The sun. [volume] (New York [N.Y.]) 1916-1920, 1919-08-09
|PORPHYRY COPPER
COMPANIES GAIN
Reports Of Four Concerns for
Last Quarter Contain Bet
ter Showings.
EARNINGS MUCH HIGHER
Advances Are First in Several
Similar Periods-Utah Has
Earned $1.63 a Share.
EARNINGS MUCH HIGHER

All Of the four porphyry copper com.
panies made much better showinRs i,
the second quarter of 1919 than in tha
first, according to their quarterly re-
port, made public yesterday. Earnings
without exception were considerably
higher than in the three months ended
on March 81 and showed the first ad.
vances in several quarters. Utah Con.
per earned $1.63 a share on its cap,tai
stock. against 20 cents in the March
quarter. Nevada earned cents
share. Ray earned 20 cents a share.
and Ohio earned AZ cents share
whereas In the March quarter all three
of those companies reported deficits
after charges and expenses.
Utah reported total profit. after
charges, of s2,652.103 for the quarter,
against s4S1.324 for the last preceding
quarter. For the first six months of the
year Utah has earned a surplus before
dividends OF $3,133.427, which is equal
to S1.93 share on tho capital stock.
against 1886 a share earned in the first
half of last year. Net operating profits
for the quarter ended on June 30 were
81, 043,s13 in the same three months Of
1918, while other income was respec-
lively s1,233,159 and s25s,1S9. Those
items. with income from dividends,
raised the total profits for the three
months ended on June 80 up to
$2,562,1 100.
The average. a pound cost OF coppai
pr oduced by the Utah Company, includ
ing plant depreciation and all fixed ami
general charges. except Federal taxes,
and without credit for gold and silver
or miscellaneous income, was 11.js
cents. against 1912 cents for the last
preceding quarter calculated in the same
III, 90 nj cilt
centrates and the miscellaneous income
for the quarter ended on June 30
amounted to $40 cents a net pound OF
copper produced Operations throughout
that quarter were continued on the 80
per cent of capacity basis.
Nevada Profits Drop.
The surplus of the Nevada Conso-
dated Copper Company for the second
quarter OF the year before dividends
was s1S4,77S, or cents a share on the
capital stock Added to returns for the
first quarter. when an operating loss Of
S111,159 was reported, this brings the
profits \of the six months period up TO
$73,619, or cents a share, against Sl.25
a share earned in the same period OF
1918. Operations during the quarter
| were conducted at a loss of S329,970,
but other income Of s514,74S brought
\ the total income for the three months up
| to s1s477s. The deficit for the quarter
after the payment of dividends was
| $565,01S.
! The cost of production a pound OF
copper as reported by Nevada, before
credit for gold and silver in concen-
| trates, was 1907 cents, while the value
| OF gold and silver recovered and mis-
cellaneous earnings for the quarter to-
tailed 4.61 cents Il pound. These figures
| compare with 1856 cents production
cost and 2.34 cents return on gold and
silver in the first quarter of the year
Total production for the first six months
of 1919 averaged 3,s91.s01 pounds
month, against 100000 pounds, which
was the monthly average for 1918.
Ray Consolidated Showing.
| The quarterly report OF the Ray Con-
| solidated Copper Company for the sec.
| end 1919 quarter shows gross Income
after charges of $316,365, or 20 cents
| a share. against a net loss of Sl522S
in the last preceding quarter. For the
| first six months of the year the gross
| income after charges was S164O67, or
| 10 cents a share on the capital stock
| against s3361.O79. or s2.16 a share In
| the first six months of 1918. Net oper-
ating profit for the second quarter OF
1919 was s1S,275. against s2,1S2,427 in
the second quarter OF 1918, while mis-
| cellaneous income was respectively
$685. 800 and s122,790. The deficit for
the quarter ended June 80 after pay
ment of dividends was S472, 222.
The average cost OF all net copper
produced was 14.64 cents a pound for
Ray Consolidated, before credits for
gold. silver and miscellaneous income,
which totalled ana cents share. In
the last preceding quarter the costs
were 1918 cents a pound. The output
for the quarter was approximately SO
per cent. of capacity. Operating con-
ditions have become adjusted to reduced
production. the report says, accounting
for the decrease in the per pound cost OF
net copper compared with the last pre-
vious quarter.
Chino Copper Company during the
second quarter made a profit, after all
charges, of s370.il5, or AZ cents share,
compared with a net loss of s173,44l IN
the preceding quarter. For the six
months ended on June 80 the total
profits of the company were s196,974, or
% cents a share on the capital stock.
In the FIRST six months OF last year the
earnings were sS,040.767, or S34s
share on the stock. Net income for the
quarter ended on June 80 was s44,oSl'
against $1,916,513 In the same quarter
OF 1913, while other income was respec-
lively $326,3S4 and nothing. The deficit
for the quarter ended on June 80 after
the payment of dividends was s9S@.oiO'
Operations were conducted during ts
quarter at n net cost of 14,l6 cents a
pound of copper produced. exclusive OK
gold and silver credits and misce!lan.
sOus income, against 1903 cents a pound
| In the last preceding quarter