Show MINS AND iNING L EDITED I B BY P. P W. W SPRAGUE n. n UTAH COPPER EARNS AT RATE HATE This With Metal Under Unde 13 Cents and Mill MUl Mi Not All Al Running HAS BIG RESERVE FUND Executive Committee Issues Issue Quarterly Report on Company's Corn Com pany's Operations That the Utah Copper Copl r company with wih the low prices for COl or copper prevailing pre pro the last three months and fud with Its Is big biff mill mi at Garfield not yet et fully In operation Is making a L net earning at the rate rte approximately of 2000 year car Is shown b by the thc company's report of Its Is operations for tor the quarter ending June Juno 30 This report which Is signed by C. C AL M. l. l MacNei president p- p Spencer Penrose and D. D C. C Jackling forming the executive committee was released simul simultaneously yesterday j from Crom the tw company's Salt l Lake and Boston Doston offices The Tho report says t y i It I has haR ben been determined by ly your board to 10 issue hume a a. nt str quarterly pre pre- J. J hunting such Information as will wil keep elop the stockholders In touch with general nIal Ll- Ll the results without waiting c. c for tor or tho the more detailed annual report At the last meeting It was decided t I I 10 lo change the fiscal year t ar so as to tl I ha have I It I t with ihn Iho calendar year r the next report will wil iii embrace embrace em- em 0 brace tho tue period from Jil July 1 1 t. 1907 10 lo k- k December 31 1905 RIdS and an will wi ij be lw ready t- t for or distribution at the annual meeting In April AIrl c Th new Ga plant plan t wo was s sta started r c up tp late In J June tine I 1907 As you OU OlL have havo been Icen advised tho tue capacity of ot this plant I Is COOn tons Ions per tn day and Is comprised of or 12 complete sections of or I COO Con tons each ach The first t two to wo sections 1 lons wore were sta started In Ill regular operation ul July 1 I tho tile third and amI sections were wen put In operation oper oper- I l atlon July 11 15 the section Angus Angus' 17 the sixth September 1 the sow sev S November r 2 the tho eight eight Decem December efm J her ber IS IS the ninth March arch 21 2 20 1905 tin tin- tl tenth May Ia J I Tho Tue 1 eleventh lenth le nth section will viIi wil h bo be put t I In III operation AI August 1 1 an and the tue twelfth probably sixty days daH L. L COlt cosi SUJ SIO Of Cent ill For or the quarter ending June 30 30 the gross production of oC copper amounted to 1 pounds The a average cost for fur the tho quarter was wais WI cents per on the net copper resulting after allowing smelter smeller deductions deduction V Net profit from flom mining an and andi proU i c milling for the quarter Additional Income CromI from Crom r I rents and other small smal Items Gl l 0 Total gain for tor quarter r The he larnin earnings for tor the quarter arc are r based hasel on I cent 12 c copper for Cor the thep p months of oC Aunt April Apri and ant May and on 1 12 cent cent copper for Cor the tho th month of June aS al although a- a S 1 though copper sold luring during this period V brought prices slightly In excess eXCESS of ot otI I V 11 tim tho average of or these figures At the present tm time til the company has haN no flO finIshed finished fin fin- Cn- Cn copper on hand unsold The rhe directors or expect a gradual Im Improvement ime Im- Im V e provement pru in r results and profits as I V steam shovel sho 1 operations progress Up to t the present time It has been Impossible Im itil- possible to avoid ol a mining and arli milling a u oxidized considerable rahle amount of surface V material owing owing to the conditions surrounding our mining and ant stripping stripping I operations but Improvement in this r Mr- Mr S sped will wi follow Colow as tho the area arla in which t tho steam stemm shovels ls have to work vork becomes be be- comes less less- restricted j Production n for A Year cur The Tile production for Cor the 1 12 months k ond Ing Juno June 30 shows hows an Increase for t t each ach quarter as follows J I V Pounds I t-r t First quarter July Juh Au August t V l September r. r 1907 11 Second quarter I November No V S December 1907 I S 1 tt Third quarter February l t V March 1908 V Fourth quarter April Apri May Ia 1 t June Julie JUle 1908 1903 Total 09 J be Interesting nl also o to com com- I It 1 t ma may b. b corr cor- cor mt lit upon tho fact that during the r tw i quarter r jl just t ended 31 t i per ICI er cent cont of lt the theor f underground ruining mining b by from or ore ire camo caine calw I- I r- r the ln ca caving system and anil G CG Gl per cent celt V V from steam shovel operations Tit Thu ll of or steam shovel el ore Ire V will wil gradually increase ther thereby ll reV re- re the V to a fl considerable extent cost of or mining S The rile executive committee e. e at a n 1 meetIng meet meet- il log Ing held on the day of or July 1908 declared the tue quarterly dividend lend V V being dividend 11 No l. l of or 00 50 O edIts cents per perV V share sharo har equaling a quarterly lurt lly disburse disburse- V in m but nt of or C 5 I per pel cent on In the par hal value of or the nip StOCk S 5 1 Tills dividend 11 IH Is Ii payable on AO the day dav of September 1 1108 UlOS 08 to lo all au ni stockholders stock V holders of or record at al the tle close chose of or busi I noes nets tho tile 11 day of or September Jre- Jre pre I coding n g. g oI Uen r il left IU Tho ThI h company will have o on October 1 V a fl sum nm of or approximately t avail al a and anil lie tho corn com V able for fOl worl working ng capital lm- lm of or the tile pl payments of or divi 11 1 In addition lo to ou invest luvel- Unell V. V ments and tile tho prepaid ore expense c In Jn stripping chargeable a against future tutule f operations thies' thies lEm items Horns amounting to approximately O. O i I Quarterly reports In tho tile future will V ie ho rendered as ns soon after um tile the tw ln close chose E of V I results be ie com com- V S V ach q a aa as the tie re can call y plied piled pIed V |