The Arizona copper camp., 1918-06-01
RAY CON REPORT
FOR FIRST QUARTER

The Ray Consolidated Copper Com
pany reports for the quarter ended
March 81 net profits Of S1,025, ,236,
against $2,547,541 in the preceding
quarter and deficit after disburse-
-ments CT $471,316 against a suprlus of
1898, ,693 in the fourth quarter of 1917
The net profits are equivalent to
20 cents a share on the outstanding
1,577,179 shares, or at the annual rate
of $3.50. This compares with $163
earned in the December quarter of
last year, and with share profits OF
$6.15 for 1917 and $7.43 for 1916.
The gross production of copper con-
tanned in concentrates for the quarter
was 20 522558 lbs, an average month
ly production of 6,840,S53 lbs, against
21,071,8 lbs. in the previous quarter,
or an average monthly production Of
7,023,95S lbs.
In addition to the copper derived
from concentrating ores, there was a
total of 1,488,967 pounds Of copper
contained in ores sent direct to the
smelter This, combined with the cop
per contained in concentrates, brings
the total gross production from both
sources for the quarter to 22,011,5 ,525
pounds, as compared with 22,750,677
pounds for the previous quarter.
During the quarter there was mllled
878,200 dry tons, averaging 1880.
This tonnage corresponds to a daily
average of 9758 tons, as compared
with 9,715 tons for the previous
quarter.
The mine extraction for the quarter
was 14,799 feet. The milling cost for
The quarter was J97.904c per ton, as
compared with 91O42c for the previ-
Gus quarter. The average mining cost
of ore milled for the quarter was $1.52
per ton, of which $500 was the cost
of coarse crushing, leaving the net
mining cost $1.46361 per ton, as COM
pared with a net cost of $1.24 for the
previous quarter. The total amount
set aside as reserve for county,
state and federal taxes during the
quarter was $542,844.96.
The average cost per pound of all
net copper. produced for the quarter
was 15.307c. This compares with a
cost of 1886 for the previous quar-
ter, and includes a charge of 12Rc
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 23Rc per pound. That price,
however, has only been fixed to apply
until the first of June and, therefore,
no sales can be recorded at any def
mite price beyond that date. This sit
uation made it impossible to deter
mine definitely the value of consider
able quantities of copper which at the
end of the quarter had been speci-
fed on government orders for deliv-
cry after June 1, and such copper so
specified was included in the unsold
inventory For this reason the re-
ported sales for the quarter were not
equal to the production whereas the
reverse was true in the preceding
quarter), and accordingly there was
substantial increase in the amount
of copper inventoried as unsold and
carried at 131ac per pound. This is
reflected in the stated earnings, which
are correspondingly less than the
amount that would nave 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.