is or virtually 33 3 1 per cent Part of this decrease Is accounted for by the fact that Utah last lut year paid 6 56 per I share In Ia dividends calling for the disburse disburse- I mont ment t of Of this It earned only or 3 03 share I per on th the i. i 2 shares necessitating necessitating- a dip Into working capital of nearly J to cover its divi divI- Utan Utah's Ulah's s marketable securities at the close of 1920 showed a decline of ot representing the conversion version of bonds Into cash to meet dividend demands The table below shows production and average grade of ore over a a. series of ot years together with the amount of ot metals In process ard and on hand compared with cash and marketable securities virtually all alt of the marketable securities consisting of Liberty Liberty Lib Lib- erty bonds and government securities last omitted Grade Prod Ore Ore Lbs PC Met Inv mv Sec ec Res lIes Tn Ta I 1920 t 1919 U i l 1918 U g g U I 1917 1017 1958 7 1915 1918 1915 1916 From Front the above it Is seen that Utah In two years has cut its cash and government bond account I In halves drawing this account down from in 1918 to at the end of ast act year ear Dit with reserve of OO ton tow SALT LAKE of t ore with plant and and machinery at the Ibe highest type pe of ot efficiency and a IL working capital J imre re than ample to operation wOmen n once nce the mines athes s reopen Utah i is b Inhere In shape where here It can canet get et the utmost out of cf U. U the copper r when n once unco again normal i conditions d fo for are rr restored ot