Show productive products i ve capacity ty 0 of f coppers GEO ly WALKER IN BOSTON commercial L the coppers are holding their recent price advances splendidly and the tendency of the market still seems to be towards a higher level evidently the public is awakening to the fact that these stocks are abnormally low and that the end of the european war promises to bring to the copper producing industry one of the greatest and longest continued periods of prosperity it has ever enjoyed there is every prospect that all of the better class of copper stocks will go on advancing and within a year or two sell very much higher A few weeks ago I 1 stated that there were several companies that might pay as many dollars a share in dividends in the coming five or six years as their stocks then commanded in the market and accomplish this with a relatively small reduction of their ore reserves so many responded with questions as to which particular stocks I 1 referred to that I 1 am satisfied there exists a strong desire for specific information on this particular point I 1 am presenting herewith a tabulation which shows approximately the present annual productive capacity of the leading producing companies when operating full an estimate of what their copper costs their profits per share on a 15 cent copper market and the number of years required for each to earn as many dollars per share as its stock is now selling for in the market with copper averaging 15 cents and 17 cents per pound the tabulation follows if the price of copper were to average 17 cents a pound during the five or six years following the termination of the european war practically every one of the companies named in the foregoing tabulation would be able to earn and pay in dividends as much in the aggregate as its outstanding capital is now selling for in the market these calculations do not take into consideration their accumulated working capital or the surplus of cash and quick assets in the treasuries of the various companies nor does it go into amortization or life of mines every one of these companies would still have years of productive life remaining and nearly all of them would be able to continue paying dividends which would amount to a satisfactory investment return on the present selling prices of their stocks even with copper down to 13 or 14 cents a pound the foregoing figures should make it clear that there are greater speculative and investment possibilities in the coppers than in any other group of securities analysis of utah copper report utah copper reports for the fourth quarter of 1914 a production of pounds of copper at a net cost after crediting miscellaneous cel laneous income of cents per pound net profit for the quarter was and was disbursed in dividends resulting in a net deficit for the three months of years required to earn as many estimated annu annual al dollars per number present productive cost in profit profi t share as stock COMPANY shares market capacity cents on is selling for outstanding price lbs annually per lb cop cop allouez ahmeek jahmeek 7 7 ava 5 42 10 anaconda 6 calumet arizona 26 9 8 5 53 calumet hecla becia 71 2 7 5 chino 8 A 36 copper range 33 7 5 ta granby 7 14 ria 67 greene cananea cananda 24 9 1525 15 t 5 13 12 ta isle royale 10 6 4 22 11 miami 6 19 mohawk 9 6 4 1 62 nevada consolidated 12 9 8 6 IA 9 6 65 north butte 23 5 old dominion 44 7 4 9 7 osceola 5 69 quincy 56 10 9 ail 6 at ray consolidated 11 8 5 Y 1600 17 8 shannon A 8 5 6 12 superior copper coppe 27 10 6 3 1 tennessee copper 30 8 5 utah copper 52 16 6 41 wolverine 42 9 7 51 5 11 1 1 5 4 ya Including luding 1 amount required to pay bonds and floating debt this report makes possible a summa umma of production and earnings for the yea utah produced pounds or of co per earned paid a ai added after deducting the deficit for tl fourth quarter to its this compares with a production ot of 11 pounds of copper in 1913 1 barnin of dividends of and surplus of the reason for i deficit in the last quarter is explained the quarterly report below the earnings for the fourth quart are figured on the basis of cen cents t s p pound for copper as against a basis of 11 24 cents per pound for the third quarter T reason for this low valuation is due to t desire on the part of your management have all unsold copper at the end of t year carried at its then market value a was occasioned by the fact that at the t til of the curtailment in august the compa was carrying a large amount of unsold c per a considerable amount of which w sold at a substantial reduction from t price at which it was then carried fi thedmore ther more many sales previously made t f foreign delivery in august and septem septemo were cancelled otherwise stated it represents a ariti down of the value of the copper which t company had on hand at the end of t last quarter it had pounds of co cc per on hand as compared with pounds three months previously and it w inventoried inventories invent oried at 1350 cents a pound sin then the copper mentioned has advance approximately in value |