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Show RAY CONSOLIDATED REPORT New York, Aug 13. The Ray Consolidated Con-solidated Copper company reports net earnings for the quarter ended June 30, 1912, including the earnings of the "Ray & Gila Valloy railroad, but excluding miscellaneous earnings, such as rents and revenue from the company's telephone system, of $481.-CM4, $481.-CM4, as compared with $35,625 for the pro ions Quarter. These earnings ire based on a price for copper ot 15.-17CS cnts per pound for the second sec-ond quarter and 15.39G2 cents per Ound lor the first quarter. Tho Bro.es production of copper In pounds for the quarter by months wa? as follows- April, 2,710,908; May, 3,078,-85G; 3,078,-85G; June, 3,162,310; total for quarter. quar-ter. 8,952,074. This total compares with 7.122,913 rpounds produced during dur-ing the previous quarter The remarks of President Sherwood Sher-wood Aldrich and General Manager D. C .Tackling folow The price actually received for copper sold during the second quarter was more than a cent per pound higher than Jthat at which it was carried and the stated earnings for the quarter would, therefore, have been increased in-creased by approximately $100,-000 $100,-000 had copper valuation been at its dctnal sale price for that period.' per-iod.' TJie lower valuation was used in order to bring down the ' inventory price on unsold copper cop-per to 1 1-2 cents per pound, at which price it Is intendod to carry it permanently in the future. At the close of the quarter, no copper clue for delivery from the refineries remained unsold The total amount of ore treated treat-ed for Uie second quarter was 374,609 tons, as compared with 301,674 tons the first quarter. The average grade of the ore for Ibis quarter was 1.7 per cent copper, cop-per, almost exactly the same as for tho first quarter. The average recovery for the quarter was 69.37 per cent The averago for the previous quarter was 68 85 per conL The recovery recov-ery in pounds per ton or ore was 23 62 for the preceding quarter. The net tonnage and average grade of concentrates produced was 22.S79.51 tons, containing 19,563 per cent copper as against 17,637 tons for the first quarter containing an averago of 20.19 per cent copper. The average cost per pound ot net copper produced pro-duced for the quarter, after making mak-ing allowances for the smelter deductions de-ductions was 9.954 cents. This cost was 10.19 conts for the pre-ceeding pre-ceeding quarter In arriving at tho above costs per pound, tie earnings of the Ray &. Gila Valley railroad, which arc derived principally from the transportation of the mining company's ores having been used aB a credit to operating oper-ating exponses. oo |