OCR Text |
Show COPPER cues CI BEJWCREASED But Companies Not Going Blindly in Matter of Raising Rates, WATCHING THE MARKET Splendid Chance Given for Producers to Clean "Op Extra Profits. i The Wall Street Journal says that there aro few copper companies pujlng dividends that arc not earning far in excess ex-cess of their rcnpocllvo rates on a basis of present copper prices. From this it ls evident there will ho a series of initial in-itial dividends, dividend resumptions and Increases before the close of tho year, that in, if tho copper market holds. In this connection there are a number of copper companies which could well afford af-ford to increase their respective rates on a. basis of even 14-cenl copper, and a. j few 011 a basis of lP.-ccnt, copper. Proceeding1 Carefully. It is commendable that tho various copper companies aro not blindly increasing increas-ing dividends without first thoroughly gauging the future of the situation. The course of the metal market has been upward up-ward for the last several months, and the number of dividend increases has been comparatively small. Anaconda did not Increase its dividend although copper cop-per was selling on a basis of 15 cents a pound when action was taken by the board of directors. Amalgamated" will increase its rat", as it can well afford to do. During the 12-cent copper market period Amalgamated was receiving ?2 a sharo annually on Its Anaconda stock, which alone was enual to S4 a. share on the stock of the former company. It is the intention of tho Anaconda Copper company to turn out about 300,-000,000 300,-000,000 pounds of copper this year, and If it can obtain an avrag" of only 11 cents for Its product, earnings will be in excess of SH.OOO.OOO, or S3.80 a. share. Should Anaconda, distribute its entire earnings on a 14-eont copper market, the Amalgamated Amal-gamated would receive on its 3,158.000 shares of Anaconda more than $10,100,-000, $10,100,-000, equal to ?7.35 u. share. Utah Copper Earnings. Utah Copper has excellent prospeel6 for the current year. In August or September. Sep-tember. It is expected that Utah will be producing close to 150,000,000 pounds of copper a year, and with an equity tn Nevada Consolldated's production of :iu,-000,000 :iu,-000,000 pounds, ihe former will havo a total output of 185,000,000 a year, at a cost. of. so Its representatives claim, 7 cents h. pound. This would mean net earnings, on an a.vorage of only 14 cents, of approximately ?12, 50.000, or $8.33 a share. In this connection, however, Utah's overburden charges should not be forgotten. An a.veracc of 16 cents a pound would mean $6,000,000 more per year in earnings for Anaconda und 700,000 for Utah, which would materially increase the ratio of net earnings per capita stock. Among companies in a. position to increase in-crease their dividends are the Amalgamated. Amal-gamated. Anaconda, Utah, Calumet & Hecla. Calumet Hi Arizona, Greonc-Caiia-nca. Miami. Mohawk. North Uutte, Nevada Ne-vada Consolidated and Tennessee. Ray Consolidated and Chlno aro earning earn-ing sufllclcnt money to warrant declaration declara-tion or an initial dividend and action may h taken some time this vcar. It will bo some time before the various copper companies begin to receive benefits from 15 and 16-cent copper. One copper producer figures that the copper companies com-panies in this country, and others which ship their copper to the United States, can earn on a basis of 16-cent copper, a. grand total of nearly S100.000.000 a year. Boston Mining Stocks. James A. Pollock & Co., bankers and brokers, furnish the following, rccoived over their private wire yesterday afternoon after-noon BOSTON COPPER RANGE. . I Sales.l II. I L. IClse Algomah . 250 7 63 02 Calumet & Arizona (ISO 74 7P. 70 Chief Con H00 13 ia IS Copper Range i.ane sr,'i 64" 64" Daly West 50 6ii 69 62 Davis Daly 5,415 2 13 10 East Butte n35 15 n'j 14 Giroux Con 2,355 5S 53 53 Granby Con 2405 57 55 555 Greene-Can 420 0 SJ Sa Hancock 150 221 ."24 JJ'S Indiana Copper ..... 220 151 155 '151 Inspiration Cop .... mo 20 lfilj 198 Lake Copper fi30 47 16 16 .Mason Valley 275 123 127) 12?. Nevada Con .,. 2S0 201 20 0 Nipissing 95 s $ "s North Butte 3.1S5 31 J 321 32 North I-ake 30 7 1 7 Kay Con 710 101 10 10 Superior & Boston.. 520 2J 21 24 Trinity -1.32S S.J s $ U S Smelter, com .10i' 39i U!U preferred I 131 fl" 40 (0. Utah Con 331 MJ 14 14 li. & Superior I 1.441! 32fcl 3H 31J BOSTON CURB CLOSE. lBld.l Asked. Bingham Mines $ 3.50$ 3.75 Chemung 4.00 I 5.50 , Eagle & Blue Bell 1.12A I .T Hoton Copper 4.50" 1.75 S. W. Miami s 75 9.00 Begole 2.25 2 75 Bohemia 3.50 3.75 Nevada Douglas 4.25 4 50 Ohio Copper 1.55 1.62J Boston Elv 2.00 P). Calaveras .... i2.S7X sloo" Consolidated Arizona .....I .52 5l Majestic I .70 ..7;; Oneco , 2.75 3. '"5 South Lake ..1 7.50 7,75 Red Warrior ! 1 fi;. Mlchigun a. 25 ::.75" Mass I 7,:,n s.oo Greene 8.75 8.S71 Mayflower 14.25 14.50 Old Colony fi . 0 0 '.) "5 Victoria " 4.75 ! r.ioo Wyandot , 2.50 j 2.75 Helvetia ;. 1.62i! 1.S7A Arcadian 5.00 I 5.25 Tuolumne ".62! :;.7." Winona fi.r.o" ,7.00 Kerr Lake 2.S71 2.f5 Utah Apex 2.S7A 3.00 American Zinc 26.621 "6.S7A Butte & I3ala 4. 25 4.50" Keweenaw 2. 00 2.061 Miami , 25.50 26.00 OJIbwny I 5.50 5.75 Stewart 1 ,37 A 1.30 Sau Francisco Oil Stocks. James A. Pollock &. Co.. bankers and brokers, furnish the following, received over their private wire yesterday afternoon: after-noon: I Bid, lAskccT Associated OH 1544.00 $ Blu Moon I ,60 Claremont I .55 CrcscouH I , .14 Illinois ("'rude 1 10 Monte Cristu ) 1.325 New Pennsylvania ,. ,m Palmer .5S Saner Dough I 1 , (i Silver Tip I .90 S. W. and B I ,20 .25 Turner ....... .90 WK. UII I 2.25 |