Show RAY nAY CON PROfITS P RO F iTS iTSE E A ARE E fOR lAST Operating profits of at the Ray flay f dated Copper company for tor the th second quarter quarter of ot 1914 1114 Including earnings from nay Gila Gita Valley railroad amounted to 9 against In the nut flu ter of at and 63 in the second quarter of at 1913 1113 A t total of at pounds of copper the thi three month 1 az produced during compared with in the first nut Quarter r ter er and nd 88 pounds In the second Quarter of ot 1913 Production of at copper In fIrst t and second quarters of at 1914 compares In pound pounds I Second quarter 1914 rU ril s a June une o Total TOtAl Average frage monthly production First ir t quarter 1914 January lF February March lArch Total 1123 i Average monthly production f Tho The av average monthly production for tor forthe forthe the nut fIrst I sit 11 months of at 1914 was I pounds I In addition to copper derived from con con- ore ort there was 89 pounds contained In ores ore shipped direct to the ther r smelter lt r during the quarter This com com- t with copper contained In concentrates concen concen- makes a total production for quarter quor- quor ter tar of ot 5 pounds pound Total amount of at ore oro milled for tor quarter was was i dry tons a averaging enu I nit 1786 per percent percent cent copper opper as all compared with dry dryton ln cent for tor previous pre pro ton a per Ious quarter er A Average e mill recover recovery for tor quarter was 6 69 per cent compared to for tor previous pre- pre I quarter i- i Milling l coals coal for tor quarter r were c cents ent t compared with sith cents for tor previous pre pro quarter Average mining and coarse crushing cost 0 of ores milled for quarter were cents per ton toli of ot which cents iwas 1 cost of ot coarse coaree crushing leaving net netI mining I cost of or 11 i n cents per ton a reduction of 34 31 cents compared with pro pro- Ious quarter Underground development de for lor quarter amounted to 1161 feet teet making total de development de- de to date feet teet I A Average verue cost coat per pound of or net copper produced tram from roni milling ores for quarter after allowing for tOI smelter losses and ap lip ap- ap plying dividends of or tho the na Ray flay Gila Valley I railroad but no other miscellaneous income income in- in come a as a. a 8 credit to costs was cents L Combined cost p r per er r pound of net copper produced front from milling ore and direct ship ship- ping or ore for quarter was S cents cent These Thue costs include all nit operating and general gen gen- eral oral charges as well vell as 12 cents cent gen I per perI I ton iou of ore are milled which Is applied d to ro- ro of ot mine development de costs This latter Matter charge Is equal to 57 cent per Doun pound 1 of net nd copp copper r produced from con- con ores for the period If all 11 mis- mis Income were credited as all a reductio re- re of costs per pound cost COt of net copper produced for tor April was wall c cents cants for for May Ia cents for June cents for quarter of ot cents or An n Ii cra average e cent Earnings for tor second quarter are based pon n na a price of at cents per pound for copper as compared to 1441 1141 14 cinta conta for tor fori i first quarter Total amount of copper on Iut hand band land In to transi transit sold fold and unsold at the ther r end nd of ot the quarter was vas 09 GH pounds pound r Under operation of the sinking fund pro provisions par value of or Ray Consolidated Con- Con bonds bonde were called aol and no retired on July 1 1 leaving outstanding after that dl date te 1 During the Quarter all al departments at athe atte te he e mine and mill mi were orera operated ted I at t sub sub- full tul capacity The ThE result Is In th the lower cost ost sl per pound of copper kopper opper produced and Ind correspondingly In In- d earnings and this con condition should apply appl for or the balance of ot the year car |