Show RAY CONS COltS QUARTERLY REPORT SHOWS PROFITS A SHARE Report of ot Ray Hay Consolidated Copper company for qu quarter ended March 31 shows net of a a new high record record record-or or at the rate of a share per annum Present earnings are nearly three times limes present I dividend requirements requirements require require- ments of ot 2 per share per annum Production amounted to pounds of ot copper in concentrates compared com corn pared with in ln December 31 1915 quarter a a. decrease of 8 per Sper per cent Income account for tor past three quarters compares as follows Mar Ma 31 Dec 31 21 Sept O 30 20 Net operating J profits 1791 Miscellaneous income Total 2 0 5 17 Bond interest Balance Dividends SOo Surplus The average net cost per pound of ot all copper produced for the quarter was cents This This' Includes a charge of 12 4 cents per ler ton of ot ore milled for the retirement of ot mine development costs I but is after crediting dividends of the Ra Ray and Gila GlIa Valley railroad revenues from gold and silver produced and all other miscellaneous Income Earnings for first quarter this year are based on a price of cents per pound for copper per as compared to cents for fourth quarter of 1915 All unsold cop copper per om on hand and in transit carried on inventory at cents per pound Total dividends paid from the beginning beginning begin begin- ning fling of the company's s operations to the end of this quarter amounted to Capital stock outstanding on March 31 was shares share and par value of bonds remained unconverted and outstanding outstanding out out- standing on that date These bonds being celled called for tor redemption on January 1 1 1916 are there therefore tore bearing from that time Production for past three quarters Mar Mat 31 Dec Dee 31 Sept 30 1st 1st month Md d month month Total Tota Average monthly production In first quarter of at 1916 was pounds compared compared com corn pared with pounds in previous quarter a In addition to copper copper derived from concentrating concentrating concentrating con con- ores there was pounds of copper contained in ores shipped direct to the smelter This combined with copper copper copper cop cop- per contained in co concentrates brings the total gross production for the quarter up to pounds Ore milled for the quarter was dry tons averaging 1631 per cent copper copper copper cop cop- per as compared with dry tons averaging 1688 per cent for previous quarter This tonnage corresponds to a adaily dally daily average of tons as compared with tons for tor previous quarter MillIng Milling Mill Mill- ing Ing- cost for tor quarter was cents per ton as compared with cents for previous quarter Average mining and coarse crushing cost of 0 ore milled for tor the quarter was cents per ton of ot which cents was the cost of ot coarse crushIng crushing crush crush- ing leaving the net mining cost cents centa per ton Underground development for the quarter quarter quarter ter was feet making total development development development devel devel- to date feet During January and February terrific rains fell over the the- entire Southwest and in common with other railroads those thos serving the property suffered severely On January 16 the Arizona Eastern railroad which delivers the ore to the reduction plant washed out and did not resume op operations operations op- op until January 24 2 On January 28 the second flood washed out the Anzona Arizona Arizona Ari Ari- zona Eastern Castern railroad at another point and shipments were not resumed until February 3 The Ray Bay and GIla GlIa Valley railroad suffered two washouts during the tho same periods but they were not serious and quickly repaired These transportation interruptions ne necessitated nee as- thirteen days shut down in January and three In February resulting in a reduction of output during these months and combined with the very high wages being paid account for tor the In Increased Increased In In- creased cost of production The Improvements mentioned in prevIous previous ous reports as being Installed at the re reduction reduction reduction re- re plant have progressed to a point where company Is U beginning to receive benefits in the way of ot increased extraction extrac extrac- I tion and by the end of the coming quarten quarter quarter ter ten should be completed |