South Bend news-times. (South Bend, Ind.) 1913-1938, 1918-09-08
Mining NeWs

, court a petition for a writ of Ger
tiorari in Butte * Superior litiga-
ton. II granted federal court de-
crees in Montana will be reviewed
by country's highest court. The pc
tition stated that two errors in in
depreciation of supreme court de
cision in the Hyde case n in
volved. These are:
l.. Imputed Limitation Of patent
TO the use of II of one per cent
or oily substance.
2. Imputed extension of patent
to any oil or oily substance having
preferential affinity for metalliferous
matter over gangue whether capable
OF e~nectuating the process or not.
Claims that misinterpretatiOn to
any oil application in cas render
null and void patent adjudged valid
by supreme court by opening to in
fringers Disgusting their operations
by adding useless diluents to critical
proportions of oil circulating
process.
NIPISSING MINES Production
In July. 1918. II produced silver
valued at $304.694 and shipped bull
lion and residue. including custom
metal. valued at $S77,O OO. This
compares with June output of $500
657 and shipments of %S4O4.263.
OSCEOLA CONSOLIDATED -
Production - Reported production
fer July, 1913, as 1.39s.216 pounds
Of copper. against 1,5O6.75S in June.
~nNwCnT IN A nIrn Es..~vTrra
Second Quarter Double First Quar-
ter-Report for second quarter of
1918 made an excellent showing,
compared with first quarter. Sur
plus income of s2.255.217, applicable
TO dividends, or S1.43 a share, after
taxes. was more than double re-
turns for the first quarter, i. e.: ST.
TO-. S62. or 20 cents a share. Six
months earnings were equal to s2.13
a share against dividend paid of
$1.75 a share. There was $~1.O72,23S
carried TO surplus account In the
second quarter, compared with a
$471.317 deficit in first three months.
Average costs IN second quarter in
creased about three-quarters Of a
cent a pound. and average carrying
price of copper increased 5.43 a
pound. If company succeeds as well
through the rest Of 1913 as it did in
second quarter, earnings applicable
to dividends should approximate $
a share. after everything, assuming
hat future price Of metal as fixed
by government keeps pace with ad-
vancing costs.
UTAH COPPER-Rising Cost Re-
iected in Earnings-Cost 10 ii
cents a pound 10 produce $1,000. 600
pounds Of copper in first half OF
1918. This cost, however, is without
credit for gold. silver and miscel-
aneous income, which heretofore
helped TO bring down the gross ex-
pense by about IL cents per
pound. In 1916 the company pro
duced 1s7.50O.O 900 pounds of cooper
"a a net cost Of GO cents. but this
figure was arrived at after deduct
ing over a ent a pound for misceI-
ianeous revenue. To compare oper-
ating conditions for two periods on
the same basis il is safe TO place the
1915 cost at eight cents. Here is an
increase of almost 100 per cent
result Of war taxes, higher wages
and increases in cost of materials
OF all kinds. The report for second
quarter stated that when full eff
feet of higher freight charges. a 60
per cent rise in refining tolls and
July I wage increase is felt there
will be another jump of more than
fVrp nnrefs "a nnrrnd ThfE ~r-arrl1 an
crease the cost TO probably i Il
cents. The amount set aside for
taxes in first quarter Of 1918 was
equal 10 3.21& cents a pound: pre-
sumably as much, if not more. was
set aside in the second quarter. on
q 26-cent copper market there is a
net profit 10 shareholder OF 8 -
cents a pound. if Utah's cost does
hot climb above II - cents. OF
course. this s 10 cent profit is less
than half the sensational margin OF
1922 cents in 1916. but when COM
psrison is made with pre-war mar
gins of profit. situation is not as bad
as il has been made TO appear. =
profit OF ) l. cents 4 pound for
Utah copper on "a yearly production
OF zoe. 700. 600 pounds OF copper. is
equal 10 better than SO per share
present dividend rate-Ieaving out
OF account any dividends from Ne
vada Consolidated.
steel demand for government
consumption Iu war materials ana
for -na allies continues to take near