Bisbee daily review., 1918-05-26
VERDE X SNEL TERI RAY CONSOLIDATED MAY BE BLOWN INREPORTS DECREASE JULY 1, IS REPORT TN FIRST QUARTER

The Ray Consolidated Copper Com
 pany reports for the quarter ended
 March 31 net profits of $1,025,236 against S2.547 54l in the preceding
 quarter and a deficit after disburse-
 mepts of S471.316 against a surplus of
 S993. .693 in the fourth quarter of 1917.
 The net profits are equivalent to 70
 cents a share on the outstanding
 1.577,179 shares or at the annual rate
 of $2.S0. This compares with S1.6S
 earned in the December quarter of
 last year, and with share profits of
 s615 for 1917, and S7.4S for 1916.
 The gross production of copper con-
 tained in concentrates for the quarter was 20,522 ,55S lbs, an average month ly production Of 6,S40,S5 lbs, against Z1071, STA lbs. in the previous quarter, or an average monthly production of 7,023 .95s lbs
 In addition 10 the copper derived from concentrating ores, there was a total of 1.4SS.967 pounds of copper contained in ores sent direct to the shelter. This, combined with the copper contained in concentrates, brings the total gross production from both sources for the quarter, to 22,- OH .5z5 pounds. as compared with 22,- 750,677 pounds for the previous quar- ter.
 During the quarter, there was milled S7S,200 dry tons. averaging 1.5SCt. This tonnage corresponds to a daily average of 975S tons, as com pared with 9,715 tons for the previous quarter
 The mill extraction for the quarter was 14.799 feet. The milling cost for the quarter was 97.9O4c. per ton, as compared with 91.042c. for the previ- | ous quarter. The average mining cost | of ore milled for the quarter was S152 per ten, of which 5.639c. was the | cost of coarse crushing leaving the | net mining cost, S1.46361 per ton, as compared with a net cost of SPA for the previous quarter. The total 1 amount set aside as a reserve. for state and federal taxes during the quarter was S542,S4496.
 The average cost per pound of all . net copper produced for the quarter . was 15307c This compares with a | cost of 13.S36c. for the previous quar- ter. and includes a charge of 1219c. per ton of ore milled for the retire ment of mine development expenses and credit to operating costs of divi- dends from the Ray & Gila Valley Railroad. gold and silver produced and all other miscellaneous income.
 All sales of copper reported for the quarter were made at the government price of 231ac. per pound. That price however. has only been fixed to ap- ply until the first of June and. there fore, no sales can be recorded at any definite price beyond that date This situation made it impossible to de- termine definitely the value of con siderable quantities of copper which at the end of the quarter had been specified on government orders sfoI delivery after June l, and such cop per so specified was included in the lnsold inventory. For this reason the sales for the quarter were not equal to the production (whereas the reverse was true in the preceding luarter), and accordingly there was 3 substantial increase in the amount of copper inventoried as unsold and carried at 1352c. per pound. This is in the stated earnings. which il are correspondingly less than the amount that would have been arrived at by applying to the quarters pro- duction the difference between the stated cost of 15.307c per pound and the present government price
 The regular quarterly distribution, to s1 per share. was paid March 31, 1918, and amounted to s1,577,179
 The total dividends paid from the beginning of the company's operations to the end of this quarter amounted to S17,132,430.