Bisbee daily review. [volume] (Bisbee, Ariz.) 1901-1971, 1913-04-20
OLD DOMINION
YEAR BEST EVER

Old Dominion Copper Mining and
Smelling Co of New Jersey issues its
report for year ending December 81,
1912, which show net profits OF Oh
o04.1S6. Dividends of $729.0O0 $3.50
per share on 10000 shlres) were PAID
which with adjustment" OF S92, 32S
made increase in profit and loss sur
plus of 1892 ses, or from 077s.S60 tc
1861 ,22S.
The smelter (which includes old
Dominion custom ores and the bulk
Of United Globe) produced 27,573,42
pounds of blister copper. containing
27s353.2 4S pounds OF fine copper, 1885,
OIL ounces of silver and 1902 ounce
of gold.
Old Dominion production on the sew
eral metals was:
Copper 16. 5sS. s99 pounds; silver, AZ
$50 ounces; gold $50 ounces.
The above production was sold for
s2.751.S9S.
Profits from custom ores, SlS6.3Oi,
making total of 81, SSS,203.
Expenses at Globe including eytra-
ordinary development work. Sl,6S1'-
$50.
Refunding commissions, transpoc-a-
ton. etc, s2467S6
Profit for year 81 004.1S6.
Adjustment S92.31S.
Dividends. s72s!o00.
Eurplus. s1S2 .S6S.
The surplus of $1s2,S compares
with a deficit in 1911 of Sl,2T1 7e3.
The copper was sold for an ayerage
of 1924 cents per pound, silver al
co.'s cents and gold $40 per ounce.
Cost Of Production.
Total cost per pound of fine cope.
was 1924 cents as compared VITA
9l5 cents in previous year. Division
of cost compares as follows.
Cost per pound at Globe after
deducting silver and gold
values and profit from Gus
tom ores. ...... ...--.-.... S.S5c
Cost per pound for refg. trans.
est, exp. etc -. --....t.. l.ASe
Total ........, 1O.Sfc
The average grade Of ore mined
for 1912 was as follows: p. c. COP.
Average smelling ore .....-. .6.46c
Average concentrating ores ...S.lbc
Average silica lining ......- .2.Ioc
Mining costs compared with the
previous years are as follows
1919. . ........ .s4.l5
1911. ........ =. ....... 4.ls
1910. 49,. -. -. 80. $50. -... 5.iI
United Globe produced 12,252,0TS
pounds of refined copper. i24,56l
ounces of silver and 7S9 ounces Of
gold and earned 06l9,475 net Diyid-
ends amounted TO $4,000, leaving
a surplus for the year Ol59oo0. Bal
ance sheet shows cash, accounts re
cefvable and surplus amounting to
s416.36 with accounts payable $685..
leaving working capital S403.6S3.
President smith says:
Average tenor Of ore mined was
considerable lower than in 1911.
This was natural in the light Of the
higher price of the metal which pre-
vailed for the greater part of the year
and consequently the ability Of tire
company to extract and treat profit
ably low grade ores which in the pre-
vions year with lower copper prices,
we're Of no commercial value.
1T will be our endeavoT to meet
this varying condition by developing
and mining ore bodies in such a way
that ore found to be Improbable one
year can be reached and eXtrlcted
with the minimum amount Of expense
aud loss when improved copper and
metallurgicaI conditions warrant II.
Hours Are Reduced.
IN June OF the past year the work
ing hours Of underground employees
were reduced TO seven and halt
hours yorking time, q portion OF
which time is spent going TO and re-
turning from their working places.
The working hours Of surface en-
ployes, who previously worked mae
hours were also reduced half an hour,
in September the wages Of under
ground employees were increased %
cents per shift. It would be only log
ical To attribute a certain proportion
OF the increased mining costs TO these
two causes.
Construction work is proceeding
rapidly on the crusher plant, sam
ping mill and concentration sites. and
IL is hoped that. unless steel deliveries
are unduly delayed, we may have the
new plant up to the concentrator
running by the end Of August. The
new concentration itself viii probably
not be in operation until couple OF
months later"